Achieving top-of-mind status is the ultimate aim for those luxury real estate marketing professionals who are bent on gaining or sustaining market leadership. One route to get there is identifying an uncontested market niche that you can dominate. But, uncontested niches are usually not obvious. If they were obvious, your competitors would be all over them.
Our focus, as brand strategists is helping our clients to out-think not out-spend their competition. By helping them identify an uncontested market niche they do not need to spend as much in marketing to reach their target market. Why? You can get to top-of-mind status relatively quickly because you are the first mover in a new category and your story becomes newsworthy. Publicity is much less expensive than advertising.
The mega-hit Broadway Musical, Hamilton, is breaking box office records. It is the hottest ticket in town! Some weeks they rake in over $3 million dollars in ticket sales.
Recently, Spamilton, a parody of the Tony Award and Pulitzer Prize-winning musical, reached its 300th performance. Now, they are moving to a larger theatre to accommodate the demand for tickets. This show launched with just a $130,000 investment and is now opening in other cities as well.
Spamilton is produced by the same people, who introduced the new category (niche) of shows referred to as revue-style spoofs, when they launched “Forbidden Broadway” years ago.
So look for the uncontested market niche in your luxury real estate marketplace, a niche that you can dominate as a first mover. Think more, spend less when it comes to marketing!