If you want to stay on top of your game as a luxury real estate professional in the Web 2.0 era, you must shift the emphasis of your practice from sales to marketing. Rolls Royce has built such a strong brand over the years that the very name has become genericized. “The Rolls Royce of stereo equipment” is an example of the brand’s name being used in a generic way. Those who have their eyes on owning a Rolls Royce do not need to be sold on the brand. They are pre-sold. That’s great marketing and branding!
Here are the 3 Goals of Marketing:
The first goal of marketing is to build and maintain a preference for your brand within your target market.
The second goal is to recruit new clients, (buyers/sellers) also known as customer acquisition. It is accomplished through the visibility of your message, brand position (avant garde vs. traditional), and brand differentiation.
The third goal is the retention and development of relationships with existing clients, through referrals. It involves building relationships because it is beneficial to both parties.
Peter Drucker, known as the father of modern management, made it clear: “Business has only two functions-marketing and innovation. Marketing and innovation produce results; all the rest are costs. The aim of marketing is to know and understand the customer so well, that the product or service fits him or her perfectly and sells itself. When done right, marketing makes sales irrelevant”. Are you the Rolls Royce of luxury real estate in your market place?
This is part of an ongoing series about Luxury Real Estate Marketing . Get Fluent. Get Affluent! Subscribe to The Language of Luxury by Email or RSS Feed. Comments? Please use form in left column.