Perhaps one of the most important principles that luxury real estate marketing professionals need to understand about personal branding for real estate agents is this: Out-think, not out-spend your competition. If you want to out-smart your competition find something, some niche that you can do better than anyone else in your marketplace. Choose an arena in which you can become the break-away brand. Don’t waste your time or your money becoming a “me-too” in a niche that your competitor dominates.
Every year in the United States companies invest close to $300 billion in marketing products and services. A huge portion of this is spent on introducing new brands in the marketplace. The majority of these new product launches never get off the ground.
Microsoft is at it again! They are in discussions with Verizon Wireless to launch a touch-screen multimedia cell phone on the carrier's network early next year, in a bid to compete with Apple’s iPhone, the break-away brand in the smart phone category. Didn’t they learn from their mistakes with the Zune as a head- on competitor with Apple’s iPod?
As a luxury real estate marketing professional, the size of your advertising budget does not guarantee your success if you fail to form a strong emotional connection with your target market, whether it be consumers or referring real estate agents from outside of your marketplace. Win the hearts and minds of your target market in a niche you can own like Apple has done with iPod and iPhone.
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