Here is an email from one of our clients:
I have sold quite a few luxury homes in my market place. I have two competitors who get the lion’s share of the business, and I want to know how to compete with them. Competitor A is from a well known wealthy family rooted in this city. This person went to all the right schools, gets invited to the right events, and generally lists properties based on contacts alone. Competitor B also has numerous contacts as the spouse is a partner in a prestigious corporate law firm headquartered in town. The firm sends all their residential real estate referrals to this person. How do I get a bigger piece of the pie? How can I unseat with theses entrenched incumbents?
And, here was our response:
Dear Luxury Realtor:
It is important to understand that the luxury pie is much bigger than you think. There is more pie than meets the eye for you. You just need to be the one who sets the rules of how the pie gets sliced. Here is what you need to do:
- Find the uncontested, underserved market niche within your marketplace. These incumbents cannot be all things to all people. Create your own rules for sectioning the pie, (why settle for crumbs of your competitors’ pie as they slice it?) Give your competitors’ clients a compelling reason to switch brands.
- Determine what you can do better than anyone else in your marketplace, with passion
- Define your ideal client. Study the psychographics (the mindset) of your previous luxury buyers and sellers. There is a wealth of information in reviewing this data, as it tells you the type of people who like working with you. These people are looking for you as much as you are looking for them.
- Define your brand with laser sharp clarity; articulate what makes you distinct from A or B. Make it extremely easy for those who would prefer working with someone like you to recognize that you are the one for them. Make it obvious in an instant!
- Distill your marketing message into a sound bite or two so that it is extremely easy for your fans to spread the word about you to their friends.
- Step up your marketing and promote your inimitable brand of doing business. Give the marketplace an undeniable choice.
- Enjoy your piece of the pie!
Through our extensive discovery process, our client was able to identify the underserved market niche that she could dominate and her competition could not: The world of “hip luxury”. This niche is comprised of younger high net worth entrepreneurs, the entertainment and high tech industries, plus, those interested in food and modern art which were areas of expertise of our client.
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