Keeping up with the speed of change in technology, as a luxury real estate marketing professional, can be a daunting task. But, to some extent, it has become an imperative to stay competitive. For example, new entrants in the luxury real estate field, such as tech savvy executives from corporate America, offer a new challenge to complacent incumbent market leaders who have not adapted rapidly enough to the new rules. Yet, if building strong relationships is your strength vs. deploying the latest technology you may be spinning your wheels trying to fend off this new breed of real estate agents and brokers who may not have your particular savoir faire.
Knowing your core competence is extremely important when making marketing and branding decisions. Sticking with what you know and doing it better than anyone else in your marketplace can take you farther than dabbling in aspects of the business that does not represent your authentic brand.
Cisco recently announced that it will discontinue its Flip video camera division which they purchased for $590 million in March of 2009. They spent lavishly to expand the market for the tiny video camera by having celebrity endorsements and paying for product placements on popular TV shows such as “24.” Sales increased at first, then waned as the smart phones, such as the iPhone, began to include high definition video cameras. In just two years, the Flip has practically become obsolete. Cisco CEO, Tom Chambers, declared that the company would re-focus on its core competence, corporate customers, rather than on consumers.
Apple, on the other hand is a master at producing products that consumers love. They are now expanding to include more small and midsize companies as customers through their “Joint Venture” initiative. They have overcome their technical disadvantages in this arena and are going after the incumbent market leader, Research in Motion who produces Blackberry phones.
In seeking to expand market share, it is important to maintain your focus on your core competence, especially in turbulent times. Unless you are thriving in your current area of expertise, this is not the time to expand into other aspects of the real estate business such as commercial or business opportunities. The key, right now, is to stay focused on what you know well and do best.
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