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Marketing strategies are like clothes no one size fits all. Smart marketing is bespoke marketing, tailored to fit your marketplace. To effectively implement this you have to know your target market. It is a matter of knowing the measurements, so that you can reap maximum rewards for your marketing efforts.
Demographics, the statistical data of a population showing average age, income, and education is not enough. Understanding the psychographics, the study and classification of people according to their attitudes, aspirations, and other psychological criteria is what will make you successful in your target market.
In Santa Barbara, Louis Vuitton and Ruth Chris opened stores in a high net worth community. A year and a half later they both closed their doors. What both companies had neglected is their study of the psychographics of this particular community. The values, attitudes and aspiration of the people who live in this community do not align with either of these brands. If both companies had done their psychographic research, they would have located in another area of Santa Barbara, where they would have thrived and still be here today.
Today’s buyers and sellers expect to be understood in terms of their psychographics, even though they may not be aware of this term. As a luxury real estate marketing professional, it is important to target your marketing to the exact people you want to do business with. What works for them may not be a constant stream of postcard marketing, videos, social media, and print marketing. It may be a combination of all these in various proportions. If you want to succeed in your marketing you have to remember that no one size fits all.
ABOUT: Napa Consultants, International is the leader in brand strategy for the luxury real estate industry. They work exclusively with professionals who are passionate about gaining or sustaining market leadership. With an expertise in personal branding, company branding, luxury real estate website design and social media marketing they help their clients become the breakaway brand in their marketplace.
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