Many celebrities have launched and endorsed their own businesses to leverage and extend their personal brands. Beyonce just launched a home delivery Vegan food service based on her 22 Days Vegan Challenge.  Will you bite?

In our previous post we discussed the importance of researching and anticipating the needs of your target market in your luxury real estate practice.  Beyonce definitely spotted multiple trends that converged in her new business model: the vegan trend, the non-GMO trend and also the trend of home delivery of groceries and prepared meals that can be ordered via the Internet. In selecting this business she is “riding the horse in the direction it is going”.

While home grocery delivery has attracted millions of venture capital dollars, the space is becoming extremely crowded.  Why would anyone enter this highly competitive field at this stage in the game?

Beyonce’s brand extension (beyond singing and acting) exemplifies our approach to this question: identify an uncontested and/or under served NICHE (within this larger category) that you can dominate.  She also has an “unfair” competitive advantage: her personal brand is very well known and she apparently “walks her talk”, i.e., she is a vegan and she looks stunning! 

Often, when we work with incumbent market leaders in luxury real estate, we are asked, “How can I expand beyond my current niche that I already dominate?”  The same approach applies. Once you dominate one niche, your strong reputation as a market leader precedes you if you want to extend your brand into another niche.

By leveraging your strengths you can more readily conquer your next challenge. Your credibility makes it easier for your new target market to “bite”.

Written by Ron & Alexandra Seigel-

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.