Luxury Real Estate Marketing: So, You Want to Be a Market Leader-Part 3

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Luxury Real Estate Marketing: So, You Want to Be a Market Leader-Part 2

May 31, 2011

In Part 1 in this series we covered two keys to becoming a Market Leader, as a luxury real estate marketing professional. The first key is to identify an uncontested or under-served market niche in which you can be the dominant player. We wanted to elaborate on this.

If you are the first major player in a new category you will have a tremendous competitive advantage over potential challengers because you become immediately identified with that category in the minds of your target market. You make news when you start a new category or take over an under-served category. But, beware of the temptation to get complacent if you are unrivaled!

If you want to take on an incumbent market leader be sure you are taking on a category or niche or market segment that you believe you can serve better than the leader or any other contender. Here is an example of a 17 year battle to surpass an incumbent market leader who was the first major player in their category.

Take a moment to answer this question: What is the first lemon –lime soda that comes to your mind? Can you think of more than three brands? Most people can only think of one or two.

Sprite was introduced in the US in 1961 as Coke’s response to 7Up, the market leader. To fend off Sprite’s challenge, 7UP launched one of the greatest brand strategies of all time by positioning itself not just as a competitor of Sprite but as “The Uncola”. This worked for a few years. Then, in 1978, Sprite seized the position of the #1 best selling lemon-lime soda.

By the 1980s Sprite became very popular among teenagers. They launched a slogan to cater to this generation that was used from 1987 to 1994: "I Like the Sprite in You". In 1999 7Up tried a strategy known as “taboo” marketing to appeal to the younger generation. “Make 7UP Yours” was their slogan. But, they placed “Make 7” on the front of T-shirts and “Up Yours” on the back. By then it was too late to regain their market leadership position.

In 2004 Sierra Mist surpassed 7Up on the basis of annual retail sales, placing it as the second most-purchased lemon-lime soft drink in the U.S. Sprite still reigns supreme.

In the 60’s, 7Up was essentially in an uncontested market niche enjoying top-of-mind status. Then Sprite came along. Ultimately, Coke had superior marketing muscle and staying power. But, it took Sprite 17 years to surpass 7Up, the incumbent market leader. That should give you an idea of how the first in a category has a tremendous competitive advantage, especially if it does not get complacent.

Find an uncontested market niche that you can dominate and serve better than anyone else in your luxury real estate marketplace. If you do not get complacent you should enjoy a long ride.

In our luxury real estate marketing consulting practice we work exclusively with incumbent market leaders or their challengers. We do not work with direct competitors within the same marketplace. Our ideal clients are those who realize just how much is at stake in terms of market share and revenue at this level, when you achieve top-of-mind status. If you have the heart of a champion and are keen on “the unabashed pursuit of market leadership”, give us a call for a complimentary consultation! 805.684.8180

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Luxury Real Estate Marketing: So You Want To Be a Market Leader?

May 30, 2011

In luxury real estate marketing and in business in general, market leadership is measured in sales volume and market share. It is also measured with an equally important indicator, “top-of-mind status” because mindshare always precedes market share. Here are the two keys to becoming a market leader.

The First Key to Becoming a Market Leader

If you want to be a market leader, the first key is to identify an uncontested or underserved market niche or category that you can serve more effectively than anyone else. Then become the dominant player in that arena.

Your marketplace does not have to be an entire town. You get to define the scope of your market segment. It can be as narrow as you want as long as it has the potential to fulfill your financial expectations. You can achieve top-of-mind status in a three block section of a suburb or a community of just 500 homes or by specializing just in waterfront properties or condos.

The Second Key to Becoming a Market Leader

In any category or niche the battle for market leadership is actually a contest of ideas, and the prize is top-of-mind status. Therefore, the second key to achieving market leadership is to seize an idea that you can stand for authentically and own like “the waterfront expert” or “condo king”.

Do not waste your time copying what the current market leader is doing. And, do not try to compete by using your opponent’s idea. As the famous chef, Emeril Lagasse, said, “Get your own show!”

We have a client in Florida who takes prospective buyers on boat tours of waterfront properties in her marketplace. She not only owns the boat she “owns” this idea of boat tours. To compete with a market leader like this, it would be futile to copy boat tours. Instead, you would need to stand for and own your own idea.

Consider the top wireless carriers. Today, both AT&T and Verizon offer the iPad and the IPhone. The price is the same. Which one would you choose? Verizon stands for and “owns” the idea of “coverage & reliability (fewer dropped calls)” AT&T cannot compete on this attribute. However, it is attempting to acquire T-Mobile so it can compete in terms of size which may translate into “faster product availability” because of the deals they can strike with manufacturers, or “deeper selection” (of bundled of services) down the line. Sprint has the first 4G network; it currently “owns” the idea of “speed”. But, 4G is just a feature that all wireless carriers will eventually have.

So, you want to become a market leader? Find an uncontested or underserved market niche. Then, find an idea you can own in the minds of your target market. Remember that marketing is a contest of idea and top-of-mind status is the prize!

In our luxury real estate marketing consulting practice we work exclusively with incumbent market leaders or their challengers. We do not work with direct competitors within the same marketplace. Our ideal clients are those who realize just how much is at stake in terms of market share and revenue at this level, when you achieve top-of-mind status. If you have the heart of a champion and are keen on “the unabashed pursuit of market leadership”, give us a call for a complimentary consultation! 805.684.8180

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California's Best Luxury Real Estate Markets: Santa Ynez Valley

May 28, 2011

This is part of a blog series called 50 Top Luxury Real Estate Markets in the USA. Please let us know if you think we should include YOUR marketplace in this series. CONTACT US

For those of you who wish to escape the intensity of the city and enjoy a quieter, more relaxed, simpler life with a graceful pace reminiscent of the 1950’s, the magnificent Santa Ynez Valley, in California’s Santa Barbara Wine Country, is the place for you. We asked some of the top luxury real estate marketing professionals in the area to tell us what they loved about their marketplace. Here is what they said. (Be sure to click on the agents' names to view their Featured Properties)

The approach to Santa Ynez Valley from Santa Barbara via Route 154 is breathtaking! As you descend into the Valley from the Sam Marcos Pass in the mountains, to your right is the grand Lake Cachuma that hosted the canoeing and rowing events of the 1984 Olympics in Los Angeles. According to Marilyn Elam, numerous clients have told her, when they first arrived in the Valley, “I thought I would have to go to Idaho or Big Sky Montana to find such expansive untouched physical beauty".

Lake Cachuma

Some of California’s finest equestrian estates, private farms and ranches can be found in the Santa Ynez Valley. Many estates have their own vineyards. Claire Hanssen said, “With our ideal climate, many people are attracted to the Valley simply because they can grow their own sustainable produce, or their own feed for horses or cattle”.

“Tourism has allowed the wine industry to flourish in the area”, says Rich Condit. “It also helps to have many fine restaurants in the area such as Vineyard House (regional rustic American cuisine in a charming 100 year old Victorian home), Grappolo (Italian), Petros (Greek) and The Brothers at Mattie’s Tavern that is housed in one of Santa Barbara Wine Country’s most cherished buildings”. Located in Downtown, Solvang, Root 246 was created by the world-renowned celebrity chef, Bradley Ogden. It offers a full menu of his signature farm-to-table cuisine, and one of the most extensive selections of local wines.

Many of the California Central Coast wines rival the best of Napa and Sonoma, to the North, above San Francisco. If you like guided tours, you can follow the wine trail that features the wineries in the movie "Sideways" or just explore on your own. For example, Laura Drammer pointed out that Kaena Winery is opening a new tasting room in Los Olivos. They produce just 500 cases each year, focusing on Grenache and Syrah wines. In Hawaiian Kaena means “potential for greatness”.

According to Carey Kendall, “international buyers compare the topography of the Santa Ynez Valley to parts of Northern Italy and Southern France and appreciate its proximity to Santa Barbara, ‘the jewel of the West Coast’ (also known as the ‘American Riviera’)”. Sharon Curries is seeing an upswing in interest from foreign buyers, “particularly from Canada, Spain and Malaysia”, she said.

Suzy Ealand believes that, “The wide open space and the temporal climate is conducive to easy living here with less chaos than larger towns. The Valley provides a smaller community feel where everyone can know each other”. Yet, Santa Ynez Valley is a place where privacy is respected, a place where the rich and famous can live and enjoy the country lifestyle without the fanfare of the big city.

The schools in the Santa Ynez Valley are among the top in the County. And, they are safe. Marlene MacBeth, a resident for 32 years who partners with her husband Dave, mentioned that it was a great place to raise her family. “Living here is a throwback to pre-9/11 days; kids still walk home from school or ride their bikes. They get individual attention and parent involvement in schools is extensive”. Micah Brady, the younger half of a father & son real estate team, grew up in the Santa Ynez Valley. He said, “The classes are smaller; it is like being in a private school”.

Thirty minutes from the Santa Barbara Airport and just two hours north of Los Angeles International Airport, this “hamlet in the hills”, as Patty Murphy refers to it, “is a cosmopolitan village with its roots in the soil”. Whether it is farming, growing apples, ranching, producing your own wine or sending your kids to great schools that draw you to the Santa Ynez Valley to live, ultimately, it is the quality of life and sense of genuine community that will make you feel like this is home.

Personal & Company Branding: Are You Looking for Your Soul Mates?

May 25, 2011

Luxury real estate marketing professionals should spend zero time selling and much more time looking for soul mates. If this sounds odd to you take a lesson from one of the greatest retail brands in the world, IKEA—a brand with a soul.

Are you a Frikadellers fan? Frikadellers are flat pan-fried dumplings of minced meat--the Danish version of meatballs. If you do not have a Danish restaurant nearby you can find Frikadellers most of the 300 IKEA stores in 38 countries. IKEA is a privately held international home products company that originated in Sweden. It designs and sells ready-to-assemble furniture, appliances and home accessories. The company is the world’s largest furniture retailer.

What does the IKEA brand stand for? Or, put another way, what is the soul of IKEA’s brand?

IKEA has taken the lead in adopting environmentally friendly manufacturing processes which extends to the unassembled product solution in shipping and packaging. They are a pioneering force in taking a sustainable approach to the “mass consumer culture”. An example is their extensive use of particle board. On February 17, 2011, IKEA announced its plans for a wind farm in Sweden, furthering the furniture giant's goal of running on 100 percent renewable energy.

IKEA’s charitable foundation is officially dedicated to promoting “innovation in architecture and interior design”. With a net worth of approximately $36 billion, the foundation is unofficially the world’s largest charitable organization. It eclipses the Bill and Melinda Gates Foundation that is worth approximately $33 billion, although the Gates donate much more in charitable gifts.

If the soul of IKEA’s brand is: 1) environmental sustainability in manufacturing, and; 2) innovation in architecture and design, who are IKEA’s ideal customers? An even better question is who are IKEA’s soul mates?

The answer is customers who have identical values! Are you an IKEA soul mate? If you prefer not to assemble your own furniture, or if you object to the idea that investing in innovation in architecture and design vs. giving to world health causes (like the Gates often do) you might not be a soul mate for IKEA.

When you understand that effective branding and marketing is really the art of matchmaking, and a member of your ideal target market is actually a soul mate, then the subject takes on a completely new and fresh perspective. The discipline of branding then becomes one of sharply defining who you are and clearly expressing it in such a way that your soul mates can quickly recognize that you are a match made in heaven.

When marketing and branding is done right it takes sales completely out of the equation! Trying to convince someone that they are a soul mate when they truly are not a match annoys the prospect and is a complete waste of your time. The hard sell is only used when a professional or a company does not know exactly who they are and also when they are "clueless" as to whom their ideal match is.

Are you looking for your soul mates? You should be. The biggest secret of marketing is this: Your soul mates are also looking for you! All you have to do is help them find you.

By the way, if you are a carnivore vs. a vegan or a vegetarian, you ought to try IKEA’s Frikadellers sometime.

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Personal & Company Branding: The Futility of Competing on Features-Soul vs. Sole

May 24, 2011

The essence of a personal or company brand in luxury real estate marketing could be considered the soul of your brand. It is the meaning and the emotion that the brand evokes in the minds of your target market. A feature can be imitated. Searching the MLS on your website is a feature that your competition can easily duplicate. But, they cannot duplicate the soul of your brand.

Christian Loubotin whose trademarked red soled shoes made its mark in the popular show, “Sex and the City”, is now suing two other companies who have had the audacity to color their soles red. The red sole is a just a feature it is not the soul of the brand.

The first is Yves Saint Laurent whose 2011 spring shoe collection has suede shoes with matching soles,( red shoes with red soles, green shoes with green soles, etc.). Yves St Laurent responded with its own lawsuit claiming, "Red outsoles are a commonly used ornamental design feature in footwear, dating as far back as the red shoes worn by King Louis XIV in the 1600s and the ruby red shoes that carried Dorothy home in The Wizard of Oz. YSL also alleges that Mr. Louboutin was fraudulent in his trademark application claim that he had 'exclusive' use of the red sole."

The second is a Brazilian shoe company, Carmen Steffens, who is willing to provide evidence that their shoes had red soles before 1992, when Louboutin filed for the trademark. The company finds it "surprising that another brand is trying to reserve the rights to any color."

What this example clearly illustrates is the futility of competing “solely” on features. In this case, competing on color alone is ridiculous.

An authentic market leading brand cannot be copied or imitated. It has an unfaircompetitive advantage by virtue of the fact that it occupies the top-of-mind position in the mind of the buyer. A great brand possesses an emotional differentiator which creates an added value that often escapes the confines of logic. Do you remember, the famous long-running cigarette brand slogan for Tareyton, “I would rather fight than switch”?

Tiffany & Company as a brand has very strong added emotional value. Tiffany sells diamonds as do many other retailers, such as Macy’s, Costco and a myriad of jewelry stores. We can assume that all the stores buy from a reputable dealer, and we know that all diamonds are graded by the standards of the Gemological Institute. Upon sale, a certificate is issued to validate the diamond’s quality. Logically, any retailer can sell the same size stone, with the same clarity (features). However, some recipient will feel that a diamond from Tiffany’s inherently has more value than a diamond from Costco or Macy’s. Is it the Tiffany blue box?

The famous robin’s egg blue color has been copyrighted by Tiffany. In our travels, we have seen many imitators, but no lawsuits, to the best of our knowledge have involved the imitation of the use of their signature color. Although, Tiffany’s blue gift box is just a feature that can be imitated, it has tremendous meaning to the recipient. And, that meaning is the soul of the brand not the box itself.

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Personal & Company Branding: Is Your Brand a Conundrum?

May 23, 2011

Selecting the right brand name as a luxury real estate marketing professional is extremely important. Here are the criteria for excellent brand names:

It should be easy to remember
It should be easy to spell
It should be easy to communicate for referral sources when they tell their friends about you or your company
Ideally, it should summarize the experience of doing business with you.
It should be inimitable.

Here is an example of a brand that meets all of these criteria: Conundrum—a extraordinary white table wine which is a product of the Wagner family who also produce one of the finest Cabernets in the Napa Valley.

A conundrum is a puzzle, a mystery, a challenge, a riddle or a dilemma. The word is fairly easy to spell. Once you taste this wine it is very unlikely that you will ever forget the experience; it is that outstanding. It is such an amazing value right now (Costco sells it for a remarkable low price of $16.95 per bottle). The wine is indeed a mystery because it is difficult to decipher the exact blend of grapes and flavors that make up its wonderfully robust, floral and bright tropical taste.

As they say on the Conundrum website: “Is it green apple, tangerine or honeysuckle? Could it possibly be apricot, melon, pear or light vanilla? That’s the Conundrum!" It is inimitable. Their proprietarily, secretive blend of California white grapes create a lush, creamy texture that leads to the mouth-watering question, “Mmmm, what’s in there?”

If you drill their site you can find the tasting notes by Jon Bolta, the Winemaker and Production Director:

"Floral bouquet nose with a dominance of honeysuckle. Muscat is the defining/alluring factor in the aroma of this wine. Enters round with a Chardonnay weight to it then quickly lightens up to reveal the additional varietals. Sauvignon Blanc adds an herbal element while the Viognier adds a spicy character. The Chardonnay brings weight mid palate and Muscat adds an undeniable honey character to finish things off."

When a product or service is truly remarkable you naturally want to tell others about it. If you take the time to get your brand name right you actually make it easier for your raving fans to promote you. And, that can translate mightily to your bottom line. If you don’t pay attention to this important principle of marketing and branding you will have a conundrum on your hands as you try to figure out why people are not spreading the word about you.

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Luxury Real Estate Marketing: Five Principles of Successful Branding and Marketing

May 19, 2011

Ride the Wave

Last year Apple rolled out the iPad, an entirely new computer category, and they created a tidal wave of change in many industries. We have been following this story closely because it speaks volumes about the principles of successful branding and marketing that can be applied to your luxury real estate marketing practice. Here is a summary of these principles:

1. Spot the Trends-Ride the Wave: Prior to the iPad a couple of companies came out with tablet computers. But, none were successful. Apple saw two important trends emerge in other categories of consumer electronics: The “net book” (small laptops) and e-book readers (Kindle, Nook) were taking off in popularity. The principle--Spot the trends, ride the wave.

2. Be the First in a New Category: Apple asked itself this key question, “What could it do better than anyone else in the world in this field?” Their answer: Touch screens, apps and awesome user graphic interfaces! By incorporating these wildly successful features of their iPhone to the tablet computer, and “hitching their wagon” to the net book/e-book reader trends, they defined a “must have” new computer category. The principle--Be the first in new category. It is the surest way to become the dominant player, a.k.a., the “category killer”.

3. Capitalize on Your Unfair Competitive Advantage: Apple’s other highly competitive advantage was their vast customer base from iTunes. It did not take much heavy lifting to include the purchase of apps in their iTunes store where consumers already had their credit cards on file. Google and Microsoft did not have consumer stores. The principle--capitalizes on your “unfair” competitive advantage.

4. Be the Opposite of Your Competition: Apple’s most significant challenger is Google who took a completely opposite tack in marketing strategy. They creating an operating system, Android, and made it available to an unlimited number of other would be Apple challengers like HTC who develops smart phones and tablets. The aggregate number of devices on the Android operating system far surpasses Apple’s. Google wisely backed off from being device manufacturers. Google’s aim is to broaden their advertizing reach. Whereas, Apple’s main focus is creating products that people love. The principle—to challenge the market leader take the opposite brand position and pursue the opposite marketing strategy.

5. Take a Distinctive Stance that Resonates with your Ideal Clients: You can walk into any Apple store and have a uniform high energy experience from knowledgeable staffers and also take one-on-one classes to answer any of your to your tech question. All of their products are integrated which reduces the learning curve. Once you have “joined the brand”, why even think of switching brands?

Apple has become a “luxury” brand that offers consumers a means of self-expression. With a very sharply focused brand identity, Apple stands for fun, knowledge and innovation. What does HTC stand for? What is a Xoom? How can one Android phone or tablet computer distinguish itself from another, other than on specific features that can eventually be copied? The principle—to be a market leader your brand must stand for something distinctive that your ideal customer or clients can instantly recognize as a perfect match to their personal values.

Spot the trends, ride the wave. Be the first in a new brand category. Capitalize on your “unfair” competitive advantage. Be the opposite of your closest competition. Take a stance that distinguishes you from your competition and resonates with the core values of your ideal clients. Apply these five principles and you will be well on your way to gaining or sustaining market leadership in your area.

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Luxury Real Estate Brand Strategy: The Perils of Monkey See, Monkey Do!

May 18, 2011

As a luxury real estate marketing professional, imitation of the market leader is definitely not a viable brand strategy for the challenger. It becomes a case of “Monkey see, Monkey do”. Imitation may be the sincerest form of flattery, but it will not result in increased market share.

On a recent trip to Los Angeles, we stopped by our favorite shopping center in Century City adjacent to Beverly Hills. This is an outdoor mall with movie theaters, restaurants, department stores, boutique stores, and electronic equipment stores. The mall is situated between several high rise office buildings with walkways and bridges over the streets that bring a constant flow of people to the center. As we were walking along checking out the latest and greatest we passed the Apple store that was packed with customers, many who were coming out with purchases. Then, several doors down, we noticed the new Sony Store that was not crowded at all.

In Japan, Sony has slipped to #2 with Apple becoming the #1 “luxury” electronic brand. Now, with lost market share, Sony is trying to play catch-up. But, how are they different? What does Sony stand for? Why was Sony not as busy as the Apple store?

In the Sony storefront was a large billboard of leaping young people (pictured above) with the slogan, “Connect/Compete/Conquer”. In front of the billboard are three colorful balls. This message was our first encounter with the brand as a store. What does this message mean in terms of a unique promise of value as distinct from Apple? We are still scratching our heads in wonderment.

If you do not immediately offer a compelling reason to switch brands on first encounter your chances of gaining market share from the incumbent market leader are next to none. The same holds true for marketing luxury real estate.

The Sony store is beautifully designed, and fun to walk through. We donned glasses to view the newest 3D screens, we saw holographic image technology, and we played with their new touch screens. The sales people were very knowledgeable and very helpful. They wore colorful T shirts with Sony logos (just like the Apple staffers). One of the fun things that caught our eye was colorful keyboard covers that would transform an ordinary white keyboard into lime green, hot pink, or orange. But, it was Apple that introduced the concept of multiple bright colors to their product line.

The Sony laptop computers uses the Windows 7 operating system. So do other brands. How are Sony’s laptops different from those brands? Certainly, the feature of applying a colorful plastic cover to your keyboard is unique. But, any other brand could replicate this feature for pennies and render Sony’s keyboards indistinguishable.

A handful of people walked in and out admiring and testing the displays. But, we did not see any products purchased in the Sony store while we were there.

Luxury real estate marketing professionals, take heed! Imitation of incumbent market leaders will get you nowhere as a brand strategy. Think different. That is what Apple has done.

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Personal & Company Branding: The Top 25 Ad Slogans of All Time

May 16, 2011

Brevity of communication when it comes to conveying your unique promise of value is of paramount importance for luxury real estate marketing professionals who seek market leadership. Millions of dollars are paid to advertising companies to achieve this for products and services. Why not learn from the best when crafting your own marketing message?

The top 25 ad slogans of all time is a great place to start. See how many of these slogans you recognize. If you score more than 50% you are certain to understand the core concept of branding. These brands are forever imprinted on your brain with these slogans. The advertisers want their brand to come up first whenever you think of the corresponding product category. Coming up "Top-of-Mind" is what branding is all about.

Jingles are slogans put to music. Numbers 1, 4, 6, 18 & 19 are jingles. Can you remember the tune?

The answers are at the bottom of the list.

Plop, plop, fizz, fizz, oh what a relief it is
You're in good hands with _______.
Don´t leave home without it
Reach out and touch someone
A little dab'll do ya
M'm! M'm! Good!
Please don't squeeze the ________.
The pause that refreshes
Look, Ma, no cavities
When it absolutely, positively has to be there overnight
Snap! Crackle! Pop!
Finger lickin' good.
Betcha can't eat just one.
Because I'm worth it
The milk chocolate melts in your mouth, not in your hand.
Good to the last drop.
Just do it!
You'll wonder where the yellow went when you brush your teeth with ________.
Sometimes you feel like a nut, sometimes you don't.
The Uncola.
Think Small.
Where's the beef?
Let your fingers do the walking.
When you care enough to give the very best
The Breakfast of champions

1. Alka Selzer,2. Allstate, 3. American Express, 4. AT&T, 5. Brylcreem, 6, Campbell’s Soup, 7. Charmin, 8. Pepsi, 9. Crest, 10. Fed Ex, 11. Rice Crispies, 12. Kentucky Fried Chicken, 13. Lay's potato chips, 14. Clairol, 15. M&Ms, 16. Maxwell House Coffee, 17. Nike, 18. Pepsodent, 19. Almond Joy, 20. 7UP, 21. VW, 22. Wendy's, 23. Yellow Pages, 24. Hallmark, 25. Wheaties

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Luxury Real Estate Marketing: Open House At The Beach!

May 11, 2011

This picture was taken at the lowest of tides. It is a wall of sea anemones, and it reminds us of all the joy we derive from living near the ocean. We look forward to the lowest tides several times during the year. At that time the ocean stages a magnificent open house. Walls of reef appear encrusted with mussels, clams, sponges and other species. Some have windows where pelicans and seagulls survey the ocean framed in these new openings. Some of the reefs look like small hills and carved within them are caves, where crabs and starfish and other sea creatures attach themselves. The sea lions and seal climb up these mounds and sun themselves

Attached at the bottom of the reef walls are anemones. These creatures are firmly rooted to the reef walls using their adhesive basal disc. They stay in the same spot unless the conditions become untenable, then they move on to more hospitable walls. The anemones in the Pacific coastal waters of Santa Barbara are iridescent turquoise blue and their insides rimmed with green. They have transparent tentacles that keep moving to create motion in order catch their food. When touched the anemones close up, to capture their prey.

For us the beach is a place of solace. We often refer to it as our conference room. We go to the beach to clear our heads to breathe in the salt air, to watch the dolphins play and to marvel at the pelicans flying in formation. We feel a primal connection to the ocean and the rhythm of the waves. We love the patterns the water leaves on the sand, the colors and the wealth of life the ocean supports. We enjoy watching the dogs frolic on the beach, the kids digging channels and building castles, the volleyball games, the surfers, the kayakers, and the paddle boarders walking on water. We never tire of it, and as we head home, we make plans to return.

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Luxury Real Estate Branding Strategy: Are You Getting the Lion's Share?

May 10, 2011

If you could do two things today that could significantly change your financial outlook for the better, here is what we would recommend: 1) start treating your luxury real estate marketing practice like a business instead of a profession; 2) Discover your competitive advantage, what you can do better that anyone else. Then make the decision to be either #1 or #2 in your marketplace or some niche within your marketplace that you can dominate. That is the journey we call the “unabashed pursuit of market leadership”.

Take a page from the playbook of one of the greatest business leaders in recent decades, Jack Welch, the previous CEO of General Electric. Mr. Welch’s had a motto: “Fix, sell or close”. To survive in the company portfolio, GE-owned businesses had to be number one or two in their industry or have the potential to get there.

Everything changes when you shift to the mindset of a business market leader. Your entire game board takes on a whole new meaning. That is when the fun begins! What is at stake? The stakes are always high in the realm of market leadership: the lion’s share of business and revenue. If you are not aiming for #1 or #2 you are settling for the crumbs.

What is most exciting to understand about the pursuit of market leadership is that the entire playing field is in the minds of your target market. Although the evidence of being #1 & #2 manifests in having the most market share and the highest revenues, mind share always precedes market share. The battle for market leadership is won when you achieve “top-of-mind” status. Who is the first luxury real estate professional to come to mind in your market place (or niche therein)? Who is the second?

The ideal scenario is to identify an uncontested market niche that you can dominate. Otherwise, the game becomes a battle between the incumbent market leader and the challenger to gain or sustain top-of-mind status. It is in the realm of the mind that branding takes place.

What is the first corn chip to come to your mind? The vast majority will answer, Doritos. Can you think of another corn chip brand? Most people cannot. Fritos actually occupies its own snack food category, an uncontested niche, in customers’ minds, according to experts.

Personal and company branding is not about getting a new look in the same way you would go out and buy a new outfit. Doing this may help you stand out from your fellow crumb gathers (#3 and below). Branding is all about strategy and jostling for top-of-mind status where the lion’s share of the business is at stake.

In our strategic branding consulting practice we only work with incumbents who want to fend off the challengers or the challengers who want to surpass the incumbents. It is all about strategy; how to out-think not outspend your competition.

Start treating your luxury real estate marketing practice like a business. Aim for gaining or sustaining the #1 or #2 position in the minds of your target market. Then, watch your financial outlook change for the better.

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Luxury Real Estate Marketing: What Is Most Compelling About Your Marketplace?

May 9, 2011

In the field of marketing luxury real estate, one of the true tests of the market leader is the ability to quickly and concisely communicate your extraordinary promise of value. Another test is the ability to articulate the most compelling and unique aspects of your marketplace.

In our area, Santa Barbara, California, one of the most charming attributes is the influence of Mexican culture in architecture and design. For example, the 10th of the California missions, the Santa Barbara Mission (known as the Queen of missions) was founded on the Feast of St. Barbara, December 4, 1786. Over two centuries later, the Mission is still very much alive.

The Mexican cultural influence can also be seen in many of the hotels, and commercial buildings in downtown Santa Barbara. The steps depicted in the photo above are part of the central shopping center on State Street, El Paseo Nuevo. A different tile design was used for each riser of these steps. The Mexican motif in tile work focuses on deep rich colors - reds, cobalt blues and dark yellow. Earth tones are also used to convey warmth and a convivial ambience.

The finest Mexican ceramic tile, Talavera, is 100% handcrafted, hand glazed and hand painted. Many homes in the Santa Barbara area reflect the Spanish Revival Architecture and utilize Talavera title in kitchens, baths and moldings. It is said to be timeless and sets a mood of comfort in the house vs. a more formal feeling.

The semi-tropical climate and the proximity to the mountains, beaches and ocean, in Santa Barbara, lend itself to an ambience of relaxed & casual luxury. And, that in a nutshell, is one of the most compelling reasons to buy a home here.

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Luxury Real Estate Marketing: The "Free" Effect!

May 4, 2011

We have been saying for some time now that there is more to our sluggish economy than real estate and mortgage woes. Two of the non-obvious factors are the disruption of technology and the “Free Effect” that can render entire product or service categories obsolete, overnight. We have all seen the tables quickly turn in the field of luxury real estate marketing due to both of these factors.

For example, an incumbent market leader is being besieged by a challenger who is “out-technologizing” them on the internet and is capturing the lion’s share of the buyer leads in their market place. An example of the “Free Effect” became apparent when MLS search, previously the exclusive domain of agents, was offered as a free commodity to consumers on agent and broker websites without even having to register on the site. The combination of disruptive technology plus zero cost to consumers can have significant ripple effects on the economy in general as well as your personal economy.

We recently read a blog post by Kathy Schowe in La Quinta, CA, about a new iPhone App that does everything a business card scanner does and more. Kathy is also on the Language of Luxury Team of Experts (Desert Homes & Golf Communities). Card Munch is a FREE app that uses the phone’s camera to scan a business card and then sends it to a data center where, drum roll… a live person creates a digital version of the card. Minutes later you are notified that the digital version is ready for use with 100% guaranteed accuracy. If you have Mobile Me (Apple) it syncs with all of your contacts on all of your devices. You can also email the card to your desktop and save it in Outlook, or send it to anyone.

There are even more features that are well worth your investigation of this fine app. Card Munch was purchased by Linked In and they have integrated it with their social media platform as an optional feature. But, what is most amazing is that it can replace business card scanners that sell for up to $400, for free! We have been interested in purchasing one of these devises for years but could not justify the cost. Now, it is a must-have app!

What is more, through blogs like Kathy Schowe’s and the Language of Luxury, we are giving Card Munch free advertising because we are raving fans! No longer are there a handful of journalists that cover new tech products. With spontaneous reviews like ours, the immediacy of social media can literally make a hit out of an app overnight.

Take full advantage of disruptive technology and the “Free Effect”. Better to turn the tables on your competition than vice versa. As a luxury real estate marketing professional, reducing your overhead with the combination of new technology and free apps can lead to a stronger bottom line and a happier disposition.

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Luxury Real Estate Marketing: Peripheral Referral Marketing

May 3, 2011

As a luxury real estate marketing professional, you live and breathe real estate day in and day out. But, if you think referral marketing is primarily about real estate, think again. The best referral marketing is peripheral. Peripheral means tangential or secondary, only slightly relevant to your primary subject of real estate.

This is important to understand when it comes to staying in touch with clients who just purchased or sold a home and also with contacts in general. If you are a blogger, droning on about real estate alone will bore your audience to tears!

Traditionally, a person, couple or a family buys a new home every seven years, on average. For most people, moving is stressful. They have given quite a bit of attention and focus to real estate as a buyer or a seller. But, once they have completed the transaction how much interest do they actually have in the real estate market as a consumer? If you come at them, bombarding them with real estate related information they simple will tune you out.

Perhaps they want to keep abreast with market trends, but on an occasional basis only. Or, maybe they are interested in what the home up the street just sold for. But, after that they are more interested in their lifestyle and enjoying the locale than they are in real estate matters.

One of the masters of peripheral marketing is Ralph Lauren. They provide the outfits for the Olympics Wimbledon and the US Open Tennis Tournament. To get a visceral experience of this company’s peripheral marketing check out: L’Art de L’Automobile—Masterpieces from the Ralph Lauren Car Collection. It is an exhibit in Paris that closes on August 28. You may not be able to attend, but you can go there virtually. Be sure to click on each of the classic car photo to hear the actual engine of the car.

Ralph Lauren is not selling clothes at this exhibit. But, they are selling the affluent lifestyle, peripherally, the lifestyle that characterizes their brand. You do not have to be rich to “join” the brand; you can simply purchase a Polo shirt at Macy’s. But, more likely than not, if Ralph Lauren holds your interest as a brand, you aspire to live the affluent lifestyle.

Think of ways you can stay in touch with your sphere of influence and your audience on the periphery of real estate more so than as your core subject in your communications. If you do your chances for referrals will be much stronger.

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Luxury Real Estate Personal Branding Case Study: Kristi Nelson, Bainbridge Island, WA

May 2, 2011

This is the VIDEO personal branding case study of luxury real estate marketing professional, Kristi Nelson of Buckley & Buckley on Bainbridge Island, Washington. Bainbridge is consistently voted one of the top five communities in the nation for good reason. While the island retains a rural and friendly atmosphere Bainbridge is just a 30 minute ferry ride from cosmopolitan Seattle, a city rich in cultural attractions.

What really sets Kristi apart from her competitors’ is her extensive background and success as a real estate developer, investor and design consultant.

If you are unable to view the video CLICK HERE.

It is with great pleasure that I recommend Ron and Alexandra Seigel of Napa Consultants International. After hearing them speak at the Luxury Real Estate Conference (Who’s Who in Luxury Real Estate) in Seattle in the fall of 2010, I hired them to develop a personal brand and brand strategy, plus a new web site for my luxury real estate marketing practice. Ron and Alexandra listened carefully to my needs and desires and came up with a strategy that would set the stage for making me a market leader in luxury real estate on Bainbridge Island in Washington State. The result is an eye catching brand that speaks directly to my target market. Even in its early stages my web site is already garnering rave reviews from the real estate community and even more importantly, my sphere of influence. If you are looking for the best in luxury real estate marketing, look no further than Napa Consultants International!

--Kristi Nelson

VISIT: www.LivingOnBainbridgeIsland.com

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Luxury Real Estate Marketing: The Key to Blogging is Curiosity

April 27, 2011

Our Curious Cat Zoe

This post is dedicated to those of you who have embraced the art of journalism and have become bloggers on top of everything else required of your career in luxury real estate marketing. Consistently producing original content can be challenging at times. But, here is our secret to success: Perpetual curiosity must become your passion. To blog consistently you must become a perennial student and you must be passionate about learning new things. That is where the joy of blogging comes from- a curious mind.

Here are some quotes we found about the subject of curiosity. We hope they inspire you as much as they have moved us.

I have no special talents. I am only passionately curious.
~Albert Einstein

The cure for boredom is curiosity. There is no cure for curiosity.
~Dorothy Parker

Curiosity is a willing, a proud, and eager confession of ignorance.
~S. Leonard Rubinstein

Be less curious about people and more curious about ideas.
Marie Curie

Let’s just say I was testing the bounds of reality. I was curious to see what would happen. That’s all it was: curiosity.
~Jim Morrison

Satisfaction of one’s curiosity is one of the greatest sources of happiness in life.
~Dr. Linus Pauling

I find that when you have a real interest in life and a curious life, that sleep is not the most important thing.
~Martha Stewart

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Luxury Real Estate Personal Branding: Are You a Non-Conformist?

April 26, 2011

“When you're just like everybody else, you've got nothing to offer other than your conformity”
~ Wayne Dyer
“Stand out or bow out!”
~ Ron & Alexandra Seigel, LOL Authors & Community Founders

Conformity is the act of matching attitudes, beliefs, and behaviors to what individuals perceive is normal of their society or social group. Many people feel the pressure to conform and have trouble taking the risk of standing out. This is good news if you want to become a market leader. That means fewer bone fide competitors. For market leaders, blending in is not an option.

Can you clearly articulate how you stand out from your competition? If you cannot state this in a few words how do you expect your potential referral sources to do so? One of the most important components of the personal branding process is making it easy for other to convey your unique promise of value. Do so and you will get more referrals. It is just that simple!

Even if you are a not fan of basketball you certainly have heard of Kobe Bryant or LeBron James because they are among the current super stars of the game. But, you may not know Chris Andersen, who plays center for the Denver Nuggets. Chris is also known as the “Bird Man”. He sports a spiked haircut and has extensive tattoos of feathers and birds on his body. You cannot miss him nor can forget him once you have seen him just once.

Andersen is an extreme case of personal branding. Yet, in just one visual impression of his tattoos, hairdo and flying gestures, plus hearing his personal brand name one time, you will most likely remember him for years to come. More importantly, you will instantly be able to tell anyone else about him.

That is the power of personal branding. But, it takesa willingness to be a non-conformist and stand out from the crowd.

Test it for yourself. Who is the most flamboyant basketball center today?

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Luxury Real Estate Branding: Be the Opposite Choice!

April 25, 2011

Blue Frog by Michael Galber

As a luxury real estate marketing professional, if you are interested is leapfrogging over your competitors here is one of the all time best strategies: Be the opposite choice to the No. 1 market leader! You can jump over the pack and become the No. 2 in your marketplace by positioning yourself or your company as embodying the very opposite key attribute that the current market leader in your area stands for in the minds of consumers.

The first step is to analyze the market leader and look for the weakest aspect of their “game”. It is very rare that a market leader can be all things to all people. They often get complacent and their level of service often slacks off.

A classic example is Hertz and Avis. No. 2 Avis positioned itself as the obvious alternative by claiming, “We Try Harder”. Even though they did not surpass No.1 Hertz they summarily dismissed No.3 and other competitors who could not make the same claim without appearing as a “me too” brand. They could not say, "we try harder, too" and expect anyone to take them seriously.

In luxury real estate, the market leader often gets complacent because so many home sellers automatically give their listings to them simply because they are perceived as the best. After all, they sell more homes! But, in truth there may not be a viable, competent alternative.

With this strategy you must become that alternative in the minds of home sellers. You must clearly send out the message that you stand for the opposite key attribute that the market leader claims to have.

For example, one of our clients wanted to be known as the top agent in a series of luxury communities in her marketplace. The incumbent market leader, the volume leader, was a very large team. Many of their clients were not 100% satisfied with the team’s service because they did not work directly with the team leaders, just their underlings.

Our client was able to demonstrate that she could match all of the claims of the big team in terms of marketing savvy, but with total personal service which was just the opposite of No. 1. She was personally present at every showing by buyers’ representatives. She promptly responded to every email and phone call from the home seller and was always immediately available when needed. She did not take on more listings than she could serve in this manner. Her reputation for exemplary personalized service (yet with all the bells and whistles of the team) summarily dismissed other individual agents vying for market share in this marketplace.

When our client was up for a very expensive listing the choice came down to this: No. 1 (the team) or No.2 (our client), the team approach or “extreme” personalized service. No other agents were even interviewed because our client “owned” the brand position of the opposite. The choice of either/or does not leave room for a 3^rd alternative.

When she sold the home it was the highest priced home sold in that year in her marketplace, which proved that she could perform as well as the team in this realm. This cemented her position as the opposite alternative and she now is perceived as being equally as competent as the team.

Those who value the assurance of a large team will stay with or choose the incumbent. But, those who value exemplary personalized service now have a choice—the oppositie choice.

If you want to leapfrog to No.2 be the oppositie choice of No.1 . You will instantly leave the rest of the pack in the dust beginning with a distant No.3.

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Luxury Real Estate Marketing: Are Your Clients in Your "In" Crowd?

April 20, 2011

The luxury goods market is conservatively estimated to be 359 billion dollars. It is actually up 6% from last year, according to American Express. After a long period of not spending luxury buyers are obviously getting over their “frugal fatigue which bodes well for those engaged in marketing luxury real estate.

It seems that every study from Harris Interactive to the Wharton School of Business emphasizes the importance of building a lasting relationship with your clients and prospects. Prospective clients are looking for a positive, memorable experience. They may not be ready to buy now, but they still expect you to exceed their expectations by providing them with amazing interactive experiences that you offer (online and offline) even prior to a sale or direct contact with you.

Any one of your competitors can inform their clients about what is happening in the market. But, how much interest is there for that on a continuous basis. Stand out! Don’t just send updates on new homes that come on the market! Send interesting articles about the community, new restaurants or gallery openings.

Better yet invite selected members of your sphere of influence to an art gallery opening, or a special museum exhibit. Word will get out that you are strikingly different. A warm and friendly experience increases trust which means your chances for referrals are that much greater.

Make your contacts fell like they are a part of your “In” crowd. Share with them your special secrets and insights. They will see you as the “go to person”. Emulate the ways that luxury retailers are interacting with their customers by making them part of their “In” crowd.

For example, the designer Kate Spade reveals what inspired her designs with her “special clients”. She has a section on her website called, “Behind the Curtain”. This catalogues her influences, her interests and what she thinks is “hot”. Her comments serve to build relationships with her customers and engage them in conversation.

Recently Chanel rewarded their fans on Facebook by previewing their Chanel “Rouge Coco Shine” lipstick collection and offering them the opportunity to buy it online prior to its debut in retail stores.. The “avant premiere” was featured exclusively for Facebook fans just for two days-- 4/7 & 4/9.

Ralph Lauren released their second interactive children’s story narrated by Uma Thurmond. (See previous post). It is an enchanted story that also prompts readers to buy their new products.

Donna Karan has a column on her website called Donna’s Journal, which includes topics such a women who inspire, the Urban Zen Foundation, DK talk, and ask Donna. The notable here is the Urban Zen foundation

“The Urban Zen Foundation creates, connects and collaborates to raise awareness and inspire change in the areas of well-being, empowering children and preserving cultures. We design forums, partner with existing organizations and bring together experts to define solutions and implement action.” Ten percent of the sales of Karan’s Urban Zen collection is donated to the foundation.

How can you make your existing and prospective clients part of your In" crowd?

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