Luxury Real Estate Marketing Tip: Keep Your Message Brief

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Luxury Real Estate Marketing Tip: What is your “VA” (Value Added)--Part 2?

June 25, 2012

To distinguish yourself as a luxury real estate marketing professional you must be able to instantly articulate how you stand out from your competition You must be able to answer the question: What is your “VA” (Value Added).

Most of what used to differentiate you, such as integrity, competence and local market knowledge is simply not enough. These attributes have become the commodities of the trade in the same way MLS search, via IDX, has become a commodity on any broker or agent website.

For purveyors of luxury goods and services the #1 challenge is commoditization. Sooner or later, without offering a strong Value Added service, you will have to resort to competing just based on price. Look what is happening in retail!

An increasingly large numbers consumers are doing their shopping research at retail stores but do not actually buy there. Instead, they comparison shop for the best prices online (sometimes right in the store with their smart phones). At sites such as Amazon, they can purchase the same product for less in one click and also get free 2-day shipping. Or, perhaps, the consumer discovers that the same item is on sale at a competing store just a few blocks away.

BACK TO THE FUTURE

During a recent business trip to the East Coast we were able to spend some time checking out the specialty shops and boutiques in Georgetown, Washington D.C.. There, we discovered the Keith Lipert Gallery who specializes in contemporary, affordable fashion jewelry and decorative art. Lipert travels the fashion and cultural capitals of the world to find distinctive pieces that are often crafted by small family-owned businesses. His clientele is both sophisticated and international, people who not only appreciate his adroitness at discovering unique hidden treasures, but also appreciate his extraordinary personalized service.

As customers peruse the displays of fashion jewelry, Lipert will approach them with an item that he feels would suit them and insists they try it on with his assistance. There is no pressure here. He just wants to make your shopping experience extraordinary, like it used to be in Europe and still is in some cases. It allows him to engage his customers in a dialogue that does well beyond self-service.

This “back to the future” customer service approach plus his offering of unique items that cannot be found elsewhere is his VA. What is yours?

To read what is your value added, Part 1, click here.

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Marketing Luxury Real Estate Tip: A Picture is Worth a 1000 Words!

June 24, 2012

As a luxury real estate marketing professional it is important to communicate who you are and what you do with words and imagery. Your collateral materials and web site should articulate the essence of your brand in a nanosecond.

Here is an example that was pointed out to us by our clients in the Virginia Chesapeake marketplace. Notice how the building columns are designed. What a wonderful way to capture the attention of your target market with humor and bring a smile to everyone's face.

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Luxury Real Estate Marketing Tip: What Is Your “VA” (Value Added)?

June 20, 2012

As you approach the realm of market leadership the difference between good and great service in the field of marketing luxury real estate cannot be measured by the degree of competency and integrity. The fundamentals of successfully engineering real estate transactions are the same; you cannot get away with incompetence and lack of integrity for very long. So how do you differentiate yourself from your closest competitors if market leadership is your quest?

The answer is the value that you add. Added value is the extra service that you offer that your competitors do not include in their winning formula. Here is an example.

There are many aviation brokers who provide the service of buying, selling or leasing private jets. We recently met an aviation broker who put his company in a class unto itself by offering his clients an extra service that they cannot find anywhere else. His firm targets Fortune 500 companies exclusively and offers them a consulting service to help them analyze the most cost efficient way to allocate their resources for private aviation

As expert number crunchers in this very narrow niche they position themselves as trusted advisors rather than mere brokers and immediately set themselves far apart from their competition who just broker planes. They basically break even in terms of being compensated as consultants. But, they are awarded the business as brokers because they thoroughly understand the specific needs of their corporate clients. As a result, they can represent their clients’ interest far better than their competitors. At the Fortune 500 level the rewards are obviously worth it. This formula simply would not work for the private aviation needs of small to mid-sized firms.

This aviation brokerage firm identified an uncontested market niche that they could satisfy better than anyone else in the world of private aviation for Fortune 500 companies. As a result they create added value as consultants by saving these large companies a significant amount of time and money. Their analysis provides an objective criteria for making private aviation decisions to buy, sell or lease planes.

They do not need a clever “sales pitch” to ace out their competition. They do not need to lower their brokerage commission rate to win business. Nor, do they need to know the right people who can get them “in the door”. Their consulting service is the answer to the prayers of their clients. They are the perfect match to the real needs of their clients.

As a luxury real estate marketing professional can your “VA”,or added value,be?

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Luxury Real Estate Marketing Tip: We Cannot Wait to Spoil You

June 19, 2012

In our travels to Connecticut to work with one of our clients we stayed at a charming Bed & Breakfast Inn. Before we arrived we received a welcome letter that said, “We cannot wait to spoil you”. And, indeed we were spoiled in so many ways! Let this be your mantra for providing extraordinary service with exceptional care as a luxury real estate marketing professional.

One of the many ways in which we were spoiled was a plateful of little “mid-night snacks” that awaited us when we returned to our room at night, with a personal note. The first night it was some nibbles of rhubarb crumble. The next night it was tiny morsels of brownies. The husband and wife proprietors were extremely gracious and made us feel very much at home.

The last night we were there we went to a great seafood restaurant that was located within a seaside hotel (not ours). Before our entree was served, a fire alarm sounded and the entire restaurant had to be evacuated.

The “fire drill” was not a bad experience; nothing serious actually happend. Instead we had the opportunity to meet some of the other patrons of the restaurant who were delightful. For our inconvenience, however, we were comped coffee and dessert.

Think of running your luxury real estate marketing practice like a B&B or a great hotel How can you provide this level of extraordinary service, in your practice? Think hospitality vs. real estate. Then let your clients know that you cannot wait to spoil them.

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Luxury Real Estate Marketing Tip: The Next Trend Is Experiential Marketing

June 14, 2012

In our post, “Meet the Henrys”, we emphasized that this demographic (High Earner Not Rich Yet) values experiences over ownership of objects. This trend has become evident in every segment of the luxury goods and services market. Lifestyle is now of paramount importance especially when it comes to marketing luxury real estate. In marketing a luxury home, it is more important to tell the story of the lifestyle rather than focusing on granite countertops or mahogany floors.

For instance, people who are moving to Santa Barbara are willing to own smaller homes because they want to live the “outdoor” lifestyle that the environment offers. The experience is more important than the size of the home. Their focus is the weather, the beach, the cycling trails, the hiking venues, golfing, sailing, fishing and kayaking. Others want to walk to the downtown area for shopping, restaurants, and theaters.

In Aspen, the Aspen Institute is an important market draw. Its stated mission is twofold: “to foster values-based leadership, encouraging individuals to reflect on the ideals and ideas that define a good society, and to provide a neutral and balanced venue for discussing and acting on critical issues.” The Institute has a broad appeal for tourist as well as for affluent Aspen home owners.

Sell your market on the lifestyle benefits they would derive from moving to and living in your community. Smart agents will take clients for lunch in their harbor/beach area, so that their guests can feel what it would be like to live in their town on the waterfront. Others will invite them for lunch at an exclusive club on top of the highest mountain peak. In urban communities, such as New York, walking to a great restaurant for lunch from their apartment may seal the deal.

Be mindful of this experiential trend and apply it to your marketing strategies. That is, if you are interested in the “unabashed pursuit of market leadership”, as we say.

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Marketing Luxury Real Estate: The Luxury of Putting Life Back into the World

June 13, 2012

What would you do if you won the lottery and the money took care of all your needs? What would you do with the excess funds? Would you leave a legacy for others to enjoy?

“The relation with the world that I want is to be putting life back into the world, rather than taking life out of it.”—W.S. Merwin

U.S. Poet Laureate and two time Pulitzer winner, W.S. Merwin decided to grow a forest of palm trees on 19 acres of officially designated wasteland on the north shore Maui, Hawaii. He has gathered palm seeds from various botanical gardens worldwide.

The forest has been grown sustainably with recycled water, and solar energy. Within this windswept region of microclimates various specimens of palm are thriving including a rare treasured palm from Reunion Island in the Indian Ocean. Mr. Merwin remarks “I know nothing about Reunion Island, but where a tree grows you have a place.” Botanists have actually catalogued over 2500 species of palms trees globally.

His love of trees began at a young age, Mr. Merwin remarks, ‘My father was very repressive. As a child I didn’t trust the feelings of pretty well anyone except my mother. But I trusted the tree in the backyard. We were friends. If I could talk to it, it would talk to me. But I did not know how”.

“Later in life I was talking to the biologist, E.O. Wilson about that, and he said talking to trees was not silly at all. “The trees gene code is much older than yours,” he said, It’s not withholding anything. If you know how to talk, it will tell you everything you want.”

The Mervin Conservancy is his legacy. Check out the web site and the video as Mr. Merwin takes you on an enchanting tour of the forest.

“In between twenty-five or thirty years I have planted about 850 species of palms, and at least four or five times that many actual trees. I have had no map….We both hope that the whole of this land can eventually become a palm sanctuary. Just being here, with the garden, the `palm forest,’ all around us, day after day, I think has taught me a great deal.” —W.S. Merwin

What will your legacy be?

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Luxury Real Estate Marketing Tip: Meet the Henrys!

June 12, 2012

As a luxury real estate marketing professional you need to understand the Henrys. HENRY is the acronym for “High Earner, Not Rich Yet”. This level of affluent has an income of $100,000-249,999. What is of note is that the Henrys’ have increased their spending in the luxury sector, and they are probably the ones that have contributed to the uptick in home purchasing.

According to the Luxury Market Report by Unity Marketing, Henrys make up 80% of the affluent marketplace, which is equivalent to 21.3 million households in the United States, a significant number in the luxury market. Their resurgence as buyers of luxury goods is a positive sign for the economy. They are the spenders in the category referred to as “accessible luxury”. Brands in the accessible luxury pantheon include Coach, Ralph Lauren, Tiffany, Kate Spade, Vera Wang, Michael Kors, Tommy Bahama, Restoration Hardware, Ann Taylor, Banana Republic, and Williams Sonoma.

The mood of the Henrys is positive about the economy and optimistic about the future. They will spend on experiences such as travel, the highest luxury spending category, because they identify themselves with what they have done more than what they own. When they buy a home they want to hear the “story” of the home and the experience they will have living there. In selling a home to the Henrys, stay away from the sales pitch and emphasize the emotional experience they will derive from their new lifestyle.

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Luxury Real Estate Marketing Tip: Do You Speak Vastu?

June 7, 2012

Photo by Samrat 35/Lotus Temple in New Dehli, India

As a luxury real estate marketing professional it is important to stay focused on the luxury market and its trends. One of the emerging countries in the world is India and its appetite for luxury goods and services has been insatiable. Our nation’s Asian Indian population has exploded over the past decade, far outpacing the growth of other Asian groups, according to 2010 Census figures. So if you are working with an Asian Indian individual or family, you need to know about Vastu.

In Sanskrit the word “Vastu” means dweller/dwelling. It is India’s form of FengShui. “In Indian architecture, the dwelling is itself a shrine. A home is called manushyalaya, literally, "human temple". It is not merely a shelter for human beings in which to rest and eat. The concept behind house design is the same as for temple design, so sacred and spiritual are the two spaces.” From Wikipedia

Add Vastu to your vocabulary as we say in The Language of Luxury. Get Fluent, Get Affluent.™

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Luxury Real Estate Marketing Tip: Staying Unforgettable with Quality Cues

June 5, 2012

Quality cues are indications of quality in packaging, displays, product features, collateral materials, website design, messaging, etc. The more quality cues you can offer in your luxury real estate marketing practice the more your personal or company brand will become distinctive and unforgettable.

Here is an example of a quality cue we noticed when we visited the newly opened REI (Recreational Equipment Inc.) store in Santa Barbara. We immediately noticed the door handles picture above. They are actual mountaineering pick axes with resin encased heads and points for safe usage. This quality cue reinforces their motto, “Get outside, yourself”. It also communicates that they are known for a wide variety of quality outdoor gear and equipment, and great service.

Here is another example from one of the luxury real estate marketing professionals we have met. This individual always hands their client the keys to their new home on a Tiffany key ring in the iconic blue box. This gesture is a WOW moment for the new owners, and one that will be remembered and talked about.

For luxury real estate marketing professionals, small things can make a big difference in terms of standing out from your competition. These small things add up to make you unforgettable. What are some small things you do to make you unforgettable?

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Luxury Real Estate Website Design: Are You Unforgettable?

June 4, 2012

More often than not the first impression you make with new prospects, as a luxury real estate marketing professional, occurs the first time they encounter your website. Are you making a lasting first impression or are you forgettable?

It is human nature to rely more on sight than any other mode of sensory perception. That is why excellent graphic design is so important in capturing and holding the attention of your website visitors. Great design is your sure-fire method of making a lasting first impression. It is an integral part of capturing significantly more leads especially when it sparks a positive emotional response and resonates with the values of your website visitors.

In the course of marketing luxury real estate, how can you expect to capture an online lead if you cannot first capture the attention of your prospect? People do “judge a book by its cover” or wine by its label or products by its packaging This is true particularly when a recommendation from a trusted source is not a factor in the buying decision or when choosing a service professional.

We recently found two wineries that exemplified this principle by incorporating metal in their labels, something we have never seen before. These bottles definitely stand out which is exactly what you need to do if you expect to capture and hold the attention of your web visitors.

Keep in mind that your competitors’ sites are just a click away. That is why it is imperative to grab your visitors’ attention with compelling graphic design. But, even more important than a great look, your graphics must communicate the essence of your brand values. Ideally, your graphics should tell the entire story of who you are in a nano-second! That is the true test of great branding!

If you want to be the standout in your marketplace your website must make a strong, positive first impression. Otherwise, you and your website become forgettable.

Are you unforgettable?

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Marketing Luxury Real Estate: Luxury Camouflage in Beverly Hills 2

May 31, 2012

This photo is what Van Cleef & Arpels deemed appropriate for their remodel on the corner Rodeo Drvie and Dayton Drive in Beverly Hills. Unlike Bulgari, Van Cleef Arpels' jewelry is classic in its luxury appeal. It is an old world French jewelry company, founded in 1906 on the venerable Place Vendome in Paris. The brand is known for its signature mystery settings where the prongs are concealed. Van Cleef & Arpels' customers have included the Duchess of Windsor, Grace Kelly and Elizabeth Taylor. Their remodel facade is subtle and understated like their mystery settings.

Last month we wrote a post illustrating how remodeling is creatively camouflaged in Beverly Hills. We featured the Bulgari jewelry store who, in keeping with their brand identity, had designed a bright golden opulent camouflage while remodeling their store. True to their identity, the store board was colorful and attention getting. We feel it is spot on its brand signal. It is perfect for who they are.

Every company has its point of attraction for their target market. It is clear how two brands selling jewelry have a different approach because they understand their ideal client. We happen to like and appreciate both because of their clarity in communicating who they are. What do you think?

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Marketing Luxury Real Estate Tip: Are You Playing Chess or Checkers

May 30, 2012

Brand strategy for luxury real estate marketing professionals is all about achieving top- of-mind status. That takes superior, long-range, strategic thinking. But, what is at stake? The lion’s share of the business in your market place or a niche therein, that is what is at stake!

Who Needs Brand Strategy?

The only players who have a use for brand strategy are the ones who are bent on gaining or sustaining market leadership Incumbents or Challengers. Everyone else is fighting over the crumbs, doing the best they can. To seize or maintain the lion’s share you must think strategically.

Have you been watching the NBA Western Conference Playoffs with San Antonio and Oklahoma City? San Antonio is proving to be in a league of their own. Their teamwork is impeccable and their strategy is brilliant. They just won 20 straight games! Kenny Smith, the retired NBA star and TV announcer, covering Game 2 said something that explained the difference between the two teams: “San Antonio is playing Chess while OKC is playing Checkers”.

Chess or Checkers?

That comment perfectly summarized what we have been saying about brand strategy for luxury real estate marketing professionals. If you are bent on the “unabashed pursuit of market leadership”, it is imperative that you become a master of brand strategy. Like Chess, brand strategy requires well-thought-out, long range thinking.

You can make a lot of money by mastering internet marketing strategy by being the first to capture buyer leads. Many incumbent market leaders are very vulnerable in this department because they are not up to speed yet and, in most cases, it is still a buyers’ market. But, in the long run it is the agent, team or company who consistently wins listings that makes the most money. Being a master of both disciplines, is the surest way to become the dominant player and significantly outdistance your closest competitors.

Even though it appears that you are playing on the same game board, the true market leader is playing Chess, while everyone else is playing Checkers. However, If you want to challenge the market leader you need to outthink the incumbent at their strategic level and beat them at their own game. The battle may ultimately be a fight for market share. But, you first have to win the battle for mind share. And, that takes strategy.

Are you playing Chess or Checkers?

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Luxury Real Estate Marketing: Maintaining Your Orbital Marketing Perspective

May 28, 2012

As a luxury real estate marketing professional it is easy to get bogged down with the day-to-day activities of“transaction engineering” and neglect the life-blood of your business: promotion and marketing. Sometimes you need to step back from your practice to regain your “orbital marketing prospective”. It is only when you view your practice from a broader perspective that out-of-the-box thinking is possible.

Opportunities to out-think and out-market your competition abound. This weekend we noticed that not a single real estate firm or agent sponsored one of the most well-attended community events of the year in our town of Santa Barbara, California. What an great opportunity for standing out this was!

"I Madonnari, or street painters transformed the Santa Barbara Mission Plaza using pastels on pavement to create 150 vibrant and colorful, large scale images. The festival benefits the Children's Creative Project, a nonprofit arts education program of the Santa Barbara County Education offices. "The project serves 50,000 children in more than 100 schools with visual and performing arts workshops and performances throughout", according to their website. This event is in partnership with Santa Barbara's sister city in Italy, Grazie di Curtatone.

The opportunity to promote your name or your company as a sponsor was affordable. It ranged from the smallest ($125 for 4' x 6' format vertical format) to the largest (12’ x 12’ for $650). In addition, your name is on the festival poster, it is inscribed on the pavement at the base of the Mission steps, it appears in full-page newspaper advertisements and also appears on the festival kiosk. The local news covers the event on TV which amplifies the effectiveness of your sponsorship.

You could either provide the painter, or the Children's Creative Project would provide the painter. Given what most luxury real estate marketing professionals spend to promote themselves, this was a no brainer.

As hard as it may seen at times, you simply must take the time to regain your orbital marketing perspective. Step back and identify opportunities to out-smart your competition. That is the surest route to soaring in your luxury real estate marketing practice.

Like the kids represented in this year's pavement pastel chalk painting, being backyard orbital explorers and looking out of their box/spaceship it is time to explore your own backyards for out-of-the box opportunities to promote yourself. That means to make yourself well known and well thought of!

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Marketing Luxury Real Estate: Happy Memorial Day From Santa Barbara

May 26, 2012

Memorial Day is a United States federal holiday observed on the last Monday of May. It was formerly known as Decoration Day, and it is honors US men and women who died in the military Service. The first Memorial Day was celebrated to honor Union soldiers of the American Civil War, it was expanded after World War 1. It is important to take a moment and reflect on all those who gave their lives for the freedom we enjoy.

If you happen to find yourself in Santa Barbara, here is an annual event that is fun and benefits children in Santa Barbara County and San Luis Obispo Counties.

"I Madonnari, or street painters will transform the Santa Barbara Mission Plaza using pastels on pavement to create 150 vibrant and colorful, large scale images. The festival benefits the Children's Creative Project, a nonprofit arts education program of the Santa Barbara County Education offices. The project serves 50,000 children in more than 100 schools with visual and performing arts workshops and performances throughout."--from the website," This event is in partnership with Santa Barbara's sister city in Italy, Grazie di Curtatone.

You can view the art work on the 26, 27, and 28th. Admission is free.

We wish you a wonderful relaxing long weekend, Cheers, Ron & Alexandra

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Marketing Luxury Real Estate: The Luxury of Simple Pleasures

May 23, 2012

One of the subjects that comes up often as we advise our clients in marketing luxury real estate is the fine line between specializing in the top tier of the marketplace and not wanting to alienate previous clients whose home sold in the mid price range, our clients are concerned that they may come accross as too pretentions or aloof. Inherent in that concern is a misconception of the meaning of luxury, because it is often associated with elitism and conspicuous consumption, whereas we firmly believe that this is a limited perspective because there is luxury in simple pleasures, for example, the luxury of tasting the first crop of sweet corn.

Corn on the cob is a quintessential American food of summer. The first crop is here at our Farmers' Market in Santa Barbara, It reminds us of Richard Rodgers' song, Oh, What A Beautiful Morning, from the quintessential American musical Oklahoma, written in 1943. Here is our favorite excerpt about corn.

There's a bright golden haze on the meadow,
There's a bright golden haze on the meadow,
The corn is as high as an elephant's eye,
An' it looks like its climbin' clear up to the sky.

Chorus:
Oh what a beautiful morning,
Oh what a beautiful day,
I've got a wonderful feeling,
Everything's going my way.

HAPPY WEDNESDAY, WE WISH THAT EVERYTHING IS GOING YOUR WAY

Cheers, Ron & Alexandra

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Luxury Real Estate Marketing Tip: A Great Housewarming & Closing Gift

May 22, 2012

As luxury real estate marketing professional, it is a great idea to keep a list for closing and housewarming gifts. Our criteria for gifts of this nature are gifts that create a buzz and get people talking about you in a positive light. We spotted these pineapple plants at our local Trader Joe’s.

This beautiful plant has throughout the history of the American continents symbolized a warm welcome and hospitality. In his writings Christopher Columbus described landing on the Caribbean island of Guadalupe where he and his sailors were served pineapple.

In Colonial America, the pineapple expressed the warmest welcome a family could extend guests in their homes. A pineapple was used as the center piece of the dining table and would be served as the dessert. The pineapple symbol of friendship and hospitality was adopted by architects, artisans and craftsman of this era. Mansions and homes adorned with carved wood or sculpted stone pineapples on its gates or doors announce the hospitality of the owners.

Although this plant will not ripen as a fruit indoors, (they may outdoors in a warm climate) its beauty and symbol will be appreciated, and you will be remembered.

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Luxury Real Estate Marketing Tip: It's Time to Spend More Time in the Real World - Part 2

May 20, 2012

Dennis Hanlon, Park City Utah

Professional networking on Facebook and other social media platforms can contribute to your success as a luxury real estate marking professional. But, participation in these venues simply does not replace in-person face time and consistently staying in touch with your colleagues in meaningful ways. We think it’s time to spend more time in the real world.

One of the best examples of professional networking in luxury real estate is the Western Mountain Resort Alliance (WMRA) that was spearheaded by Dennis Hanlon, a visionary broker in Park City Deer Valley, Utah, in 1996. Dennis, who was the president of his local board, suggested a meeting of six ski resort board presidents to explore ways that they could benefit from an alliance.

According to Dennis, who also served as president of the WMRA through 2010, “ We all discovered that we had so much in common and that we faced the same kinds of issues. We realized that marketing and selling resort real estate requires specialized knowledge and our clients demand a high level of expertise”.

It became apparent that sharing sales information from the various resorts would benefit all members. Another benefit is sharing best practices for resolving common problems.

Hanlon said, “An example of a common issues in mountain resort areas is finding suitable employment housing. We typically have limited space for development. Some other important challenges include how to address minimum revenue guarantees imposed by the airlines and how to obtain financing for condominiums”.

One of the great outcomes of WMRA was bringing their network model to the attention of the National Association of REALTORS® (NAR) who started their own resort committee in order to help resort REALTORS® gain resort specific education.

Professional networking can help you solve problems that are also faced by your peers in their luxury real estate markets. It can also exponentially expand your referral base. Facebook may be a good way to facilitate professional networking. But, there is nothing better than in-person, face time and staying in touch in meaningful ways. It's time to spend more time in the real world!

View our articles on some of the WMRA members: Park City/Deer Valley, Telluride, Big Sky, Steamboat Springs and Jackson Hole. These articles are part of our series, 50 Top Luury Real Estate Markets in the USA.

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50 Top Luxury Real Estate Markets in the USA: Big Sky & Bozeman, Montana

May 17, 2012

The great outdoor lifestyle, with its myriad of recreational activities, is highly revered among those who live and play in Big Sky and the nearby, upscale enclaves of Bozeman, Montana. The spirit of this area was captured in the film, A River Runs Through It. Shot on location in Montana, it starred Brad Pitt and was directed by Robert Redford. You get the sense that nature actually takes on the leading role in the story and fly fishing, becomes a path to zen-like meditation.

Marketing Luxury Real Estate Tip: It’s Time to Spend More Time in the Real World - Part 1

May 17, 2012

Luxury real estate marketing is a people to people business at its core. Most of the top luxury real estate marketing professionals have succeeded because they understand the importance of maintaining in-person face time in the read world and consistently staying in touch in meaningful ways. Many of the market leaders that we have consulted or interviewed for our article series, 50 Top Luxury Real Estate Markets in the USA, spend a minimum amount of time in the virtual arenas of Facebook, Linked-In, Twitter, etc.

The Facebook IPO is debuting tomorrow. Among all the excitement and predictions of astronomical valuations and financial gains for its investors, some interesting data has emerged about the actual effectiveness of using Facebook for attracting a loyal audience of raving fans. Our research has revealed that the global marketing community is questioning the validity of social media’s promise of value for business: “word of mouth on steroids”.

For example, Dr. Karen Nelson-Field from the University of South Australia’s Ehrenberg-Bass Institute for Marketing Science, says,

“Many brands moved quickly onto Facebook when it emerged as the new frontier for reaching an audience but it has since proved a challenge to engage with those who claim to ‘like’ them.”

In her 6 week study of the top 200 brands, she found, that the reality of spreading news “like wild fire” is theoretically possible. However the reality shows that most links are shared with not more than 5-10 people. Furthermore she adds,

“The huge legions of Facebook fans, it turns out, are not so actively engaged with the brands they once “liked. Less than 1% of brand fans on Facebook have any type of active involvement, bringing those huge numbers down to earth”.

Dr Field concludes that, “Facebook is an important part of the marketing mix , we simply encourage marketers not to spend a disproportionate amount of time and money trying to facilitate engagement or drive loyalty when we know that’s not going to happen with the push of the ‘like’ button.”

It’s time to spend more time in the real world and get back to basics. There is no getting around the fact that in -person face time and keeping in touch in meaningful ways works! In Part 2 of this series we will discuss why real face time out-markets Facebook for business, according to our research.

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