Luxury Real Estate Marketing Trends: My Kitchen has Bedrooms

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Luxury Real Estate Marketing Tip: Pick Your Niche Wisely!

November 19, 2012

Courtesy of Microsoft

Identifying an undeserved or uncontested market niche, then dominating that category is the fastest route to market leadership in the field of luxury real estate marketing or any field of business for that matter. To be successful in your chosen category, however, it must be a category that you or your company, can serve better than anyone else.

When Steve Jobs first introduced the iPad he presented perhaps the best demonstration in the digital age of this fundamental principle of brand strategy. On the screen behind him was an image of the iPhone and a MacBook laptop, with a space between them. He posed this very important question: “Is there room for a third category of device in the middle?

In this article we are going to use Steve’s logic to analyze whether there is room for yet another category in the middle between a smartphone and a laptop. This is the question to which Microsoft answered, “yes”, with their new Surface device.

According to Jobs, to qualify as a legitimate third category the iPad would have to do some things far better than either of the other two devices. For example, browsing the Internet, or using the device for email, photos, video, games and eBooks would have to be a far better experience than doing the same thing with a smartphone or laptop.

At the time netbooks were selling like hotcakes. But, Steve summarily dismissed the netbook as a “cheap laptop” not a new category. With over 100,000,000 iPads sold to date consumers have confirmed the need for this distinct third category.

When you are on the lookout for a luxury real estate category to dominate keep this netbook example in mind: You need to define a niche that is clearly distinct from other categories, a niche to which you or your company can add extraordinary value.

Microsoft’s Surface is their first foray into the category of tablets and laptops. In fact it is a hybrid of the two categories. A flat keyboard (which costs extra) can snap into the tablet, while the tablet is in standing mode, and turns the tablet into a laptop. But, at the end of the day, doesn’t that turn their tablet into a netbook—another cheap laptop?

No doubt Microsoft is following in Apple’s footsteps in attempting to control the entire user experience from hardware to software. Surface runs on Windows 8, which is a completely overhauled version of their flagship product that now works with touch screens.

Windows 8 may help Microsoft become a distant third major player in the tablet arena in the same way that #2 Google became a challenger to #1 Apple with their Android platform used by multiple manufacturers of tablets But, the Surface itself does not create a new product category because it does nothing far better than a laptop (that can also run Windows 8) or any other tablet on the market. As such, it confuses consumers as to which devise category it belongs. Is the Surface a tablet or a laptop?

Select your luxury real estate marketing category wisely. Pick an underserved or uncontested market niche that you can serve better than anyone else!

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Luxury Real Estate Personal and Company Branding: Are You a Jack of All Trades?

November 14, 2012

Brand positioning is one of the most misunderstood concepts in marketing. Yet, it is, by far, one of the most important concepts for you to understand as a luxury real estate marketing professional if your quest is market leadership.

To accelerate word-of-mouth advertising, you need to make it clear to your target market exactly what category of services (or market niche) your brand stands for. The goal is to be the first brand name that comes to mind in your chosen category or niche.

Positioning your personal or company brand in the minds of your target market enables YOU to establish the brand category with which YOU want to be associated in their minds. If you do not make your brand position abundantly clear by staking a claim to a specific category, or if you try to be all things to all people, they will undoubtedly pigeonhole you in the wrong category.

We know a very talented real estate agent who dabbles in many categories including investments, single family homes, condos, REOs, fractionals, foreclosures, international, commercial, etc. She is a “jack of all trades” and not a master of one. To her credit, she makes a decent income by most standards. But, she does not even come close to realizing her full potential as a market leader, which is easily within her reach if she were to focus on a single profitable category or market niche.

Companies spend millions of dollars each year trying to get their products’ brand names to come to your mind first when you think of their product categories. Here is an example of brand positioning that illustrates the importance of “owning” a single category.

Did you ever hear the commercial about a couple arguing over the subject of mints? One says, “Certs is a candy mint”. The other says, “Certs is a breath mint”. Then, the announcer says, “Stop! You are both right. Certs is the only mint that is two, two, two mints in one”. Obviously, the company positioned their product in two categories.

Here is the challenge: If you personally wanted to buy a candy mint would you think of Certs first? Or, if someone asked for a recommendation for candy mint would Certs come to your mind first? Ironically, this product does not contain even one drop of oil from a mint plant.

Later, they focused their ads on a single brand category (breath mints) with laser sharp communication. They magnified the pain of having bad breath and also the need for their product with a crystal clear value proposition in this brilliant slogan: “ If he kissed you once, will he kiss you again? Be certain with Certs!”

In marketing luxury real estate you already have narrowed your category in the overall real estate field. Now, narrow your category further. Position yourself or your company as the expert in that niche! Become the big fish in a smaller pond, provided that the category has the potential to generate the income you desire. Go for the lion’s share of a smaller category and “own” the category in the minds of your target market. Only then can you capitalize on the amazing economic benefits of word-of-mouth advertising, because your brand comes to mind first in that category.

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Luxury Real Estate Marketing Tips: These Boots Are Made for Sparkling…

November 13, 2012

Co-branding is a synergistic marketing strategy involving two or more brands that can each benefit by expanding their marketing reach because they share the same target market and the same brand values. The challenge of successful co-branding is picking your co-branding partners wisely so that you do not confuse your ideal clients or customers. Co-branding is an excellent strategy for leveraging your marketing dollars and it is underutilized by luxury real estate marketing professionals.

The idea behind co-branding is to act cooperatively and leverage the strengths of each brand. It is a great way to differentiate products and services in a highly competitive marketplace.

We offered an example of successful co-branding in our post about two Italian brands, Pellegrino and Bulgari, who teamed up to create colorfully bejeweled bottles of the sparkling water at holiday time. An example of a co-branding fiasco was covered in our post about Barney’s (an edgy New York based high fashion brand) and Disney (traditional family brand) who triggered extreme controversy that tarnished each of their brands in the process.

This picture (above) is an example of a co-branding that is harmonious and works extremely well. Stuart Weitzman is an international high end shoe company. This company is known for using unusual materials in manufacturing shoes such as cork, vinyl, Lucite, wallpaper and 24kt gold. Their attention to detail has created a worldwide following.

Stuart Weitzman teamed up with Swarovski, the premier manufacturer of crystal. Swarovski is well known for their sparkling crystals designs in sculpture, chandeliers, and jewelry. This is a perfect match. Adorning evening and holiday footwear with Swarovski crystals fortifies the unique shoe perspective of Stuart Weitzman and also promotes the sparkle of Swarovski.

How can you co-brand with luxury services and products that are harmonious to your luxury real estate marketing practice and leverage your marketing dollars by doing so?

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Marketing Luxury Real Estate: The Big Reveal in Beverly Hills, Before & After

November 8, 2012

In April, 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!

And now, here is the big reveal. They still have work to do. The windows were being washed early this morning. Paper is covering the front door and the windows. No doubt they are working on the finishing touches.

Below is the side view on Brighton Way and Rodeo Drive, and these windows are paintings of the latest brooches they are selling. We thought it was a beautiful store. Here is the detail of what is creating the pattern behind the glass.

These are made from metal colored platinum, silver, and gold. The very center has a polished line and there are hung on metal lines positioned to create a pattern. We feel the look is in keeping with their brand, elegant, innovative, and edgy. What do you think?

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Personal & Company Branding: Strategic Partnerships- Pushing the "Skinny" Brand Envelope

November 6, 2012

As a luxury real estate marketing professional if you are thinking of co-marketing with another company, organization or individual be sure to pick partners that have the same demographics and psychographics (values, attitudes, interests and lifestyles). Otherwise, you will dilute your marketing message, and also confound and confuse your target market. Here is an example of how two well-known brands created a PR fiasco because they did not follow this important branding principle.

In an effort to attract foot traffic to its flagship store in on Madison Avenue, Barney’s, the luxury retail store, has partnered with Disney to promote high fashion. There could not be a better example of a co-marketing mismatch both in the demographics and psychographics of their target market.

Disney morphed the bodies of their iconic female characters into size 0 models wearing designer clothes in their Electric Holiday Moving Art exhibit. Minnie Mouse is now elongated like a runway model. (See pictures). What were they thinking?

The skinny Minnie and other Disney characters such as Daisy Duck have infuriated some of the public. Change.org is raising awareness to the negative effects of shrinking Minnie and Daisy. Here is what they shared:

According to sources cited on the non-profit National Association of Anorexia and Associated Eating Disorders website:

•47% of girls in 5th-12th grade reported wanting to lose weight because of magazine pictures.

• 69% of girls in 5th-12th grade reported that magazine pictures influenced their idea of a perfect body shape.

• 42% of 1st-3rd grade girls want to be thinner.

• 81% of 10 year olds are afraid of being fat.

Here is the statement released jointly by Barney’s and Disney:

“They have deliberately ignored previously released information clearly stating this promotion is a three-minute ‘moving art’ video featuring traditional Minnie Mouse in a dreamlike sequence set in Paris where she briefly walks the runway as a model and then happily awakens as her normal self wearing the very same designer dress from the fashion show.”

To this, Change.org replied, “

Girls have enough pressure to be thin; now the beloved Disney mouse of their childhood has to add to the message that the only good body is a tall, size 0 body? Enough already. Let’s give girls a chance to celebrate the actual bodies they have instead hating them for not fitting into a Lanvin dress. Then maybe enough girls will get together and demand dresses that look good on their actual, non-digitally altered bodies and designers will just have to become talented enough to design a dress that looks good on them.”

What do you think about this?

Avoid PR debacles like this at all costs. Be sure to pick your strategic partners wisely. Make sure you are aiming for the same target market both from a demographic and psychographic standpoint.

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Luxury Real Estate Marketing Tip: The Luxury of Consistency

November 5, 2012

luxury real estate marketing

We just got off the phone with our SEO/SEM expert, and he mentioned that consistency and fresh relevant information is the key to maintaining a high ranking on Google. That made us think of one of our favorite restaurants in Santa Barbara, which is Cielito in the La Arcada center. Last Friday, after an arduous week, we decided to have dinner there. They exemplify consistency and fresh relevant interesting food.

The picture you see above is of their new appetizer, a crostini with avocado mousse topped with "uni" aka Santa Barbara sea urchin, topped with microgreens and tobiko (fish roe) with a wasabi dressing. They change the menu to reflect the season's availability, and whatever is on the menu is brilliantly prepared. We also tasted their chicken mole, and we both agreed it was the best mole we have eaten. It had just the right hint of chocolate and spice. We have been there for lunch and dinner, and we always walk out delighted and surprised at another new taste. Of course, the service is superb, the wait staff works as team and they are all knowledgeable.

As a luxury real estate marketing professional, your web content/blogging has to be relevant, fresh and consistent, so that your readers will look forward to the next installment.

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Luxury Real Estate Personal and Company Branding: Can a Brand be Saved?

November 1, 2012

Recently, I (Alexandra, here) was reading an article written by the Knowledge@Wharton from the Wharton business school at the University of Pennsylvania. This article discussed the fate of the Lance Armstrong brand as well as his charitable organization, Livestrong founded to support cancer survivors. The discussion was well thought out and made sense. Here is an excerpt, to read more...

“Livestrong was built on the cult of Armstrong’s personality,” Katherina Rosqueta, executive director of the University of Pennsylvania’s Center for High Impact Philanthropy. “That personality has now gone from being an asset to a liability. If Livestrong can show meaningful impact for the funds it has raised, then it can probably survive this. If it can’t, it won’t”

Over time, Americus Reed, a Wharton marketing professor, predicts that Armstrong’s image as the face of the charity will fade. “People will always remember he started it, but it’s not clear to me right now that there will be a long-term negative impact on Livestrong,” he says. “As this goes on for Lance, however, with no statement and continued denial, his brand is going to continue to decay.”

What impressed me most was a comment made by a reader. Christopher Lambert:

If we say Lance is irredeemable aren't we passing the same sentence on the worst parts of our self?

One of the risks of being a celebrity is the fact that the media is just as capable making you an overnight success as it is capable of instantly destroying your reputation. It leaves little room for redemption. What the media is counting on is that their audience does not think for themselves like Christopher Lambert did.

What do you think?

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Luxury Real Estate Personal and Company Branding: Can a Brand be Saved?

November 1, 2012

Recently, I (Alexandra, here) was reading an article written by the Knowledge@Wharton from the Wharton business school at the University of Pennsylvania. This article discussed the fate of the Lance Armstrong brand as well as his charitable organization, Livestrong founded to support cancer survivors. The discussion was well thought out and made sense. Here is an excerpt, to read more...

“Livestrong was built on the cult of Armstrong’s personality,” Katherina Rosqueta, executive director of the University of Pennsylvania’s Center for High Impact Philanthropy. “That personality has now gone from being an asset to a liability. If Livestrong can show meaningful impact for the funds it has raised, then it can probably survive this. If it can’t, it won’t”

Over time, Americus Reed, a Wharton marketing professor, predicts that Armstrong’s image as the face of the charity will fade. “People will always remember he started it, but it’s not clear to me right now that there will be a long-term negative impact on Livestrong,” he says. “As this goes on for Lance, however, with no statement and continued denial, his brand is going to continue to decay.”

What impressed me most was a comment made by a reader. Christopher Lambert:

If we say Lance is irredeemable aren't we passing the same sentence on the worst parts of our self?

One of the risks of being a celebrity is the fact that the media is just as capable making you an overnight success as it is capable of instantly destroying your reputation. It leaves little room for redemption. What the media is counting on is that their audience does not think for themselves like Christopher Lambert did.

What do you think?

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Luxury Real Estate Personal & Company Branding: What's in a Name Brand??

October 31, 2012

Ivanka Trump at LAX, Photo by HotshotsWorldwide

What is in a name brand? Everything is the answer, if your name is Trump. A new luxury brokerage firm opened in New York, the name said it all “Trump International Realty”. The Trump name is synonymous with luxury real estate and luxury real estate development. The name is also associated with success, experience and victory in the face of defeat. As a luxury real estate marketing professional, would you join this brand?

The Wall Street Journal, October 29, 2012, reported that Trump International Realty launched last week with a portfolio of 300 million dollars in listings. The majority of the listings are Trump holdings, and the organization feels that they will have no trouble in increasing their listing inventory. Ivanka Trump is at the helm of this enterprise. Her father, Donald Trump, said “Ivanka has always felt strongly this is something we can do better than anybody else”

In this context Trump is a direct challenger to Sotheby’s, for example, a firm that enjoys instant brand recognition in the luxury real estate brokerage realm. To succeed, Trump must deliver on an extraordinary promise offered to the brokers and agents they recruit. This is equally important to the clients that they serve.

"Quality of service is more important to us than simply filling offices," Ms. Trump said. She also noted that the firm's brokers will be members of the Trump Organization's "corporate family" rather than being "anonymous member of a 5,000-person sales force." Ms. Trump says the brokerage will use a traditional commission model.

According to Mr. Sneddon, managing director of the new brokerage, “The Trump brokerage plans to focus initially on the New York region and then to expand to the rest of the world. Trump already has brought in a number of brokers from other luxury real estate New York companies.

Will there be a personnel shift in the New York luxury real estate scene as a result? We think the idea of being a “member of the Trump corporate family” may offer just the right incentive for some top agents to jump ship. Time will tell if the Trump name will become synonymous with luxury real estate brokerage, in the same way Sotheby’s and Christies has.

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Personal and Company Branding: The Best-of-Class Brand Position

October 29, 2012

Courtesy of Apple

If you want to gain or sustain market leadership, as a luxury real estate marketing professional, pay close attention to market leaders in other luxury product and services fields. They can offer you invaluable clues. We watch Apple like a hawk because it is the most valuable company in the world, and also one of the best international luxury brands.

How is Apple a luxury brand? They build premium products that command premium prices and generate great profit margin.

Most people do not need a $329 iPad Mini. Yet, the white version sold out the same day it came on the market! So, why is it that so many people are willing to pay a premium for the iPad Mini when they can get a Kindle or an Android based smaller tablet for less?

Many pundits were certain that the price was too high for budget-minded consumers. They were right; but not for the right reason. The iPad Mini is NOT for budget-minded consumers because they do not have the psychographic profile (mindset) of Apple’s target market.

Apple is not even trying to win over price-sensitive consumers at the lower end of the market. Instead, they are focused with laser-like sharpness on serving those who appreciate and simply must have best-in-class products. Consumers with this mindset value superior design and engineering. Apple knows how to communicate with and serve consumers with this psychographic profile better than any other technology company on the planet.

Apple also knows that extremely satisfied customers will become evangelistic fans, and these fans will influence some of their budget-conscious friends to switch to the best-in-class mindset. Others will switch when they walk into an Apple store and discover or rekindle their own best-of-class mindset without any sales pressure, whatsoever.

That is why Apple can command a premium for their products and also generate a higher profit margin. By steadfastly claiming, the best-in-class brand position Apple forces their competition (in the cheaper price and lower profit margin spectrum) to battle it out between themselves.

To sell tablets at lower prices competitors have to cut corners. Apple marketing VP, Phil Schiller s summed up their best-in-class brand position in 7 words: “Competitors are making compromises with their products. We don’t.”

If you are engaged in the “unabashed pursuit of market leadership” as a luxury real estate marketing professional, you must assume the best-in-class mindset yourself. Then, focus exclusively on those clients who appreciate this core value. Let your competition fight over everyone else.

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Marketing Luxury Real Estate Tip: Why Psycho Graphics Matter-Part 6

October 26, 2012

As a luxury real estate professional, it is important to know and understand the psycho graphics of your marketplace. One way to do this is to analyze why and how you buy luxurious products. Here is an example:

We were just at our local wine warehouse store, Carpinteria Wine Company, to purchase a bottle of Champagne or Sparkling Wine, if made anywhere else, for a very special celebration this evening. They have a great selection, and being students of branding I (Alexandra, here)spotted this bottle of Sparkling Wine called Goat Bubbles. It certainly stands out at first glance. It would make for great conversation, and the reviews stated "it was a silly name", however the product was good and "pinot esque", which refers to the Pinot grape.

On second thought, the brand became a turn off for us, in this instance. Although we love fun names and fun brands, we have a reverence for Champagne/Sparkling Wine of all countries. For us, it means "special and worthy of toasting an achievement, an anniversary, a birthday, a wedding, or just because you appreciate your mate." We were not the right psycho graphic for this sparkling wine, and we are certain that there are many who will find the name and the wine "perfect!"

So we opted for a French Champagne "Henriot" grown on the chalky soils of the Champagne region in France, which we have visited and enjoyed exploring many of the great Champagne houses. It is the proprietor's favorite, and she recommended it for the crab cakes made with fresh Louisiana crabs, which will be served with this meal.

Know your psycho graphics before you market yourself or your company.

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Luxury Real Estate Marketing Tips: Understanding the Mindset of Your High Net Worth Clients - Part 5

October 24, 2012

Courtesy of Apple

EXCEPTIONAL MESSAGING

Messaging, the way in which you communicate your extraordinary promise of value to your ideal clients is one of the most overlooked components of personal and company branding for luxury real estate marketing professionals. To sharpen your own marketing message, look to other industries for evidence of exceptional messaging.

Successful messaging is focused and laser sharp because it specifically addresses the attitudes, interests and the opinions of your target market, i.e., their precise psychographics. Once you know the way your ideal client thinks you must speak to them in their language and in their own “dialect”.

Apple announced its new iPad Mini today. Apparently, there are a lot of us who would prefer a smaller tablet because it can be held comfortably in one hand. Now, you can essentially get most of the benefits of a larger iPad with faster Wi-Fi for about $160 less. Here is the essence of the iPad mini marketing message: “The Whole Package. In a Smaller Package—Mini is Mighty”.

But, in our opinion, the really big news at Apple today was not the iPad Mini, although, this new product is destined to be a huge success. It was the new iMac! The marketing message for this totally re-engineered personal computer: “Performance and Design. Taken right to the edge”.

Whereas, the iPad Mini speaks to a much broader audience of consumers, the new iMac speaks to an entirely different psychographic profile: Those who would choose to buy a Ferrari, for example, or aspire to own one. It also appeals to those who value spectacular innovation in design—“The desktop in its most advanced form ever”, according to Apple.

At a time when mobile devices are overshadowing the stodgy PC and the PC market is declining, Apple gives us some very compelling reasons to fall in love with the PC again. You may not need the extreme performance of the new iMac. But, if you want to work on a computer that is also a piece of art you MUST HAVE one. Nothing else out there can hold a candle to it.

First, it has 40% less volume than the previous iMac. It is only 5 mm thin at the edge of the screen! There is 75% less glare. And, each screen is individually calibrated for vivid color using equipment “tuned to color standards recognized around the word for precision and accuracy”.

From an economic standpoint, if the PC market is eroding, does it not make sense to come up with a way to “own” a bigger slice of the remaining pie? 58% of all PCs are purchased in stores, according to the Wall Street Journal. The iPad and the iPhone drive traffic into Apple stores where the customer experience is far superior to stores like Best Buy in every way. That is, if you have the psychographics of Apple’s ideal customer.

Learn how your ideal clients think. Understand their psychographics—their values, attitudes, interests and opinions. Then make an effort to hone your marketing message by communicating in their language.

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Luxury Real Estate Website Design: Successful Single Property Websites Tell a Captivating Story

October 22, 2012

Successful luxury real estate website design must tell a captivating story about the homes you represent and it must also romanticize the marketplace in which you work. This is particularly true about single property websites. Here is a story within a story of the production of successful single property website.

We got a glimpse of quality online professional networking at its best on Active Rain, which is one of our distribution channel for the LOL Blog. “AR” is the largest online professional platform exclusively for real estate related professionals.

Gayle Rich-Boxman, a fellow AR member (and LOL member) in Oregon, reached out to us with a special request. She and her husband Larry were getting ready to put their own home on the market. Their exquisite lakeside estate is on Fishhawk Lake, which is a private, lake community about 1.5 hours drive from Portland International Airport. Gayle asked if we could help her create a marketing strategy just for this property.

Although, our primary work is developing luxury real estate brand strategy for agents and independent brokerage firms who are bent on gaining or sustaining market leadership, we decided to make an exception, for Gayle. When we flew out to meet the couple we became instant friends.

They invited us to stay at the their home and experience their fabulous lakeside lifestyle first-hand. During our visit we hatched the marketing strategy and the marketing plan. The strategy included developing a state-of-the art, mobile-enabled single property website that we share with you here in this post. (Click on the link below to view the website).

Shortly after our visit Gayle invited several other friends that she met on AR for a retreat at her home. Debb Janes created a video that was mostly shot on Gayle and Larry’s electric-powered pontoon. Kris Ginsberg took some wonderful photos for the website, video and the property brochure. With our art direction and supervision our Napa Consultants’ web design team went to work to create the site, incorporating all of the contributed components.

The site just launched and was immediately well received. The camaraderie and sense of community was heightened between network members who participated in the production of the site and have all become friends in the process.

Remember to tell a captivating story with your luxury real estate website design and also romanticize your marketplace. Do not be afraid to reach out and get input from others who can also help you tell the story.

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Luxury Real Estate Marketing Tips: Understanding the Mindset of Your High Net Worth Clients - Part 4

October 22, 2012

How "Social Currency" Can Give You the Competitive Edge

In marketing luxury real estate one segment of your target demographic comprises entrepreneurs and employees of start-up companies who have recently been acquired by a larger company, or have gone public. For example, when Facebook went public many of their employees became millionaires overnight. If you are a luxury real estate marketing professional in the Silicon Valley area of California, the probability of encountering this kind of buyer is quite high.

When we were in commercial real estate in Beverly Hills and the West Los Angeles area we enjoyed learning about some of the latest trends, technologies and new ventures before the general public even heard about them. Our expertise was high-end retail and the entertainment industry. We worked with investors, developers, restaurateurs and companies who needed to purchase or lease their retail space or office buildings. This exposed us to the leading edge of what was to come in retail, technology, entertainment and restaurants. Imagine being one of the first to know that Apple was going to start opening retail stores!

When it comes to selling a luxury home to this demographic segment you need to also understand their psycho graphics. To increase your chances of winning their business you must be able to quickly build rapport with them and speak their “dialect” of the Language of Luxury: Innovation. You need to be up on the latest trends in their fields. This gives you "social currency", which adds value to your professional practice and gives you an edge over your competition.

Here is an example of the kind of social currency in the realm of innovation. Later this fall, Mozilla, the non-profit group who created the Firefox browser, is coming out with a free web-based video editor that will change how we tell stories on the Internet. It is called Popcorn.

In the same way that you edit video content now using a time line to combine video clips, audio elements, special effects and photos, Popcorn allows you to pull content right from existing web sites. For instance, you can use a Google map as the background for an inserted video clip of you describing specific locations on the map. You can also add call out boxes containing information about those locations that are hyper linked to more information or additional videos about those points on the map. Viewers can click on the call out boxes and watch those additional videos or view a photo gallery or a web page about it.

It is fun to stay ahead of the curve by keeping up with new trends that affect your target market and ideal clients. This kind of social currency can give you a competitive edge when working with those clients, whose personal values include being innovative, which is a key element of their psycho graphics.

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Luxury Real Estate Marketing Tips: Understanding the Mindset of Your High Net Worth Clients-Part 3

October 18, 2012

In our last post, we stated, “It is very important, as a professional, not to be critical about your clients’ attitudes in regards to abundance or scarcity. Get beyond these judgments and grasp what is at their root.” In this post we propose that the best way to connect with your target market is to learn the various “dialects” of the Language of Luxury.

One of the ways you can have fun with those clients who may not be a match to your personal priority values is to learn their particular “dialect” of the Language of Luxury. The ones whose priority is how others perceive them will likely want to talk about the latest and greatest finds in the luxury world. They probably know each luxury brand, what is on trend this season, and who the “hot” artists are, for example. So, if you stay informed on these subjects, you will have plenty to talk about, in their dialect. They will be thrilled to work with you because you “understand” them; you are simpatico. In some cases you will discover a truly delightful individual who is well versed in their dialect, but also down to earth.

I (Alexandra, here) met one of my first commercial real estate clients while showing him an office building for his entertainment business. He arrived in a bright red Ferrari, carrying an alligator briefcase, dressed in the latest brands. On his wrist was a beautiful Piaget watch. I had admired that watch because of its intricate design of woven individual gold pieces. I commented on it, and we became the best of friends in that moment. I understood exactly what type of offices he would love. And, he agreed.

I also met the partner of one the world’s premier recording stars. He was very low key in terms of appearance. As we toured several offices in the building, he explained that he was not looking for flashy offices; a modest one on a lower floor would be perfect. He was looking for value. We had a delightful time discussing philosophy, places we had lived, our mutual love of travel, and discovered that our fathers may have actually known each other. This rich conversation reflected his dialect of the Language of Luxury.

To be a market leader you need to learn all dialects of the Language of Luxury that pertain to your target market. As shallow as some dialects may seem to some of you, you must respect your clients’ attitudes when it comes to their wealth and what is important to them.

For example, it will serve you well to know that every Rolls Royce has a cleverly hidden door-mounted umbrella in each door of the Phantom model. That way, when a valet opens the door he can reach in and pull out in the umbrella to protect you from the rain. You might also want to be up on this trend: in 2012, the yellow diamond has become more sought after than white ones and Harry Winston Jewelers specialize in colored stones.

All high net worth clients speak a dialect of the Language of Luxury. Tune into their values and their attitudes, and become fluent. Understand their lifestyle. That way, you can still have fun with them even if their priority values are dissimilar to your own. I leave you with our slogan: “Get Fluent. Get Affluent!,TM”

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luxury Real Estate Marketing Tips: Understanding the Mindset of Your High Net Worth Clients - Part 2

October 17, 2012

Psychographics is the study of personality, values, attitudes, interests and lifestyle. Understanding each of these components is key to building your luxury real estate marketing practice.

It is very important, as a professional, not to be critical about your clients’ attitudes in regards to abundance or scarcity. Get beyond these judgments and grasp what is at their root.

Some of the wealthiest and most kindhearted people are those who “count their blessings” every day. Others are petrified that they can llose it all overnight. Some are so busy comparing their net worth to others that they miss opportunities that are right under their noses. It all comes down to a mindset of abundance or scarcity, which is not dependent on their net worth so much as their sense of self.

What is most amazing is that you can have an abundant mindset regardless of your demographic profile. Conversely, you can have a scarcity mindset with millions in the bank!

At the core of the abundant/scarcity mindset, is either personal insecurity, or a sense of being OK with ones self. Much of the pretentiousness that is often associated with the wealthy really comes from personal insecurity. Generosity, when it is genuine, comes from a strong sense of self. Neither is right or wrong. And, that is the perspective that will help you earn more commissions.

Have you heard the lyrics of the song “ Got the Sun In the Morning and the Moon at Night” from the 1946 Irving Berlin Broadway musical, Annie Get Your Guns?

Got no diamond, got no pearl,

Still I think I'm a lucky girl.

I've got the sun in the morning

And the moon at night.

Got no mansion, got no yacht,

Still I'm happy with what I got.

I've got the sun in the morning

And the moon at night

Sunshine gives me a lovely day,

Moonlight gives me the Milky Way.

Got no checkbooks, got no banks,

Still, I'd like to express my thanks.

I've got the sun in the morning

And the moon at night.

And with the sun in the morning

And the moon in the evening

I'm alright.

Got no butler, got no maid.

Still I think I've been overpaid,

I've got the sun in the morning

And the moon at night.

Got no silver, got no gold,

What you've got can't be bought or sold.

I've got the sun in the morning

And the moon at night.

Sunshine gives me a lovely day,

Moonlight gives me the Milky Way.

Got no heirlooms for my kin,

Made no will but when I cash in

I'll leave the sun in the morning

And the moon at night.

And with the sun in the morning

And the moon in the evening

I'm alright.

As a luxury real estate marketing professional it is extremely important to understand the difference between the abundant and scarcity mindset of wealthy consumers. This explains why you must take into consideration both the demographic and psychographic profile of your clients. Most important, you must suspend your judgment of pretentiousness when you encounter a scarcity mindset. Get beyond judgment and into a deeper understanding of what is at its source. If you do you will win more business and referrals.

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Luxury Real Estate Marketing Tips: Understanding the Mindset of Your High Net Worth Clients - Part 1

October 16, 2012

As a luxury real estate marketing professional, the more you know about the mindset of high net worth individuals the more able you will be to meet their needs. Understanding their affluent mindset will also help you attract more wealthy clients.

Never assume that knowing your client’s demographics, i.e. gender, home ownership status, employment status, location, etc. is sufficient. Demographics may help you qualify potential clients. But, demographics alone does not give you adequate insight into the decision making process of high net worth individual, which is the key to winning listings and successfully selling expensive homes.

There is an important term to grasp when marketing luxury real estate, and that is psychographics, the study of personality, values, attitudes, interests and lifestyles. We use psychographics interchangeably with mindset. You must have a command of both demographics and psychographics if you want to command the lion’s share of your marketplace.

The television series, “Lifestyles of the Rich and Famous” focused on the extravagant lifestyles of wealthy entertainers, athletes and business moguls. While "champagne wishes and caviar dreams" may represent the mindset of a certain segment this demographic it certainly is not the mindset of all high net worth individuals.

Actually, the majority of people in this demographic do not care to flaunt their financial status. Instead, they live modest, unassuming lifestyles. They are the “millionaires next door” who drive practical cars, live in modest homes and do not take exotic vacations. Warren Buffet, one of the wealthiest men in the world, still lives modestly in Nebraska. Sam Walton drove a beat-up truck long after Wall Mart became a household name.

To better serve and attract more affluent clients, follow our series on psychograhics: The Advantages of Understanding the Mindset of Your High Net Worth Clients.

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The Luxury of White Peach Champagne, Venice, Love and a Great Gift

October 12, 2012

Yesterday, we were in Beverly Hills bright and early for business meetings. The conversation turned to champagne as a gift, and we remembered one of our favorite aperitif (cocktail) champagnes-peach champagne. Inspired by the famed Italian version (the Bellini, which is now the official cocktail of the International Bartenders Association), the French have bottled this wonderful elixir.

The Bellini was invented in Venice by Giuseppe Cipriani at his restaurant called, Harry’s Bar in Venice, in 1934. Legend has it that Signor Cipriani made the first Prosseco (Italian sparkling wine) and white peach puree cocktail for his beautiful girlfriend, and named it “Bellini” because it reminded him of a painting by the 15^th century Venetian artist, Giovanni Bellini.. This was the seasonal specialty at this quintessential Venetian restaurant that was frequented by Ernest Hemmingway, Sinclair Lewis and Orson Welles.

We were first introduced to this delight at a fresh fish restaurant in Paris. We ordered the sea food platter with oysters, clams, langoustine, and pink shrimp. Our waiter suggested peach champagne. Both my mother and Ron laughed at me when I ordered it. The moment it arrived and I tasted it, I was in love. When Ron and Mom tasted it, I had to pry out of their hands…they also ordered it.

When we returned to Los Angeles, I promptly called every wine store to find this champagne. I located it at DuVin in West Hollywood across from the Pacific Design Center. It is a wonderful wine store specializing in European wines tucked behind a garden. The owners are a delight and introduced us to many delicious French and Italian wines. When we lived in Napa, I had them deliver a case to our home for holiday gifts several times. In a wine savvy community, everyone was absolutely delighted and could not thank us enough for this amazing champagne treat.

Wishing you all a great weekend, Cheers Ron & Alexandra

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Luxury Real Estate Personal & Company Branding: Escaping the Brand Extension Trap

October 10, 2012

If you are already a successful real estate professional in your marketplace and would like to break into the luxury end of the business heed this warning. Do not fall into the trap of thinking that your current personal or company brand will work to your advantage because it is already well known and well thought of.

You most likely will need a separate luxury real estate brand because your current brand is identified with a different pricing tier in the minds of your target market. This is not about snobbery. It is about one of the most perilous challenges of branding for any type of business large or small: brand extension.

Here is an example of a brand extension misstep made by one of the biggest brands in the world: General Electric.

Recently, we began forwarding our business landline to our iPhone. For me, (Ron here), finding the right headset was quite a challenge. I tried the two best blue tooth models on the market. In each case I got feedback from friends and clients who said I sounded like I was in an echo chamber and my voice broke up in far too many calls.

I went to Staples and tried the leading brands for over the head models with volume control, which worked fine, on my landline, but not with an adaptor for the iPhone.The General Electric model had all of the features that I needed without an adapter. But, I completely dismissed G (general) E as an iPhone headset brand over the leading brands in this category that specialize just in telephony accessories: Plantronics and Jabra.

What does GE stand for in your mind: Appliances, Aviation, Consumer Products, Customer Training, Electrical Distribution, Energy, Finance, Healthcare, Lighting Oil & Gas, Rail, or Software & Services?

Had GE come up with a cool brand name for this category of their business, the brand extension would have been far more successful. I certainly would have discovered it immediately and at least tried it. It was only after the others did not work for my needs that I finally tried GE, which works just fine.

Like GE you could use your current brand name when you extend your brand into the luxury realm. But, your speed of success will be much slower. You or your company may be the best choice. But, you will not be readily identified with your new category of business with your current brand name. Think of the pace of brand acceptance that Toyota would have faced if they did not use the brand name Lexus for their luxury model. The same applies to Accura, which is the luxury car brand of Honda.

Toyota and Honda are both outstanding brands in their price category. But, these brands are very strongly identified with that category. You just need a new brand name that works for your new business category as a luxury real estate marketing professional.

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