By Ron & Alexandra Seigel, Partners--Napa Consultants, International
Visionary thinking is one of the most important components of the luxury real estate marketing. If market leadership is your quest it is essential. A championship mindset is what will set you apart from the pack. When asked about his mental preparation for the Olympics, swimming champion, Michael Phelps, responded that he trained not only his body but his imagination. He consistently envisioned himself winning gold!
What is visionary thinking in luxury real estate marketing? It is challenging traditional marketing practices, examining and re-examining your beliefs. What worked in 2004 in a hyperactive market may not apply today. It is knowing, that in the deconstruction of your ideas, you may keep all, or part, or none of your current marketing methods.
Here is an example of visionary thinking in luxury real estate marketing. One of our clients is the market leader in Napa Valley, California. She needed a different approach to sell a particular high end listing. She noted that the seller was a car collector and often exhibited his prize possessions at the Concours d'Elegance. This is where owners the most beautiful and rare automobiles are invited to showcase their cars on the famed eighteenth fairway of Pebble Beach Golf Links, in California. Connoisseurs of art and technology congregate to ogle over these magnificent driving machines. How did she know about this? She takes the time to really understand her clients, learning what they value most and what they like.
Instead of advertising this property in a glossy magazine (the usual fare), she had the property on a billboard at the Concours. And, she had a flyer with the giveaways at the event. This was a great strategy. She knew that the demographic gathered there could afford the house. She did this unbeknownst to the seller who was supposed to be out of town during the event. But, his schedule cleared up. Imagine his surprise seeing his home advertised just where it should be seen! The house sold, our client was hailed as a genius, handed referrals and other car enthusiasts contacted her as well.
It is exploring new possibilities. It is being willing to make the impossible possible. It is fluidity in motion without containment; it is allowing maximum freedom of creativity. It is exploring the edge as in Star Trek's opening monologue, "to boldly go where no man has gone before". Star Trek accomplished this in the show itself by featuring a multi-racial ensemble cast, a first in television, in 1966. Equality was the norm on this show.
Our client's example illustrates the importance of innovative thinking as a luxury real estate professional. Each home is unique and may require a unique marketing strategy. Studying what has already been done in luxury real estate marketing may not yield the strategy you are looking for when marketing a multi-million dollar home. Networking with marketing professionals in other fields and gleaning ideas, is now a requirement for luxury real estate market leaders. It is important to study innovative marketing in other luxury industries, in particular.
For example, BMW recently unveiled a roadster model that was built to illustrate this type of thinking. They refer to it as GINA principle. The acronym stands for Geometry and Function In Adaptation. The company is promoting innovate thinking and maximum creativity. This car was not built for production. It was built to challenge previous solutions in car design. The BMW Gina Light Visionary Model is made of engineered fabric composed of mesh netting. This netting is stretched over an aluminum wire substructure. The structure moves, stretching the fabric and changing the shape of the car. It even adjusts for the passenger. What is important here is that this exercise in innovative thinking may someday lead to a fabric that will be crash resistant and safe, and be environment friendly. It opens the door for more innovation and more solutions to come forth. It enlists the creativity of more people in the process and creates new industries.
Studying innovative marketing strategies in other fields can spark innovative ideas in your luxury real estate marketing practice. Market leadership is all about standing out.