Luxury real estate marketing is a high stakes game. But, the rules of the game have changed almost overnight. The internet has caused a titanic shift that has leveled the competitive playing field. It has challenged even the most seasoned professionals to clearly articulate their unique promise of value -how they are sharply distinct from their closest competitors.
There has never been a more challenging time in the history of the real estate profession given the confluence of this disruptive technology and the upside down economy. The time to confront the brutal facts that your old success formulas are just not cutting it like they used to is here and now!
That is what we admire so much about Microsoft in recent times. In our previous post entitled, “Narrow Your Niche” we referred to Microsoft’s new search engine, Bing. They faced the tough facts that with all their money and all their might they could not take on the behemoth, Google, by matching them feature for feature. The brand name itself is that thoroughly ingrained in the minds of internet users worldwide.
Microsoft truly understood what we refer to as the “ultimate ultimatum of modern business”: STAND OUT OR BOW OUT! TM In our strategic branding practice we prescribe the same medicine to luxury real estate marketing professionals.
So, here is your prescription:
1. KEEP THE FAITH. Hold fast to your fundamental vision of your success, but not to the particulars. That is the only way you can allow new answers, new solutions, new combinations, new people and new success formulas into your life, and into your practice
2. FACE FACTS. Parts of your old formula are just not working any more. Be willing to reinvent yourself, be receptive to new ideas
3. ASK YOURSELF what you can do better than any of your closest competitors.
4. SELECT an uncontested market niche that can also be highly profitable
5. CREATE a new brand identity or refresh your existing brand so that it is synonymous with your selected niche in the minds of your target market
6. BE SURE to select a niche about which you can be absolutely passionate
Microsoft apparently has done steps 1-5. But, are they truly passionate about their new focus on Shopping, Travel, Health and Local Search? Without passion they might as well bow out now. If you want to see passion in action, just walk into an Apple store. Their passion is contagious and so is their brand.
The Apple store in New York City on Fifth Avenue clearly illustrates their brand’s unique promise of value: ingenuity and fun. They are drawing attention to a basement store in a highrise with a glass cube entrance on the sidewalk, housing a cylindrical glass elevator and a spiral staircase. What a brand statement!