Monday, January 31, 2011

Luxury Real Estate Marketing: How Important is a Logo in Personal or Company Branding?

A logo is important as an integral part of your personal/company brand. But, it can be a missed opportunity if it does not convey your extraordinary promise of value.

A great logo is a symbol that encapsulates and succinctly communicates the entire experience of your brand. It conveys what you want your brand to stand for in the minds of your target market and how you are distinct from your competition.

Think of the ubiquitous Nike “swoosh”. It has tremendous meaning all rolled into a very simple graphic line that looks like a check mark. If you were to ponder a bit on the swoosh symbol you might summon the Nike slogan to mind, “Just do it!”, and it would have even more meaning to you, especially if you are athletic or enjoy sports. In Greek mythology, Nike is the goddess of victory. Knowing this can conjure an even deeper emotional connection with your core values.

Putting a symbol like a key or an antique door to a home, or an Adirondack chair on a front porch, next to your name because you are a real estate agent can create a logo. But, it falls short of the potential to communicate who you are in particular and how you are different.

Sometimes a logo is just one part of the entire brand identity. The Tiffany logo is a very simple font spelling out the company name in Times New Roman, a font that comes standard with all computers. But, think of the Tiffany blue gift box. Can you see how much meaning the color and that box has? The entire brand identity, the logo, color and the images that are associated with the name become the brand identity.

Ralph Lauren’s Polo logo speaks volumes about an affluent lifestyle even for those aspiring to that lifestyle. Like Nike it can be instantly recognized and it communicates tremendous meaning.

Ask, yourself another question, “How important is being top-of-mind in your marketplace?” Then ask yourself, “How important is a logo in personal/company branding?”

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Friday, January 28, 2011

Luxury Real Estate Marketing: How to Create Buzz, If the Shoe Fits…

Competing for the attention of your target market is today’s biggest advertising challenge when marketing luxury real estate. Sparking word-of-mouth advertising or buzz marketing is the ultimate answer. Here is one of the world’s greatest examples of how to create marketing buzz.

The Italian company of Tod’s luxury leather goods and shoes recently announced that they will pay $34 million dollars to restore the Coliseum in Rome. As Diego Della Valle (aka Italy’s shoe king) said, “A monument that represents Italy in the world must be restored, and a company that represents “made in Italy” stepped forward to say, “If you need us, we are here.”

Even though no scaffolding bearing the Tod name will be allowed on the restoration project, this marketing coup is a brilliant way of connecting the brand to its Italian heritage with the glory of the Roman Empire.

Tod’s marketing plan includes other Italian cultural and historical symbols. Recently, Mr. Della Valle commissioned, An Italian Dream, a ballet to interpret the artistry and the craftsmanship that goes into making a pair of Tod’s driving shoes. The video can be seen at Tods.com. In addition, the La Scala ballet company performed An Italian Dream in Beijing accompanied by the Beijing orchestra. Mr. Della Valle also pledged $2 million dollars toward future productions and upkeep of La Scala’s sets.

By restoring Italy’s most well know icon, the Coliseum, Tod’s has created an international news story that is sure to tap into the soul of everyone who loves Italy and trigger word –of-mouth advertising with global reach. How can you apply this to your local luxury real estate market?

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Wednesday, January 26, 2011

The #1 Secret for Selling Luxury Real Estate: Know Your Buyer’s World View About Luxury

We are going to let the cat out of the bag with this post. If you want to stay on the leading edge as a luxury real estate marketing professional do not let your competition read this article! It turns out that the Language of Luxury has two “dialects” depending on the world view of the luxury buyer. If you can speak both dialects fluently and use the right one with the right buyer, you will have a tremendous competitive advantage and close more sales.

What if you could instantly assess which of two types of luxury buyers you are dealing with and could speak to them in their “native tongue”? Your lead conversion would increase and so would your sales!

The two types of luxury buyers are: Type 1- Inner Referred and Type 2- Outer Referred. Neither one is better than the other, just different. Type 1 refers to their own gut instincts when making buying decisions and Type 2 refers to the opinions of others and the approval of others when they make their decisions.

Oddly enough, both types of buyers may be interested in buying the same home. But, the way you describe the home and the words you use to communicate how the home will satisfy their needs and values must be spoken in their own dialect. They both view the same physical components of the home but the meaning of the physicality to each buyer type is worlds apart.

Type 1 buyers see the home as a means-unto-itself, a possession that will give them personal pleasure without regard to what others think. Talk to them about the distinctiveness of the architecture for example. Include the skill and expertise of the craftsmen who built the cabinets and did the tile work. If there is a flattering story behind the house or its heritage tell it to Type 1 buyers. Explain to Type 1 buyers how the home can represent the buyer’s personal achievement.

Type 2 buyers see the same home as a means-to-an-end, a possession that will give them acceptance into a social group that they admire. Purchasing the home may also be a way to attract the approval of friends or family. When you speak to Type 2 the operative word is prestige. Explain how the home can enhance their social standing, their status in the community. Let them know how it can give them social currency by virtue of living in the same neighborhood where celebrities or titans of business dwell.

Type 2 buyers are often criticized as being pretentious. Yet, both types of buyers can contribute mightily to your own personal economy. Put these judgments aside. Just understand that each type of buyer is satisfying their needs and values according to their own world view. That is the #1 secret to selling luxury real estate.

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Marketing Luxury Real Estate: Building a Brand Community - Part 1

Harley-Davidson Museum © Wisconsinart

What does your brand stand for? This is a very important branding question if you are going to build a “brand community” around your luxury real estate marketing practice. Developing a brand community is a way of harnessing the power of word-of-mouth advertising among your most enthusiastic and loyal fans.

Harley-Davidson revived a once dying brand by building a strong brand community. They created activities, meet-ups and the Harley-Davidson Museum as a way to get their customers to “join” their brand. This galvanized a fiercely loyal core group of raving fans who rally around the battle cry of “freedom, individuality, and rebelliousness”, which is what the brand stands for in the minds of consumers worldwide. Licensing the Harley-Davidson logo alone accounts for 5% of their net profit

Apple has brilliantly created “brand hubs” in most major marketplaces with their stores. When you purchase an Apple product you are joining their brand and becoming a member of a community who share the same values. Offline, the club house is the store where you can always find like-minded “members”.

In luxury real estate marketing, unlocking the full potential of a brand community means creating a following of fans by adding extraordinary value beyond what is expected from a typical agent or agency. Today, you must first earn their attention outside the context of listing their home with you or buying a property with your assistance.

The battle for market share is actually the battle of mind share. Whoever comes to mind first wins! Therefore, marketing strategy is actually all about achieving top-of-mind status.

We will be exploring the best practices for building brand communities in luxury real estate marketing. If you have been successful in building a brand community or know of others who have done so we would appreciate your sharing this with us and the Language of Luxury community.

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Tuesday, January 25, 2011

Luxury Real Estate Marketing Tip: Find Opportunities Right Under Your Nose

In marketing luxury real estate there are many ways to find a niche in your marketplace that you can dominate. One way is to discover an uncontested segment or aspect of the market where there simply is no competition. These segments usually are not obvious so it may take a keen eye to identify them. But, sometimes the best opportunities for niche marketing are right under your nose.

Does it bother you when you see someone who is just mediocre dominating a particular market niche that you are certain could be better served by you? If so, has it ever occurred to you that those who are being poorly served would welcome you with open arms if you just give them a better alternative and a compelling reason to switch agents?

In this case it may not even be necessary to offer an extraordinary promise of value. Someone like you who simply practices the fundamentals consistently can immediately stand out as extraordinary. You can often catch the incumbent market leader in a given niche off-guard simply because they have become complacent.

When we started our commercial real estate practice in Beverly Hills we often were able to secure new clients just by practicing the most basis fundaments. This idea became crystal clear when we heard many clients thank us for showing up on time for appointments, or for promptly answering phone calls, or for following through on the simplest of tasks. These are attributes that competent agents often take for granted.

Sometimes the reason that you do not take on the incumbent in a particular market niche is because you undervalue yourself. Give yourself more credit. Then look right under your nose. You may find an opportunity to dominate a market niche that is staring you right in the face!

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Wednesday, January 19, 2011

Luxury Real Estate Marketing: Put the Drip in Deep Freeze!

We now live an in over-communicated world. Have you noticed that the amount of email in your inbox is burgeoning? With this in mind, what is your take on real estate email “drip” campaigns that kick in automatically when you capture a lead on your website? Does this make good sense anymore for marketing luxury real estate? Have drip campaigns become archaic with the advent of social media? We say, "Put the Drip in Deep Freeze!"

These questions and more came up recently when speaking with a vendor who was touting the virtues of email drip campaigns not only as a way to automatically stay in touch with agent’s registered web visitors (who may eventually buy or sell a home), but also with one’s sphere of influence in general. He said that studies show that you should generate no less than 33 “touches” (in the form of email) per year for each of your contacts.

With a little practice, it is easy to stay in touch with your contacts via social media three times per month. However, many real estate professionals are using the stupendous new tools of social media to spew information that is completely uninteresting to their target market. This is a tremendous missed opportunity! In a sense, they are using social media as a form of drip campaigns. These agents’ posts are targeted more for Google’s robots to help them improve their search engine ranking than reaching out to relate to human beings. How does it feel to you to be dripped upon?

The challenge now is to communicate artfully, in a way that is meaningful to your friends and your target market. Take the time to generate original, not canned communication. This is one very important way to set yourself apart from your competition going forward in 2011 and beyond.

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Monday, January 17, 2011

Luxury Real Estate Marketing: 7 Ways to Get a Bigger Piece of the Pie

Here is an email from one of our clients:

I have sold quite a few luxury homes in my market place. I have two competitors who get the lion’s share of the business, and I want to know how to compete with them. Competitor A is from a well known wealthy family rooted in this city. This person went to all the right schools, gets invited to the right events, and generally lists properties based on contacts alone. Competitor B also has numerous contacts as the spouse is a partner in a prestigious corporate law firm headquartered in town. The firm sends all their residential real estate referrals to this person. How do I get a bigger piece of the pie? How can I unseat with theses entrenched incumbents?

And, here was our response:

Dear Luxury Realtor:

It is important to understand that the luxury pie is much bigger than you think. There is more pie than meets the eye for you. You just need to be the one who sets the rules of how the pie gets sliced. Here is what you need to do:

  1. Find the uncontested, underserved market niche within your marketplace. These incumbents cannot be all things to all people. Create your own rules for sectioning the pie, (why settle for crumbs of your competitors’ pie as they slice it?) Give your competitors’ clients a compelling reason to switch brands.
  2. Determine what you can do better than anyone else in your marketplace, with passion
  3. Define your ideal client. Study the psychographics (the mindset) of your previous luxury buyers and sellers. There is a wealth of information in reviewing this data, as it tells you the type of people who like working with you. These people are looking for you as much as you are looking for them.
  4. Define your brand with laser sharp clarity; articulate what makes you distinct from A or B. Make it extremely easy for those who would prefer working with someone like you to recognize that you are the one for them. Make it obvious in an instant!
  5. Distill your marketing message into a sound bite or two so that it is extremely easy for your fans to spread the word about you to their friends.
  6. Step up your marketing and promote your inimitable brand of doing business. Give the marketplace an undeniable choice.
  7. Enjoy your piece of the pie!

Through our extensive discovery process, our client was able to identify the underserved market niche that she could dominate and her competition could not: The world of “hip luxury”. This niche is comprised of younger high net worth entrepreneurs, the entertainment and high tech industries, plus, those interested in food and modern art which were areas of expertise of our client.

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Iconoclasts: Dr. Martin Luther King

Today is a great day to reflect on iconoclastic thinking for your luxury real estate marketing practice. Certainly, Dr. Martin Luther King exemplified a person who challenged conventional wisdom and traditional beliefs, and shattered the very foundation upon which traditional institutions rest.

One of Martin Luther King’s goals in his famous speech, I Have a Dream, is a color blind society, people accepting each other without prejudice. His message reminds us of the song in the musical, South Pacific, “You’ve Got to be Carefully Taught”

Here are the lyrics of Rodgers and Hammerstein as written in 1949,

Racism is not born in you,

It happens after you’re born

You've got to be taught
To hate and fear,
You've got to be taught
From year to year,
It's got to be drummed
In your dear little ear
You've got to be carefully taught.

You've got to be taught to be afraid
Of people whose eyes are oddly made,
And people whose skin is a diff'rent shade,
You've got to be carefully taught.

You've got to be taught before it's too late,
Before you are six or seven or eight,
To hate all the people your relatives hate,
You've got to be carefully taught!

If market leadership is your quest as a luxury real estate marketing professional, think different today! And, you will truly STAND OUT!

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Friday, January 14, 2011

Luxury Real Estate Branding: Striking the Right Balance for Your Marketplace

Here is a recent email we received from a prospective client who wants to create/refresh their brand,

"In my marketplace, we have about 800 homes in our two town MLS with only about 16 priced from the mid-fives to about 2.6 million. Affluent buyers want someone who is very well-versed in luxury homes, but with so few available, is it wrong to also be a great agent for lesser priced properties? I don't want to be all things to all people, but I don't want to lock myself solely into a niche that may not have sufficient inventory to maintain a viable business. Your feedback would be greatly appreciated.

Here is our answer,

We understand what you are reaching for. It's a matter of striking the right balance. The key is to develop an upscale personal brand that is sophisticated but not pretentious. A perfect illustration of this concept is to view the big department store retailers: Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman are the luxury brands stores, Macy's brand appeals to a wide range of customers. and Nordstrom’s is more upscale. However, Nordstrom's does not intimidate Macy's customers.

Another example of a balanced brand is Ralph Lauren. He is known as the quintessential American designer. He has many lines that he manufactures for every demographic. The clothing line is accessible to everyone who likes his designs.

That is the balance you are looking for.

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Thursday, January 13, 2011

Iconoclasts: Katharine Hepburn- Suitable to Any Occasion.

An iconoclast is a person who challenges conventional wisdom and traditional beliefs, and often shatters the very foundations upon which traditional, institutions rest. Katharine Hepburn was no stranger to iconoclastic thinking and is, to this day, an inspiration to women who seek market leadership in their luxury real estate marketing practice.

When a flower variety is associated with a celebrity, that celebrity is most likely an iconoclast. Katharine Hepburn “owns” an association with calla lilies due to her famous lines about these flowers in an Academy Award nominated movie, Stage Door.

“The calla lilies are in bloom again-- such a strange flower, suitable to any occasion. I carried them on my wedding day and now I place them here in memory of something that has died. “

Katharine Hepburn was, indeed, an iconoclast. She danced to the beat of her own drum, with her refusal to bow to the Hollywood or the social conventions of her time. She spoke her mind, wore pantsuits and usually wore no makeup.

When her popularity waned with the studios, she was undeterred. Phillip Barry wrote a play expressly for her, The Philadelphia Story. The play got rave reviews. Hepburn secured the rights to the movie and picked her own director. When Clark Gable and Spencer Tracy were unavailable she chose Cary Grant and Jimmy Stewart as her leading men. She won the Oscar for playing the role of Tracie, a spoiled socialite.

All in all Katharine Hepburn was nominated for the best actress award twelve times. She won the award four times including the Oscar for her role in The Lion in the Winter in 1968, the year she tied with another iconoclast Barbara Streisand in Funny Girl.

Katharine Hepburn always seemed “comfortable in her own skin”. Like a calla lilies, she was suitable to any occasion.

If you like brownies, checkout our post on Ms. Hepburn’s fabulous brownie recipe. There is a great luxury real estate marketing tip in this post, too!

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Wednesday, January 12, 2011

Marketing Luxury Real Estate: Discovering the Non-Obvious Market Niche

NAVEL ORANGES IN SEASON

ORGANIC ORANGE TOMATOES IN JANUARY?

The advantages of niche marketing are numerous. Concentrating your attention and passionately focusing your unique talents on an uncontested or underserved market niche can yield outstanding results when marketing luxury real estate. Here is an example of local niche marketing that exemplifies this extremely important marketing principle.

Perhaps there is no other marketplace in the United States, with a higher concentration of fans that buy locally grown organic produce, than the stretch of towns between Los Angeles and Santa Barbara, California. Where else can you find an organic farmers market open on New Years’ Day? We are indeed fastidious foodies here in Santa Barbara where we have an outdoor farmers market fsix days a week, every week of the year!

Everyone knows that Florida and California are known for their oranges in wintertime. The Orange Bowl takes place in Florida, the Sunshine State, after all. But, where can you consistently get locally grown certified organic orange tomatoes in the winter?

Red, yellow and orange organic tomatoes are grown hydroponically by the Beylik Family Farms near Filmore, California which is centrally located within this specialized marketplace. They also produce hydroponically grown organic cucumbers, and seasonally, sweet peppers, eggplant, artichokes, melons and sweet white corn. Beylik Family Farms sell this produce exclusively at the 17 Certified Farmers Markets between Los Angeles and Santa Barbara. You will not find their produce in the supermarkets.

Hydroponics is the science of growing plants without soil. In a temperature controlled environment, the plants thrive on the nutrient solution alone. Receiving everything they need, the plants tend to be healthier; they grow faster and are generally more productive. Plus, they can taste even better because the plants grow stress-free.

Is there a demand for organic tomatoes in winter? There certainly is here in our marketplace. Now, this is niche marketing at its best! Is enjoying locally grown tomatoes in January a luxury? You bet!

Look for an unconested or underserved niche in your luxury real estate marketplace. Find a need that you can passionately fill better than anyone else. It may require some contrarian thinkng. It may require applying technology in a unique way that others have not thought of yet. If the niche and the method of serving it was obvious, your competition would be doing it already. Growing orranges in the winter is obvious; growing orange tomatoes is not.

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Tuesday, January 11, 2011

Marketing Luxury Real Estate: Be Consistent-Just Say "Cheesecake"!

If you choose just one New Year’s resolution in 2011 for your luxury real estate marketing practice, the one that would have the biggest impact on improving your bottom line, what would that be? We would recommend making one single adjustment: Let 2011 be the year of consistency! Consistency does not require more work. It requires more focus.

Anyone who has mastered a skill knows that the secret of mastery is in practicing the fundamentals, the winning formula, repeatedly and consistently. For inspiration in mastering your own luxury real estate marketing skills, look for evidence of consistency in the most successful businesses you know. Take the Cheesecake Factory, for example.

The Cheesecake Factory is a nationwide chain of upscale coffee shops. They offers a very extensive menu that is conducive to casual business meetings and is also perfect for informal family gatherings. You can dine at any Cheesecake Factory around the country and have the identical experience. What is most remarkable about the Cheesecake Factory (in addition to very good food) is the consistency they have achieved in hiring upbeat, cheerful, courteous, attentive people to wait tables. They have all been trained to respond to customers’ requests for modifications to their menu with a “no problem” attitude.

At the Cheesecake Factory you never have to wait longer than 11 minutes to be served after you order. This is accomplished with brilliant systems and precision teamwork between the kitchen and the wait staff. It is like an ensemble of musicians who are all playing harmoniously, in key, with esprit de corps. When you leave the restaurant you usually feel uplifted.

Look over the various components of your winning formula. Focus on those things that you have done over the years that have brought you the most business. Then, be diligent about being consistent in executing those actions. The next time you feel tempted to be inconsistent, just say "Cheese"; think of the Cheesecake Factory.

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Thursday, January 6, 2011

Marketing Luxury Real Estate: The New Economy of “Free”- Part 3

Shakespeare in Central Park, New York Photo by AHodges7

This is Part 3 of our blog series about the New Economy of “Free. Here is a link to Part 1, and a link to Part 2

The Buzz Caper

This is Part 3 of the series, entitled, The New Economy of “Free“which is causing a major economic shift that will not go away even after we recover from the financial crisis. Buzz marketing involving a win-win scenario between enterprises and local governments is becoming an important trend in today’s marketing. Here is one of the latest buzz campaigns.

NBC is producing a new drama series, called The Cape. In order to promote this show, they have partnered with the New York City department of Parks and Recreation and have dressed the statues of the historic heroes with a cape. Besides adorning the statues with capes, they have added plaques near each statue that detail the achievements of each hero, while pointing out the similarity of traits that the character in the TV series share in common.

“This sponsorship will benefit the preservation of New York’s collection of public art in the parks while drawing new audiences to them,” said Vickie Karp, Director of Public Information for New York City Parks & Recreation. “The new NBC series is a novel way to remind even the most jaded New Yorker that heroes are all around us.”

From Europe a different twist on marketing buzz has emerged under a “Random Act of Kindness” philosophy. The English company, Interflora.UK (flower delivery service), monitors Twitter followers and look for those who could use a bright spot in their day. These individuals are contacted by via a tweet that says, for example, “Sorry to hear you’ve had a horrible journey into work, Hannah! Would you like us to send you some flowers to cheer you up?” Now, if you lived in England and heard about one of these random acts of kindness, who would come to mind first when you want flowers sent to someone?

We all know that buzz marketing is the “free-way” to success. Word-of-mouth advertising is not only free it is better than traditional advertising because people will more readily take the advice of trusted friends. In case you missed this in Part 2, here again are four low-cost tips to spark your creativity and help you expand your luxury real estate marketing practice.

Buzz Marketing Tip #1 Buzz Marketing Tip #2

Buzz Marketing Tip #3 Buzz Marketing Tip #4

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Wednesday, January 5, 2011

Marketing Luxury Real Estate: The New Economy of “Free”- Part 2

This is Part 2 of our blog series about the New Economy of “Free. Here is a link to Part 1

The new economy of “Free” is causing a major economic shift that will not go away even after we recover from the financial crisis. Here is an example of two high-end (expensive) Steak House chains and how they are adopting (or not adopting) to the new economy of “free”.

Steak House #1 created a new “happy hour” menu in which they offer upscale wines by the glass for $6 per glass and fabulous $6 appetizers that are the identical portions as the same item on their regular menu. Their seared Ahi tuna appetizer is $6. Their prime beef cheese burger including onion rings is $6. Every day the bar area is packed! As they break even in the bar, they have a three hour waiting list for their main dining room where the prices are extremely high.

Steak House #1 leveraged buzz marketing to “pack the house”. Customers may go to happy hour three times to every one time they go to the main dining room, but they will bring friends and tell everyone they know about it. Steak House #1 has capitalized on the new economy of “Free”. Even during the recession they are thriving.

Steak House #2 attempted to match #1 but with cheap wine, mini-burgers and a $12 steak sandwich. The main dining room with a similarly priced menu and food that is of equal quality to Steak House #1 is nearly empty most of the week. They complain about the recession, but they are missing the new economic story of “free”. Will you?

We all know that buzz marketing is the “free-way” to success. Word-of-mouth advertising is not only free it is better than traditional advertising because people will more readily take the advice of trusted friends. Here are four tips to leverage buzz marketing for a nominal cost in your luxury real estate marketing practice.

Buzz Marketing Tip #1 Buzz Marketing Tip #2

Buzz Marketing Tip #3 Buzz Marketing Tip #4


Embrace the new economy of “Free”. Let us know how these tips works for you!

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Tuesday, January 4, 2011

Marketing Luxury Real Estate: How to Profit from the New Economy of “Free”- Part 1

A WEALTH OF FREE APPS! Courtesy of Apple

Pundits are still sorting out the underlying causes of the Great Recession triggered by the 2007 housing bubble burst that led to a high rate of defaults on subprime mortgages. But, there is a less obvious economic megatrend that has been brewing for years now that can significantly impact your luxury real estate marketing practice. The new economy of “Free” is causing a major economic shift that will not go away even after we recover from the financial crisis. Riding this wave of change, rather than resisting it, can empower you to take over the market leadership position in your marketplace.

Today, consumers not only expect discounts, they are increasingly expecting to get things for “free”, such as free shipping, or free video phone calls via Skype. With free apps for your smart phone or your tablet computer do you really need to buy a separate hand-held GPS device or a dictation device? With free word processing, spreadsheets and collaboration software available in the “cloud” (hosted by a remote servers) that perform the most commonly used functions do you really need to buy the more elaborate software that resides on your computer?

If you were in the market to buy an iPad during the Holidays you may have been enticed to purchase it at Walmart vs. Verizon or our local Apple store because they offered a $50 gift certificate for other Walmart items with your iPad purchase. If you were waiting in the checkout line you may have scanned the bar code of an item in your shopping cart with your smart phone and found that it was in stock at another store nearby for considerably less.

To fully get the impact of this major economic shift watch how Google fares in its competition with Apple and others as it gives away the Android operating system (to manufacturers of tablet computers and smart phones) for free! Google has a bigger picture in mind and that is more market share for its core business, advertising, as they expand into mobile ads. It now makes good economic sense to give things away for free to capture a bigger piece of the pie.

Do not mistake this for the old story about fending off discounted real estate commissions by your competition or even feeling like you have to outspend your competition in marketing dollars to win luxury home listings. For luxury real estate marketing professionals, this is about mastering the use of social media (which is a free form of advertising if it is done right) and social networking both on the web and in your local community, for example. It is also about "thinking big"and providing extraordinary value for your clients, way beyond that which your competition provides. It requires a mindset of abundance not scarcity.

The merchants and service providers who understand and master the new economy of “Free” will be the big winners of 2011 and beyond. Will you be one of them? In Part 2 we will show you specific ways to profit from the new economy of “Free"in your luxury real estate marketing practice.

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