Thursday, April 28, 2011

Luxury Real Estate Marketing: The Key to Blogging is Curiosity


Our Curious Cat Zoe

This post is dedicated to those of you who have embraced the art of journalism and have become bloggers on top of everything else required of your career in luxury real estate marketing. Consistently producing original content can be challenging at times. But, here is our secret to success: Perpetual curiosity must become your passion. To blog consistently you must become a perennial student and you must be passionate about learning new things. That is where the joy of blogging comes from- a curious mind.

Here are some quotes we found about the subject of curiosity. We hope they inspire you as much as they have moved us.

I have no special talents. I am only passionately curious.
~Albert Einstein

The cure for boredom is curiosity. There is no cure for curiosity.

~Dorothy Parker

Curiosity is a willing, a proud, and eager confession of ignorance.
~S. Leonard Rubinstein

Be less curious about people and more curious about ideas.
Marie Curie

Let’s just say I was testing the bounds of reality. I was curious to see what would happen. That’s all it was: curiosity.
~Jim Morrison

Satisfaction of one’s curiosity is one of the greatest sources of happiness in life.
~Dr. Linus Pauling

I find that when you have a real interest in life and a curious life, that sleep is not the most important thing.
~Martha Stewart

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Wednesday, April 27, 2011

Luxury Real Estate Personal Branding: Are You a Non-Conformist?

“When you're just like everybody else, you've got nothing to offer other than your conformity”

~ Wayne Dyer

“Stand out or bow out!”

~ Ron & Alexandra Seigel, LOL Authors & Community Founders

Conformity is the act of matching attitudes, beliefs, and behaviors to what individuals perceive is normal of their society or social group. Many people feel the pressure to conform and have trouble taking the risk of standing out. This is good news if you want to become a market leader, as a luxury real estate marketing professional. That means fewer bone fide competitors. For market leaders, blending in is not an option.

Can you clearly articulate how you stand out from your competition? If you cannot state this in a few words how do you expect your potential referral sources to do so? One of the most important components of the personal branding process is making it easy for other to convey your unique promise of value. Do so and you will get more referrals. It is just that simple!

Even if you are a not fan of basketball you certainly have heard of Kobe Bryant or LeBron James because they are among the current super stars of the game. But, you may not know Chris Andersen, who plays center for the Denver Nuggets. Chris is also known as the “Bird Man”. He sports a spiked haircut and has extensive tattoos of feathers and birds on his body. You cannot miss him nor can forget him once you have seen him just once.

Andersen is an extreme case of personal branding. Yet, in just one visual impression of his tattoos, hairdo and flying gestures, plus hearing his personal brand name one time, you will most likely remember him for years to come. More importantly, you will instantly be able to tell anyone else about him.

That is the power of personal branding. But, it takes being a willingness to be a non-conformist and stand out from the crowd.

Test it for yourself. Who is the most flamboyant basketball center today?

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Tuesday, April 26, 2011

Luxury Real Estate Branding: Be the Opposite Choice!

Blue Frog by Michael Galber

As a luxury real estate marketing professional, if you are interested is leapfrogging over your competitors here is one of the all time best strategies: Be the opposite choice to the No. 1 market leader! You can jump over the pack and become the No. 2 in your marketplace by positioning yourself or your company as embodying the very opposite key attribute that the current market leader in your area stands for in the minds of consumers.

The first step is to analyze the market leader and look for the weakest aspect of their “game”. It is very rare that a market leader can be all things to all people. They often get complacent and their level of service often slacks off.

A classic example is Hertz and Avis. No. 2 Avis positioned itself as the obvious alternative by claiming, “We Try Harder”. Even though they did not surpass No.1 Hertz they summarily dismissed No.3 and other competitors who could not make the same claim without appearing as a “me too” brand. They could not say, "we try harder, too" and expect anyone to take them seriously.

In luxury real estate, the market leader often gets complacent because so many home sellers automatically give their listings to them simply because they are perceived as the best. After all, they sell more homes! But, in truth there may not be a viable, competent alternative.

With this strategy you must become that alternative in the minds of home sellers. You must clearly send out the message that you stand for the opposite key attribute that the market leader claims to have.

For example, one of our clients wanted to be known as the top agent in a series of luxury communities in her marketplace. The incumbent market leader, the volume leader, was a very large team. Many of their clients were not 100% satisfied with the team’s service because they did not work directly with the team leaders, just their underlings.

Our client was able to demonstrate that she could match all of the claims of the big team in terms of marketing savvy, but with total personal service which was just the opposite of No. 1. She was personally present at every showing by buyers’ representatives. She promptly responded to every email and phone call from the home seller and was always immediately available when needed. She did not take on more listings than she could serve in this manner. Her reputation for exemplary personalized service (yet with all the bells and whistles of the team) summarily dismissed other individual agents vying for market share in this marketplace.

When our client was up for a very expensive listing the choice came down to this: No. 1 (the team) or No.2 (our client), the team approach or “extreme” personalized service. No other agents were even interviewed because our client “owned” the brand position of the opposite. The choice of either/or does not leave room for a 3rd alternative.

When she sold the home it was the highest priced home sold in that year in her marketplace, which proved that she could perform as well as the team in this realm. This cemented her position as the opposite alternative and she now is perceived as being equally as competent as the team.

Those who value the assurance of a large team will stay with or choose the incumbent. But, those who value exemplary personalized service now have a choice—the oppositie choice.

If you want to leapfrog to No.2 be the oppositie choice of No.1 . You will instantly leave the rest of the pack in the dust beginning with a distant No.3.

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Thursday, April 21, 2011

Luxury Real Estate Marketing: Are Your Clients in Your "In" Crowd?

The luxury goods market is conservatively estimated to be 359 billion dollars. It is actually up 6% from last year, according to American Express. After a long period of not spending luxury buyers are obviously getting over their “frugal fatigue which bodes well for those engaged in marketing luxury real estate.

It seems that every study from Harris Interactive to the Wharton School of Business emphasizes the importance of building a lasting relationship with your clients and prospects. Prospective clients are looking for a positive, memorable experience. They may not be ready to buy now, but they still expect you to exceed their expectations by providing them with amazing interactive experiences that you offer (online and offline) even prior to a sale or direct contact with you.

Any one of your competitors can inform their clients about what is happening in the market. But, how much interest is there for that on a continuous basis. Stand out! Don’t just send updates on new homes that come on the market! Send interesting articles about the community, new restaurants or gallery openings.

Better yet invite selected members of your sphere of influence to an art gallery opening, or a special museum exhibit. Word will get out that you are strikingly different. A warm and friendly experience increases trust which means your chances for referrals are that much greater.

Make your contacts fell like they are a part of your “In” crowd. Share with them your special secrets and insights. They will see you as the “go to person”. Emulate the ways that luxury retailers are interacting with their customers by making them part of their “In” crowd.

For example, the designer Kate Spade reveals what inspired her designs with her “special clients”. She has a section on her website called, “Behind the Curtain”. This catalogues her influences, her interests and what she thinks is “hot”. Her comments serve to build relationships with her customers and engage them in conversation.

Recently Chanel rewarded their fans on Facebook by previewing their Chanel “Rouge Coco Shine” lipstick collection and offering them the opportunity to buy it online prior to its debut in retail stores.. The “avant premiere” was featured exclusively for Facebook fans just for two days-- 4/7 & 4/9.

Ralph Lauren released their second interactive children’s story narrated by Uma Thurmond. (See previous post). It is an enchanted story that also prompts readers to buy their new products.

Donna Karan has a column on her website called Donna’s Journal, which includes topics such a women who inspire, the Urban Zen Foundation, DK talk, and ask Donna. The notable here is the Urban Zen foundation

“The Urban Zen Foundation creates, connects and collaborates to raise awareness and inspire change in the areas of well-being, empowering children and preserving cultures. We design forums, partner with existing organizations and bring together experts to define solutions and implement action.” Ten percent of the sales of Karan’s Urban Zen collection is donated to the foundation.

How can you make your existing and prospective clients part of your In" crowd?

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Wednesday, April 20, 2011

Luxury Real Estate Branding: Does It Pay to Be Popular?

The advantage to being top of mind, as a luxury real estate marketing professional, in your marketplace is getting the lion’s share of the business. There is also a secret advantage of being the popular choice. Although, Cherry Garcia ice cream, from Ben & Jerry's, has many raving fans vanilla, chocolate and strawberry ice cream are by far the favorite choices with vanilla winning hands down as "most popular".

Ranking top of mind in luxury branding is even more important that ranking #1 on a Google search, because the overwhelming majority of affluent consumers rely on referrals from friends, family and colleagues when choosing products and services. Any real estate agent with enough funds can hire a search engine optimization expert to help him or her secure the #1 position in a Google search query. But, will the website visitor who clicks through the top listing actually hire the top ranking agent on Google at the end of the day if they are not accomplished and competent--or popular?

There is a lesser known factor that influences the choices of high net worth consumers when selecting a luxury real estate marketing professional. That is, taking into consideration what others will think of them based on the agent they select. While some consumers are “inner-referred”, meaning that they rely on their own judgment more so than others, a significant number of people care more about what others think of them. The “outer-referred” consumer will bypass their gut instincts (and taste buds if they prefer Jerry Garcia) just to look good in the eyes of their peers, neighbors or family (who prefer vanillla).

Have you ever been in a restaurant when the server suggests a menu item and adds, “This is a very popular choice”? Studies have shown that when it comes to choosing brands of food to serve at a party the host will purchase the “popular choice”, e.g., Coke vs.. Pepsi even if the host prefers the taste of a generic brand that is cheaper.

To summarize, if you want to gain or sustain market leadership you need to stand out and achieve “top of mind” status for three important reasons: 1) most potential referral sources can only remember a few brand names (vanilla, chocolate and strawberry) when asked for a recommendation for a luxury real estate agent ( see more detail on this); 2) Top of mind generates more leads than qualified search engine leads because affluent consumers rely on personal referrals more than Google, and; 3) The popular choice is a hidden influence in selecting an agent

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Thursday, April 14, 2011

Luxury Real Estate Marketing: The "You" Perspective

If you need a mental boost and a new perspective on your luxury real estate marketing practice, here is a tip for you. Get the idea that you are a man or woman living in China and you are granted the wish of stepping into YOUR life, taking over YOUR exact set of circumstances including your business. See YOUR life from their perspective with fresh, appreciative eyes. Wouldn’t you jump at the opportunity of getting to be YOU?

It is all too easy to complain about the economy or wallow in self-doubt or self-pity. Get over yourself and begin your life anew.

Part of the problem you may be experiencing is a result of commoditization, which has rendered your brand of doing business virtually indistinguishable from your competition. In luxury real estate marketing, commoditization occurs when one agent or company’s service offering cannot be differentiated from another. For example, the introduction of the IDX, which gave consumers free access to the local MLS on real estate websites, commoditized that information and leveled the competitive playing field in that aspect of the business.

If you are hard pressed to articulate your extraordinary promise of value as distinct from your competition, you may be suffering from commoditization. But, do not despair! There is always a way to bounce back. The antidote to commoditization is to identify an underserved or uncontested market niche and dominate it with passion! Combining your personal passion with business opportunity is the ticket to success.

Here is the story of Zhu Jin, a 36 year old Chinese woman who seized an opportunity to rise above a sea of competition by creating a luxury service business in a highly commoditized field—the flower business. She bravely moved from being a rural flower grower, where she was faced with fierce competition, to opening a tiny flower store in an exclusive office building in the capital city of the Sichuan province, catering to high-end customers.

Zhu capitalized on her natural artistic talent and her passion, the desire to make people happy with the gift of flowers. She now has six flower stores and nearly 40 employees. To manage cost, supply and demand for exotic flowers, she reinvested her profits and now grows her own.

Zhu did not fall prey to commoditization. She found a way to deliver extraordinary value to an underserved market niche, and rendered her competition irrelevant. Imagine if she had YOUR opportunities and could become YOU instead of Zhu!

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Wednesday, April 13, 2011

Luxury Real Estate Marketing: Don’t Flip Out, Stick to Your Core Competence!

Keeping up with the speed of change in technology, as a luxury real estate marketing professional, can be a daunting task. But, to some extent, it has become an imperative to stay competitive. For example, new entrants in the luxury real estate field, such as tech savvy executives from corporate America, offer a new challenge to complacent incumbent market leaders who have not adapted rapidly enough to the new rules. Yet, if building strong relationships is your strength vs. deploying the latest technology you may be spinning your wheels trying to fend off this new breed of real estate agents and brokers who may not have your particular savoir faire.

Knowing your core competence is extremely important when making marketing and branding decisions. Sticking with what you know and doing it better than anyone else in your marketplace can take you farther than dabbling in aspects of the business that does not represent your authentic brand.

Cisco recently announced that it will discontinue its Flip video camera division which they purchased for $590 million in March of 2009. They spent lavishly to expand the market for the tiny video camera by having celebrity endorsements and paying for product placements on popular TV shows such as “24.” Sales increased at first, then waned as the smart phones, such as the iPhone, began to include high definition video cameras. In just two years, the Flip has practically become obsolete. Cisco CEO, Tom Chambers, declared that the company would re-focus on its core competence, corporate customers, rather than on consumers.

Apple, on the other hand is a master at producing products that consumers love. They are now expanding to include more small and midsize companies as customers through their “Joint Venture” initiative. They have overcome their technical disadvantages in this arena and are going after the incumbent market leader, Research in Motion who produces Blackberry phones.

In seeking to expand market share, it is important to maintain your focus on your core competence, especially in turbulent times. Unless you are thriving in your current area of expertise, this is not the time to expand into other aspects of the real estate business such as commercial or business opportunities. The key, right now, is to stay focused on what you know well and do best.

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Tuesday, April 12, 2011

Marketing Luxury Real Estate: What Is Your Added Value?

Differentiating yourself from others in your area who specialize in marketing luxury real estate comes down to adding value in your service that your competition does not. Here is an example of added value that differentiates the Ritz Carlton Dallas from all the other luxury hotels in that city.

If you are a dedicated runner and want to run in Dallas, the Ritz provides their guests with a hotel running buddy, and will also add a customized fitness and sports massage. According to Noeha Coutry, director of sales and marketing, ““By providing a running buddy, we can provide them [guests] with someone to motivate them during their runs while also providing localized trail and travel information that makes their exercise in a strange town more interesting and more comfortable.”

These running buddies are selected for their background in competitive running, and can adapt to the fitness level of the guest. The Run and Recover program starts at $205 for a one hour run and 50 minute massage and must be booked 48hours in advance. Now, if they only had a program for Yoga, we would sign up.

How can you add value to your service as a luxury real estate marketing professional?

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Thursday, April 7, 2011

Luxury Real Estate Marketing: Notes from Scottsdale/Success in the “New Normal”

Yesterday, I (Alexandra) had the privilege of attending and speaking at the 5th annual AFIRE conference held in Scottsdale Arizona. This conference brings together a group of real estate’s leading women to create a three day networking experience. It covers “the latest in technology, hot issues that will influence us now and in the future, what’s happening on the international scene, strategies for working across generations, and most importantly, how to create and maintain a positive attitude. (2011 program notes).” This event was created by Bernice Ross, Ph.D. and CEO, Author, Trainer, and Speaker. Bernice is also a nationally syndicated columnist for Inman News who dubbed her "America's top real estate coach."

Given our schedule, I was only able to attend the first day, and it was packed with outstanding information. I took copious notes and will be sharing my impressions and introduce you to some of the most interesting and brightest women in our industry, in the next few weeks. The overall message is that although the real estate industry has experienced its share of chaos and uncertainty what has emerged is a new real estate “normal”. Succeeding in these times means having a niche, being fluent and savvy on line and offline in marketing luxury real estate, giving outstanding service and being well known, well thought of and visible in your community offline.

I want to thank Toni Weidman, Kathy Schowe, and Norma Toering who were generous in giving me the opportunity to talk to them. I interviewed these Active Rain members, so that I could give the women at AFIRE the perspective of successful, blogging, community minded real estate agents that embody the "new normal".

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Tuesday, April 5, 2011

Luxury Real Estate Branding: Outpace Your Competition,Get Your Brand Message Right!

As a luxury real estate marketing professional getting your brand message right is of paramount importance. First, you must be sure you are communicating to the right target market. Second, you need to make sure you are communicating your extraordinary promise of value in their language, i.e., words that address your target market’s most pressing needs (not yours). When you inaccurately assess both of these factors your chances of success are between slim and none.

Porsche’s new marketing campaign “Engineered for Magic-Everyday” misses its target on both counts. As such, it serves as a great lesson in messaging.

There are plenty of emotional needs that Porsche ownership satisfies. But, “everyday” trips in the big city (where most Porches are sold) are definitely not one of them. This new ad campaign is geared to change the way their target market perceives this expensive sports car. Now it is a “school bus” (to pick up the kids), a "pickup truck" (to haul items in the trunk), and a “pet carrier” (to transport your dog, who enjoys the ride in the convertible).

This is total absurdity! Porsche will waste millions of dollars in this attempt to change its perception of being a “race car”, which is the DNA of its brand and the primary reason people buy it, whether or not they use it as such.

Another new Porsche video ad shows a father brushing snow of his Carrera with his kid sitting in the front seat. The caption is “Snowmobile”.

While visiting friends in Chicago, Alexandra, who has an impeccable driving record, drove her friend’s husband‘s Porsche in the snow with their baby son onboard. It was a white knuckle drive all the way. Even though she had plenty of experience driving in the snow from her days at the University of Minnesota, (in a car equipped with studded tires), it was tough not to do 360 degree turns in the Porsche. She felt helpless several times, praying to every deity she had ever heard about, to make it safely back to her friend’s home in the country. Perhaps, for some this would be considered a thrill. But, that segment of Porsche’s target market must be miniscule.

Getting your brand message right is crucial when marketing luxury real estate. Know your target market inside and out, their psychographics as well as their demographics. Then, speak to them in their language. That is, if you want to increase your sales and outpace your competition.

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How to Make Your Primary Brand Differentiator Your Bread and Butter

Contrarian thinking is one of the factors that separate market leaders from the rest of the pack. For luxury real estate marketing professionals who wish to dominate an underserved market niche, here is an example of a billion dollar company that has done just that by thinking differently.

Panera, known for its hearty soups, salads and $7 sandwiches, made with freshly backed artisan breads, served on real dishware in a very comfortable setting, exemplifies such a market leader. With 1420 stores, and a roughly $3 billion market capitalization it has taken a page from Starbucks, and is thriving by providing its customers with a “third place” to gather, apart from home and the work place.

The mark of an effective brand is one that can communicate how it is different from its closest competition in just a few words. For Panera those words are “healthy, tasty &, affordable, yet upscale”.

Subway claims to serve healthy, affordable sandwiches too, but not on artisan bread and not on ceramic dishes. Tasty, is more of a subjective attribute which must be taken out of the equation when comparing the two brands. But, the furnishings in Subway are not upscale like you would find in a well- appointed Starbucks store.

Can you see how the DNA of a brand (the summation of its primary brand attributes) completely changes when one additional factor, “upscale” is added to the “recipe”? Can you see how adding one additional brand attribute can appeal to a specific demographic that was underserved (by Subway for example) and thus create an entirely new brand category? Can you see that an “upscale” version of Subway was an uncontested market niche and now has become a separate brand category in the minds of its target market?

Can you articulate the brand attribute(s) that sets you apart from your competition? Think contrary to the norm and you will stand out in a meaningful way. Your target market will appreciate that you have done so and they will follow you instead of your competition! Only then will your dfferentiating brand attribute become your "bread and butter".