Friday, July 29, 2011

Luxury Real Estate Marketing: The Skill of Finding Your Niche

One of the most important skills you could possibly possess as a luxury real estate marketing professional is the ability to spot an underserved, potentially lucrative market niche that you believe you could serve better than anyone else in your marketplace. This is not typically something that is taught in school. Yet, it can make the difference for you in owning the lion’s share of that market niche and have a significant impact on your bottom line.

Our favorite ways of getting inspired to practice this skill is by watching Shark Tank, the ABC reality show where bright entrepreneurs pitch their ideas to competing venture capitalists including the “diva” of luxury real estate herself, Barbara Corcoran. Check out an episode on You Tube and see for yourself. Here is an example of an uncontested market niche that attracted a “feeding frenzy” of competition between the sharks.

Two gentlemen noticed a tremendous inefficiency in the recruiting process of high school athletes who have talent and show promise. Many major stars, such as Dwayne Wade of the Miami Heat, were completely overlooked in high school because of the current system. These guys came up with an online system whereby parents can take control of the process and market their kid’s talents to appropriate schools and professional teams.

Furthermore, they patented a mobile app that deals directly with the recruiting restrictions. They also created efficiencies that have never existed in this segment of collegiate and professional sports. Both parents and recruiters pay a fee to use the system, which has the potential to generate a significant cash flow.

Keep your eyes and ears open for inefficiencies in your luxury real estate market place and see if you can spot some underserved market segment. Then become known as the one, the brand name that changed things for the better. Your reputation can change for the better just about overnight if you do.

- WATCH VIDEOS-

Buzz-Worthy Luxury Real Estate Websites

Personal Branding Case Studies Company Branding Case Studies

About Language of Luxury

- JOIN THE LOL COMMUNTIY -

GET FLUENT. GET AFFLUENT!

Linked In, Facebook, Active Rain

Follow Us on Twitter: LuxuryMarketing

Wednesday, July 27, 2011

Personal & Company Branding: Imitation Is the Worst Way to Challenge a Market Leader

As a luxury real estate marketing professional, if you want to challenge the market leader in your area the last thing you want to do is imitate the incumbent. This is one of those branding traps that even some of the biggest brands fall into and get nowhere as a result. Originality and distinctiveness is the route to market leadership. As a challenger, your best best is to take the opposite position as the market leader or else "own" (excel at) the attribute that represents your competitor's greatest weakness.

In a previous post we pointed out how Pepsi has slipped to the #3 soft drink and is desperately trying to get back in the race. They went after the strong association that Coke established over years with Santa in their ads. Now they are going after the polar bear, one of Coke's least successful ad campaigns. What is Pepsi thinking?

As we mentioned in that last post, Pepsi has forgotten the brand position that made them a strong number 2 brand: Appealing to the younger generation. We are hoping,for Pepsi's sake, that their sponsorship of the American X Factor realty show, that debuts in the fall, will get them back on track. But, for now they have fallen into the imitation trap.

Check out the older commercial from Coke and the latest Pepsi commercial and judge for yourself. You may like the commercial. But, from a branding standpoint, imitation is by far the worst way to challenge a market leader. Click here if you cannot see the videos.

Coke & Polar Bears

Pepsi & Polar Bears

- WATCH VIDEOS-

Buzz-Worthy Luxury Real Estate Websites

Personal Branding Case Studies Company Branding Case Studies

About Language of Luxury

- JOIN THE LOL COMMUNTIY -

GET FLUENT. GET AFFLUENT!

Linked In, Facebook, Active Rain

Follow Us on Twitter: LuxuryMarketing

Tuesday, July 26, 2011

Personal & Company Branding: What Is the Soul of Your Brand?

As a luxury real estate marketing professional, the fastest way to achieve market leadership is to identify a new category of business and start out as #1 in that category. One way to find a new category is to look for an underserved segment or niche within your marketplace. Then offer an extraordinary promise of value that makes your competition irrelevant.

If you can identify a problem that your competition does not adequately address your original solution can become news! Doing so can leverage the news-hungry media to promote your new category and your new brand in the process. Take Onesole, the “original interchangeable shoe” for example.

Dominique McClain, a pharmacist and frequent traveler, set out to create and patent a shoe that is comfortable, versatile, fun, economical, and easy for travel. The tops of the shoes literally snap off and can be changed! You can virtually have a closet full of different shoes with just a couple of very comfortable soles and a variety of tops.

While she was sports fishing, Dominique had her big “ah-ha” moment. She noticed that the stainless steel snaps that secured canvas on boat (and can withstand 70 mile an hour winds) were the perfect solution to affix interchangeable tops to the soles of shoes.

Voila! A new multi-million dollar category of women’s shoes was born that solved the problem of having to haul many pairs of shoes on business or leisure trips. And, it made it affordable to vastly expand one’s shoe wardrobe in tough economic times. Sometimes the best marketing ideas are the simplest.

Dominique did all of this without having formal business or fashion education. She also intuited the importance of giving her brand a name that would also name the category. She did not fall into the trap of calling it Dominique, for example. The value of this is that once you hear the name Onesole and understand the new category it makes it easy to remember and also tell others about the new category. The name readily communicates the soul of the brand, the thoughts behind it that solve the problem. People like to help promote effective solutions.

What is the soul of our brand?

- WATCH VIDEOS-

Buzz-Worthy Luxury Real Estate Websites

Personal Branding Case Studies Company Branding Case Studies

About Language of Luxury

- JOIN THE LOL COMMUNTIY -

GET FLUENT. GET AFFLUENT!

Linked In, Facebook, Active Rain

Follow Us on Twitter: LuxuryMarketing

Thursday, July 21, 2011

Luxury Real Estate Personal & Company Branding: What Is the Recipe for Your Personal Point of View?

Articulating your personal point of view is the essence of personal branding. The process of personal branding involves zeroing in on what is distinct about your personality and also your unique promise of value. Then it is a question of expressing the sum total of what your target market can expect when they work with you both graphically and in just a few words. If branding is done right your ideal clients will quickly know that you are exactly the right match for them and it should accelerate the speed of trust.

Personal branding must also quickly express your expertness and your authority in your chosen category of business. The more sharply you define your niche the faster those who specifically seek your advice or service can find you. Let’s take the example of TV cooking show hosts to illustrate how this works.

Rachael Ray is the “girl next door”. That is her brand. Quick easy meals or meals on a budget when you travel, that is Rachel. If you want to learn how to cook Southwest style Bobby Flay is your man. If you want to learn about great comfort food that can be found in diners and dives, Guy Fieri is the guy for you. His barbeque sauce is available in the supermarket and it is terrific. Rachel and Bobby would be off their personal brand signal to market this product.

Here are some questions that are included in the application if you want to audition for the Next Network Food Star and compete for the prize of getting your own show.

  • What is your favorite genre of food?
  • What is your least favorite cooking style and why?
  • How do you put your own personal twist on recipes?
  • f I were an ingredient, I would be ______________. Why would you be that ingredient?
  • What is your all time favorite ingredient and why?
  • What ingredients and/or foods do you absolutely hate and why?
  • Clearly describe 3 of your “signature dishes” that best represent you and/or are most popular with your friends/family/clients. Tell us WHY they represent you so well.
  • What are your top 5 ORIGINAL cooking/food/ingredients tips that demonstrate your food knowledge?
  • What is your unique “Culinary Point of View”?
  • Why do you want your own food show?
  • What about your background would make you a unique finalist on the show?

By far the most important question here is about your personal point of view. This is your slant-the essence of what makes you stand out from your competition. It is essential when crafting your personal brand that it expresses who you are, authentically. You cannot be all things to all people and you cannot really please those who are not a truly a match to you.

What is your personal brand recipe? What is your personal point of view?

- WATCH VIDEOS-

Buzz-Worthy Luxury Real Estate Websites

Personal Branding Case Studies Company Branding Case Studies

About Language of Luxury

- JOIN THE LOL COMMUNTIY -

GET FLUENT. GET AFFLUENT!

Linked In, Facebook, Active Rain

Follow Us on Twitter: LuxuryMarketing

Tuesday, July 19, 2011

The Key to Building an Exemplary Luxury Real Estate Marketing Team

If you want to build an exemplary luxury real estate marketing team, look around you for examples of great teamwork to keep you and your team inspired. That is the key!

Evidence of exemplary teamwork abounds. In sports when two teams are evenly matched and both display extraordinary teamwork it is still a pleasure to watch the team that opposes your favorite. Take the Women’s World Cup Soccer finals. You must give the Japanese team their due credit when they defeated the USA. Even though it appeared that the American team would close it out with just a couple of minutes to go, it was extreme tenacity that enabled the Japanese to win at the end.

Also, consider the tremendous milestone of the engineering team responsible for dismantling an overpass, which is a part of a $1 billion freeway widening project in West Los Angeles. With over 500,000 cars traversing this stretch of freeway on any given weekend locals feared that it would become “Carmaggedon”, the traffic jam to end all jams, when the freeway was temporarily closed this past weekend.

Faced with potential penalties of $6000 for every 10 minutes they exceeded the deadline. The crew completed their work under budget way ahead of schedule. In fact, they received a bonus of $300,000. This was also a victory for the people of LA who cooperated with local officials by staying off the freeways and patronizing local eateries and stores. There is something about teamwork and cooperation when it all works that lifts the spirit.

It is just as easy to find evidence of poor teamwork as it is great teamwork. The choice is yours! The difference is that focusing on examples of excellent teamwork feels good and it empowers you. The members of your marketing team look to you to set the tone. If you are pessimistic, and expect mediocre results, chances are that will be your experience. If you are optimistic, eventually great results will show up. To stay optimistic stay focused on great teamwork. That is the key to building an exemplary luxury real estate marketing team.

- WATCH VIDEOS-

Buzz-Worthy Luxury Real Estate Websites

Personal Branding Case Studies Company Branding Case Studies

About Language of Luxury

- JOIN THE LOL COMMUNTIY -

GET FLUENT. GET AFFLUENT!

Linked In, Facebook, Active Rain

Follow Us on Twitter: LuxuryMarketing

Thursday, July 14, 2011

Luxury Real Estate Marketing: Give Your Mouse a Break!

To achieve and sustain top-of-mind status in your marketplace as a luxury real estate marketing professional, you need a plan that you can implement consistently. Sure, you can create a publicity stunt that grabs attention and thrusts you into the limelight for “15 minutes of fame”. But, the surest way to stay in the minds of your target market is through spaced repetition of promotion. That is why some of the traditional media tools, like “Just Listed & Just Sold” postcards, still work.

When we first opened our commercial real estate firm in Beverly Hills/West Los Angeles, we started with just three listings. But, these listings were situated at high profile, highly trafficked intersections. Within days we were hearing comments like, “I see your signs everywhere”.

But, once you get their attention you need to keep it! So, here is a plan to consider.

When you get a listing you have some news about which most of the neighbors are interested. This gives you an opportunity, an entrĂ©e, a reason to communicate and a reason to be received. While a postcard may be the easiest way to stay in communicate, why not take the opportunity to introduce yourself directly to the neighbors? That’s right; if they do not live behind private gates, knock on their doors!

Nothing beats a face-to-face meeting, not even online “face-time”. Think about it! If your niche or farm has, say 2000-3000 households, you only need to achieve and sustain top-of-mind status in that many households. You only need to meet and make a favorable impression on a very finite number of people to be extremely successful. If you elegantly introduce yourself in person, the subsequent postcards that you send will reinforce that positive first encounter.

Most agents are mesmerized and distracted by social media today. They are trolling for contacts, when the most important contacts, the ones who can actually send them business are right under their noses. Give your mouse a break and grab some door knockers instead!

- WATCH VIDEOS-

Buzz-Worthy Luxury Real Estate Websites

Personal Branding Case Studies Company Branding Case Studies

About Language of Luxury

- JOIN THE LOL COMMUNTIY -

GET FLUENT. GET AFFLUENT!

Linked In, Facebook, Active Rain

Follow Us on Twitter: LuxuryMarketing

Monday, July 11, 2011

50 Top Luxury Real Estate Markets: Santa Barbara, CA




Reblog_disabled
Re-blogged 0 times

Photo Courtesy of Rebecca Riskin

Jackie and John F. Kennedy honeymooned here. Prince William just played polo here. Oprah, George Lucas and many other Hollywood notables call it their “second” home. Santa Barbara, with its magnificent surrounding neighborhoods is known as the American Riviera®. According to Diana Bull, past president of both Santa Barbara Association of Realtors and California Association of Reators, “Santa Barbara is rich in culture, beauty, entertainment, and interesting people”.

Montecito

Situated just east of downtown Santa Barbara, between the coastline and the foothills of the San Ynez Mountain Range, Montecito is one of the wealthiest residential communities in the world. Yet, its sophistication is tempered by an ideal climate which makes for a very relaxed, low-key, serene lifestyle that can be enjoyed, indoors and outdoors, year round.

Photos Courtesy of:
Suzanne Perkins, Harry Kolb, Rebecca Riskin, Susan Burns, Sandy Stahl, Victor Plana & Kathy Winter

One of the most exciting aspects of Montecito is the stunning architectural styles that can be found in many of the fine homes here. The topography and views here can be an architect’s dream. According to Cristal Clarke, “Montecito is known for its lush landscaping and large parcels”. Susan Burns, for example, represents the estate of John Saladino, a famous New York architect and interior designer who completely remodeled his 13 acre “"half farmhouse, half villa" that is nestled on a gentle country road and hidden by a grove of mature trees. The home was originally designed by architect Wallace Frost and crafted of local stone quarried onsite in the 1920's”.

Harry Kolb reflects on the preponderance of Mediterranean architecture in Montecito and Santa Barbara in general. He explained that, “Architect and painter, George Washington Smith, is known for popularizing the Spanish Colonial Revival style here in the early 20th Century. Available for the first time in over 30 years, “La Quinta” is one of Montecito’s Seven Crown Jewels. This 1924 Carlton Winslow designed 7-bedroom Italian Villa is represented by Mr. Kolb.

Rebecca Riskin enjoys representing Montecito homes “that offer distinct architectural character and unique settings”. Her spectacular 12,000 square foot hilltop estate on roughly 20 acres features “unrivalled privacy and panoramic ocean and mountain views as far as the eye can see”, according to Ms. Riskin.

From traditional equestrian estates, to beachfront contemporaries, to hillside villas, Suzanne Perkins believes that “Montecito has matchless ownership opportunities for those with particularly discerning taste”. Dan Encell notes that, “Montecito tends to retain its intrinsic property value. With the mountains on one side, the ocean on the other and a no-growth green belt of agriculture heading down the coast there will always be an inherent scarcity of fine properties here”.

Sandy Stahl works extensively in Birnam Woods, Montecito's gated golf course community. She says, “Montecito, with its picturesque upper and lower villages, is a small town community in a rural setting but with the cultural advantages of a bigger city in nearby Santa Barbara. The Santa Barbara Bowl with its outdoor concerts, for example, may be the smallest venue of big name acts like Carole King or James Taylor, Jerry Seinfeld and Yo Yo Ma who will come to town after playing the Greek Theatre or Hollywood Bowl in L.A. just because they are in love with the area.

Beachfront Homes & Condos

According to Karen Spechler, “one of the most desirous condominium developments in all of Santa Barbara is Bonnymede, at the beach in Montecito, adjacent to the world renown Four Season’s Biltmore Hotel and the Coral Casino Beach and Cabana Club. It is also walking distance to Montecito’s lower village”. If you are like George Lucas of Star Wars fame, the ultra-exclusive beach estates in Montecito and Carpinteria can provide a level of security and privacy that simply cannot be matched in Malibu. Kathy Winter points out, “with miles of sandy beaches and sea walls to protect homes from wave damage there is tremendous value here if you long for a lifestyle that only a beachfront home can offer”.

Carpinteria

Next to Montecito and the quaint town of Summerland, is Carpinteria, “the avocado capital of the world” It arguably has the some of the best surfing beaches in California. And, it is home to the Santa Barbara Polo Club where Prince William and his new bride just kicked off the 2011 season with a gala event catered by HGTV Food Network star Giada Del Laurentis. According to Yolanda van Wingerden, “Carpinteria is a very close knit community. There is tremendous community support for local activities and local businesses”

The American Riviera®

Reminiscent of the Cote d’Azur in southern France, Santa Barbara is often referred to as the American Riviera®. Chris Palme, who specializes in the Riviera itself, explains that “many of the buyers who choose this area appreciate not only stunning ocean views but also the city lights of downtown Santa Barbara in the evenings. This provides a sense of connectedness to the pulse of the city vs. the serenity and quietude that is associated with the more remote areas of adjacent Montecito”.

Hope Ranch:

If you are seeking acreage and an equestrian community lifestyle there is no place like the private enclave of Hope Ranch, with its 25 miles of hiking and riding trails and large wooded lots. John Gough points out that “this wooded rural setting with its private golf course is just 10 minutes from the Santa Barbara airport”. “The sense of community in Hope Ranch, with only 700 households, is unparalleled” according to Linda Lorenzen-Hughes, “Where else can you find a community where families have 2-night campouts at the private Hope Ranch beach in the summer and horseback riding Christmas carolers in the winter?”

Jim and Ann Sarborough say that, “the people who live in Hope Ranch are noticeably happy. For the most part, they don’t have to live here for economic reasons. They choose to be here. As a result, there is a wonderful generosity of spirit that is demonstrated through many local philanthropic endeavors”.

The Mesa

Heading up the coast from the centrally located Santa Barbara Harbor and Marina are the coastal hills that comprise the Mesa with fabulous ocean views. According to Mike Richardson, “it is usually 12-15 degrees cooler in the summertime and conversely warmer in the winter than the Riviera area which is set back above Highway 101 that runs through Santa Barbara”.

We asked several agents to give us a quick take on the Santa Barbara lifestyle and its unique culture. Here is what they had to say:

“It’s good comfortable living”- Kevin Schmidtchen

“It’s a veritable brain trust here with seven institutions of higher education in the immediate area. People who graduate from our schools often decide to come back here to live” --Steve Epstein

“Vacationers stop here, have lunch, fall in love with the area and feel compelled to buy here”-- Daniel Zia

“Buyers, especially from colder climates, are attracted by the ability to live an active outdoor lifestyle year round”—Nick Svensson

“With the quality of life, the clean air, clean water and the off-shore, close-by Channel Islands, it’s the closest thing to Hawaii on the mainland”—Victor Plana

“Santa Barbara is one of the most resilient markets in the US today. We are starting to see multiple offers, again “—Alyson Spann

“As a 4th generation Santa Barbaran I have come to appreciate the sense of spiritually, grounding, and positive energy which is the heritage of the California Indians who lived here. There is a true felling of security in this city”—Tiffany Dore

“With all that Santa Barbara has to offer, there is a window of opportunity for buyers to take advantage of some very attractive prices”—Adam Pirozzi

“Santa Barbara is the biggest small town on the California coast and the pace of life here reflects that”—Mike Calcagno

The Santa Barbara wine country now rivals Napa and Sonoma in many ways. Be sure to also check out our article on the Santa Ynez Valley, the area that became famous in the movie, Sideways.

Thursday, July 7, 2011

Luxury Real Estate Personal & Company Branding: The Line Extension Trap Part 2

As a luxury real estate marketing professional if it is your desire to challenge a formidable incumbent market leader in your marketplace keep an eye on Google as they take on Facebook with their new strategy, Google +. The key to challenging the incumbent is to identify where they are most vulnerable, concentrate all of your strengths with laser sharp focus and then take aim at that vulnerability.

Google has determined that contact management (particularly the way you group your contacts) is one of Facebook’s weakest links. Google + offers a superior contact management method that enables you to easily group your friends into “circles” that more closely mirror how you actually socialize. This is not easy to do on Facebook. Google is also in the process of tying together the various components that they have already developed (and are currently in use by billions of people) into a cohesive social strategy.

For example, when you are planning a family event you will be able to send a Google map of the event location to everyone in your family circle plus your extended family circle with a couple of clicks. You will be able to “hang out” with your circle of scuba diving buddies via their video conferencing answer to Skype or “huddle” for a chat with your circle of team members on a project at work via Google’s instant messaging software.

However, to take on Facebook the challenger must come up with a strategy that is a true social networking game changer. The first clue that Google+ may not be a game changer is in the brand name itself, which was the subject of Part 1 of this series. Including Google within the new brand name is very risky. From a branding standpoint if you have indeed created a new category of social networking, a fundamental paradigm shift, you must first name your new category. Then, you must create a brand name that stands for the category.

If social circles, indeed represents a fundamental new way to organize social networking Google needs to create a distinct brand name for this product/service that will potentially stands for the category. Calling it something like “Circles”, for example, would have made it easy for both the press and consumers to spread the word about the new category and its extraordinary promise of value. That is how Google can still avoid the Line Extension Trap we refer to in Part 1 before general release (Google+ is in beta testing now).

When Steve Jobs introduced a new category of computers (touch screen tablet with apps) it trumped the categories of net books and e-book readers. It sparked a tsunami of news coverage, triggered a massive demand for the category and also for the first and only product in the category. Overnight, iPad stood for “tablet”.

Google stands for “search engine”, not a new, superior category of social networking. Google+ could stand for “social search”, but supposedly it is much more than a new category of search. Conversely, Android, Google’s brand of smart phone and tablet operating systems, successfully stands for the most viable alternative to the iPad and iPhone.

If social circles is not a game changing new category of social networking, but is instead just a feature that can easily be imitated by Facebook, Google has fallen into another trap of trying to compete on features. Facebook just announced that Microsoft-owned Skype will be incorporated into its entire platform, which will match the same feature offered by Google+. Additionally, Facebook just announced that it now has 750 million users. Competing on features alone, with a Juggernaut like Facebook, is futile.

To take on a formidable incumbent in your luxury real estate marketplace, you must become a game changer and create a thoroughly compelling, newsworthy business model. And, you must brand yourself in such a way that your name stands for your unique promise of value. That way you make it very easy for others to spread the word about you and how you stand out from your competition.

- WATCH VIDEOS-

Buzz-Worthy Luxury Real Estate Websites

Personal Branding Case Studies Company Branding Case Studies

About Language of Luxury

- JOIN THE LOL COMMUNTIY -

GET FLUENT. GET AFFLUENT!

Linked In, Facebook, Active Rain

Follow Us on Twitter: LuxuryMarketing