Wednesday, August 31, 2011

Luxury Real Estate Marketing: The Five Moments of Truth - Part 3

Zodiac Clock in Venice Italy

In Part 1 and Part 2 of this article series we stated that the first moment of truth in the client acquisition cycle occurs before your prospective client meets you. If you were not referred by a family member, a friend or a colleague, making an indelible first impression with your website is, therefore, a vital key to winning their business because they will be predisposed to hire you when they actually meet you. Your website is your silent salesperson as a luxury real estate marketing professional.

If your website appears at first glance to be the most authoritative site in your marketplace, if it has the best graphic interface, and is also the best organized and easiest to navigate, you have a very good shot at keeping them coming back to do their research. While they are in this “self-service” mode, before they meet you, they are still operating from a favorable, lasting first impression that occurred in the first moment of truth.

Offering original content on your website is one of the best ways to keep them coming back to your site. Property search and canned neighborhood content is ubiquitous. If you have a blog that is more than just informative, one that also offers your unique point of view and is entertaining, the chances that you will convert leads is much higher than your competition.

We were recently asked by an agent if he should subscribe to a service in India that slaps up generic blog content just to improve his Google ranking. It is only costs $50 per month.

What is the use of ranking high on Google if the consumers who lands on your site encounters inferior, generic information? In a click, off they can go in search of the real deal! They may have been impressed with your ranking. But they will be disappointed if you provide generic information that can be found anywhere. This could actually damage your reputation because it speaks volumes about how you are willing to cut-corners to get ahead of your competition. And, this is not the kind of indelible first impression you want to make.

The first moment of truth gets them to be predisposed to liking you and wanting to hire you. But, it is the second moment of truth, when they meet you, that determines if you will actually get their business. That is why ranking #1 on Google is not as important as achieving top-of-mind (#1) status in your marketplace. Google can arbitrarily change their algorithms and off you go from your 1st position. But, continuously creating positive impressions in the minds of your target market will lead to making those impressions indelible.

Meeting expectations at the conclusion of your first transaction is the third moment of truth in the customer acquisition cycle. Getting their referrals is the fourth moment of truth and getting their repeat business is the fifth moment of truth. Consistently, winning each of the five moments of truth is the true test of a market leader. It is the test of successful branding.

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Tuesday, August 30, 2011

Luxury Real Estate Marketing: The Five Moments of Truth - Part 2

Big Ben

The Key to Winning the First Moment of Truth:

Make an Indelible First Impression

We all know that referrals are the best source of new business in your luxury real estate marketing practice. For someone to refer you, you must have made a strong positive impression, an indelible impression because you have achieved “top-of-mind” status in their mind. Indelible means impossible to remove from the mind or memory, and therefore remains, “forever”. Creating positive indelible impressions and sustaining top-of-mind status over time is what branding is all about. Therefore, the key to mastering the first moment of truth is making an indelible first impression.

When potential clients are referred your way they are already predisposed to liking you and trusting you because they like and trust the one who sent them to you. They have already experienced the first “moment of truth” in the cycle of client acquisition and they are hopeful that you can deliver on the promise of satisfying their most pressing needs. But, they are relying on the indelible impression you have made on the referring party.

For those who find you through search engines, through your advertising or your website, a blog post, or your yard sign in front of an impressive listing, the first moment of truth is your opportunity to make an indelible first impression on your potential NEW client. Think of your first moment of truth as an audition for a talent show. Do you stand out or are you forgettable? Are you instantly perceived as the expert who can meet your potential clients’ needs? You actually only have a nano second to make that first impression.

Entrepreneurs who pitch to venture capitalists are often given only 30 seconds to make an indelible first impression. This has become known as an “elevator pitch” because you only have a few seconds in an elevator with a captive audience. On the internet, however, you do not even have that much time because your competition is just a click away.

Being #1 on Google may be the beginning of the first moment of truth for some consumers. But, when they click through and discover a sub-par website you could easily lose out in this part of the customer acquisition cycle. If your website is not a WOW! you will most likely not get the call or email inquiry; you will not convert the lead. The first encounter with your website is often your first opportunity to create an indelible first impression.

Even if you do capture the lead and you succeed at winning the first moment of truth, before they meet you, you can still blow this opportunity in the second moment of truth. The question is, “can you convince your prospect that you can deliver on your promise of value made on our website, when you actually meet the prospective client on the phone or in person?” We will cover this further in Part 3 of this article series.

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Luxury Real Estate Marketing: The Five Moments of Truth - Part 1

As a luxury real estate marketing professional intent on gaining or sustaining market leadership, it is important to understand a marketing term that brand experts call “the moment of truth”. There are actually five moments of truth that your clients experience in relationship to doing business with you. If you do not engage and fully satisfy their needs at these crucial moments in the cycle of client acquisition your competition will. If you satisfy all five moments of truth you will have a client for life.

Here in Part 1 of this series we identify the five moments of truth.

Moment of Truth # 1: Befroe They Meet You

The first moment of truth occurs before your prospective client ever meets you. It is when they think they have found the answer to their most pressing question or need and you seem to be someone who has the answer.

It is experienced when they are first referred to you by someone they trust. Or, it can happen when they find you on a search engine, when they find a blog post you have written, when they encounter your website or your advertisements. Perhaps, it is when they discover your yard sign in front of a substantial listing. There is a palpable feeling of relief and hope that you might be the right one to help them.

Moment of Truth #2: When They First Meet You

The second moment of truth happens when they actually encounter you in person, by phone or email, etc.. This moment affirms or disaffirms what they were hoping to discover about you. They are either satisfied or dissatisfied with their initial encounter with you. They answer the question, "should they proceed to buy or list with your assistance?". If they answer, "yes", they are convinced that they have found the right agent, that you will produce their desired result.

Moment of Truth #3: When \You Deliver Your Services

The third moment of truth occurs when your initial transaction is complete and they are satisfied that you have delivered on your promise of value. Here you have met or exceeded their expectations, or you have disappointed them. If the latter is true, the cycle of customer acquisition end right here.

Moment of Truth #4: When They Refer You

The fourth moment of truth occurs when they refer a friend to you. This further affirms their satisfaction.

Moment of Truth #5: When You Get Their Repeat Business

The fifth moment of truth occurs when they are ready to buy or sell again and they call you instead of switching brands which means calling your competition.

True market leaders have mastered all five of these moment of truth. Those who have not are definitely vulnerable to being challenged. In Part 2 and 3 of this article series we will go into more details about each moment.

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Thursday, August 25, 2011

Luxury Real Estate Marketing: Tip the Scale in Your Favor By Focusing

One of the major disruptive shifts that occurred in the field of marketing luxury real estate is the extent of market knowledge that consumers now have because of their access to the same information that was previous the exclusive domain of agents. Previously, this knowledge base was asymmetrical, meaning weighted in favor of agents. Now it is more symmetrical with consumers on equal footing. In fact, sometimes the consumer can know more than the agent if they have been doing extensive research by diligently keeping up with new listings, recent sales and listing status changes.

This is a major challenge to luxury real estate marketing professionals. But, it also is a tremendous opportunity to establish an extraordinary value proposition that can also set yourself apart from your competition. Superior, focused market knowledge can give you the competitive edge. In the corporate culture of Google, they have a mantra, “Focus Drives Results”.

Today, those agents who are generalists, those who do not specialize in a particular niche, are the ones who are most vulnerable to this shift. Trying to keep up with all the changes in all aspects of a given market place is not only a daunting task it is a waste of time. Only by narrowing your focus can you truly become an expert vs. a generalist. Focus is the key!

It should be made clear that narrowing your niche does not mean reducing your income providing that you pick the right niche. Selecting a niche that has the potential of meeting your personal financial goals is essential.

When you let go of the fear of missing out on income because you are focused amazing things begin to happen. Serendipitous encounters with opportunities become the norm. This may seem like magic, but it is actually very logical. The sharper your focus the more you are able to perceive opportunities that are right under your nose. These opportunities are not even on the radar of competitors who are dispersed, trying to be all things to all people and wearing themselves out in the process.

For example, in the top tier of the marketplace we hear time and again that many sales are conducted when top agents put buyers and sellers together, selling homes that were not listed on the MLS. Extensive knowledge of pocket listings, that is gaining information about properties that COULD be available for sale but are not formally listed, can set you apart as a true expert within your niche. This is information that consumers, especially from out of the area, could not possibly know which tilts the scales back to asymmetrical in your favor. It is also knowledge that your generalist competitors would probably not be aware of, or would not have to time to acquire.

In the new information era where consumers and competitors all a have symmetrical knowledge base, focus tips the scale in your favor. Focus drives results!

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Wednesday, August 24, 2011

Luxury Real Estate Marketing: Go Fishing Where the Fish Are Biting - Part 3

In Part 1 of this article series we looked at a key strategy to reinvent yourself as a luxury real estate marketing professional by refocusing your practice where sales are brisk. In Part 2, we identified the “mindset of resiliency” as a pre-condition to being able to perceive new opportunities that may not be obvious to your competition. Here in Part 3 we cover an important skill if you want to gain or sustain market leadership: Go fishing where the fish are GOING to bite, the arena in which the next “feeding frenzy” will occur.

Gain the perspective of a trend spotter. Anticipate the direction in which the marketing is heading and become the “first mover” in that new market.

We recently interviewed a successful luxury real estate marketing professional whose previous business was retail. She owned a chain of women’s clothing stores and was the only retailer in her marketplace that specialized in carrying top designer labels. Then she began noticing a trend that was a potential threat to her business. The designers were beginning to open their own retail stores.

When the local major shopping center announced that an entire new floor of the center would be devoted to these high profile designers’ stores, she knew it was time to close her business. Certainly, the shopping center owners anticipated this trend and went fishing where they could predict the fish were going to bite. The shopping center is one of the most successful in the country.

Bur, instead of being immobilized by this setback she leveraged her strong base of high net worth customers as potential referral sources and launched a boutique brokerage firm. Analyzing the market, she decided to specialize in one of the most desirable neighborhoods in her marketplace, where “the fish were biting”.

Then one of her young affluent buyers indicated that he and his family were interested in a more remote area. Proximity to the popular amenities of the city was not a priority. Privacy, informality, more open space and sandy beaches were their priorities. After extensive research she was able to find this family the perfect home in a beautiful neighborhood that was not on the radar because of its distance to the center of town.

In the process she understood a very important trend. For those younger entrepreneurs who operate their businesses via the internet, or primarily by phone from a home office, proximity to the more densely populated city was not a necessity nor was it more desirable.

She proceeded to expand her target market by adding these more remote neighborhoods as to her area of focus before her competition wised up. As a result she is the dominant broker in that niche which continued to appreciate in value as more like-minded buyers began to move there.

Anticipating trends is an essential skill for market leaders who want to maintain their position. When market leaders become complacent, they are vulnerable to challengers who see opportunities that their competition ignores. There is nothing like a setback to sharpen ones focus, the prerequisite for recognizing where the next “feeding frenzy” will occur. And, there is no fiercer challenger than the one who is bent on staging a comeback. Never underestimate a first mover, a challenger who has identified an untapped or underserved market niche that he or she is determined to dominate.

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Monday, August 22, 2011

Luxury Real Estate Marketing: Go Fishing Where the Fish Are Biting - Part 2

The Dancing House - Frank Gehry, Architect Photo © Steve Coleman

The Mindset of Resiliency

If you are waiting for the economy to rebound so that your luxury real estate marketing practice can recover from the doldrums, you might consider trying a more proactive approach: Go fishing where the fish are biting! In Part 1 of this blog series we advised the following: 1) Find out what is selling and where; and 2) Position yourself to deliver an extraordinary value proposition to that target market that enables you to stand out from your competition. But, before you can re-invent yourself or even perceive new opportunities you must first cultivate, what we call here in Part 2, “the mindset of resiliency”. Only then will you begin to experience your full blown personal economic recovery.

Maintaining an optimistic mindset in the face of mounting evidence of a stagnant economy should be considered JOB ONE regardless of the health of your real estate practice. This is perhaps the single most important thing you can do to turn things around for yourself. It is, by far, the most important thing you can do even if your practice is thriving right now. How else to you expect to be able to perceive opportunities to spring back or sustain your momentum?

Resiliency means speedy recover from problems. It is the ability to be healthy, happy or strong again after illness or disappointment. It is hardiness, toughness, buoyancy. It is the ability to be financially successful again after a difficult period. It is the ability to weather a storm, to bounce back swiftly from setbacks. This “mindset of resiliency” is a pre-condition to being able to perceive new opportunities that may not be obvious to your competition.

In 1936, Fred Astaire and Ginger Rogers danced to a song they sang called, Pick Yourself Up in the movie, Swing Time. The lyrics to this song brilliantly summarize the mindset of resiliency:

Nothing's impossible I have found,
For when my chin is on the ground,
I pick myself up,
Dust myself off,
Start all over again.

Don't lose your confidence if you slip,
Be grateful for a pleasant trip,
And pick yourself up,
Dust yourself off,
Start all over again.

Work like a soul inspired,
Till the battle of the day is won.
You may be sick and tired,
But you'll be a man, my son

Will you remember the famous men,
Who had to fall to rise again?
So take a deep breath,
Pick yourself up,
Dust yourself off,
Start all over again.

To maintain your optimism, look for inspiration wherever you can find it, even in old movies. Focus on those who are thriving and use this as evidence that you too can thrive under any and all economic conditions.

Frank Gehry, the famous architect, has a backlog of projects. The more he completes the more assignments he gets. The image above is a building designed by Gehry and Vlado Milunić. It is located in the city of Prague and is called the Dancing House. But, it originally was called Fred & Ginger, after the famous dancing pair.

Tough times are not tough for everyone. Nor, do they have to last for you if you have the mindset of resiliency.

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Friday, August 19, 2011

Luxetera: That Which is Rare and Beautiful is a Luxury

Every so often, in the course of writing the Language of Luxury Blog, we pause to reflect on the meaning of the word luxury. One definition of luxury can be summed up in the word, “rare”. When something is rare and beautiful it is uncommon, unusual, exceptional, atypical, extraordinary or singular.

That which is rare tends to appreciate in value. In our new age of iPads, what is to become of rare books? When was the last time you received a handwritten note on fine stationery instead of an email? Do you think that fountain pens will ever come back in style? As our smartphone morph into mobile “wallets” what will become of rare coins?

Seahorses are on the verge of becoming an endangered species, making them rare. Some Asian cultures use them for medicinal purposes which puts pressure on the seahorse population. Some aquarium hobbyists collect seahorses as pets. Now, there are companies that breed seahorse in captivity. With about 50 species of wild sea-horses that have exquisite shapes and color combinations wild ones are considered more valuable because they are rare.

Rare is a very important concept to grasp when it comes to understanding the mindset of high net worth individuals who seek rare and unique experiences that the masses cannot readily attain. Once something becomes a symbol of wealth and the emulators of wealth popularize it, it no longer is rare.

For example, in the 1980s Montblanc pens suddenly because a status symbol of the “yuppies”. As they became ubiquitous in the circles of those aspiring to attain wealth, the true achievers of wealth became less interested in this brand as a rare item.

To attract and better serve high net worth individuals you must speak their language. You must speak the language of luxury. To succeed as a luxury real estate marketing professional it would be a good idea to have a depth of understanding of the meaning of rare.

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Wednesday, August 17, 2011

Marketing Luxury Real Estate: Go Fishing Where the Fish are Biting

Pricing a luxury home to sell in a buyer’s market can be one of the most challenging experiences of a luxury real estate marketing professional. It is tempting to get swept away by the allure of listing glamorous properties, those estates with the highest price tags. Sure, when they sell the commissions can be significant. But, in many markets these homes tend to sell much slower than homes in other price ranges. They are often more expensive and time consuming to market, especially if you fall into the trap of setting an unrealistic price to appease the seller.

If winning prestigious listings (and the admiration that can come with this) is more important than your bottom line you may consider reviewing your priorities. Sometimes selling a higher volume of mid-range luxury homes can yield a superior return on investment of time and money, especially if they are selling more briskly in this price range.

Take the time to become objective and analyze the sales statistics of your marketplace. Exactly what is selling and where? The first key is to discover where the fish are biting. Then go fishing there.

But, you better have a clear sense of how you can serve this faster paced market segment better than your competition. Your unique value proposition must be superior and it must be communicated explicitly through your personal or company brand.

We say, when you get your branding spot on you actually do not have to go fishing for prospects, the fish will start jumping in your boat. If you are able to clearly articulate your distinct promise of value to your target market sales should become irrelevant because you are succinctly letting them know, with certainty, that you can resolve their most pressing challenges.

While others are fighting for the prestige that comes with winning a fewer number of trophy listings, you could be out-thinking them by selling a higher volume of mid-range properties. This price range, as a niche, is often overlooked by those vying for the big fish and can thus become under-served. Develop an outrageous and extraordinary promise of value. Bowl them over with service that makes you stand out and you will have a winning formula for success.

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Tuesday, August 16, 2011

Luxury Real Estate Marketing: How to Earn Multiple Commissions from High Net Worth Clients

In the realm of marketing luxury real estate is it important to understand that the client to whom you sell a primary residence in your local marketplace can also be a buyer of multiple homes in multiple locations as well as other types of properties. The question is: Will you benefit from this by earning multiple commissions?

Good luxury real estate marketing professionals stay in touch with their clients and cultivate referrals of buyers and sellers within their own local marketplace. Great agents also take the time to discover where else their clients might consider purchasing additional homes or even other types of real estate. Then they help them connect with trusted colleagues in other marketplaces, which generates referral fees.

We recently heard a story that a certain buyer purchased several vacation homes in a very popular luxury real estate marketplace. The agent who discovered this fact realized that the buyer was a client of a friend, another agent in another state who was oblivious to her client's buying spree. Where was the disconnect that caused this missed opportunity for referral fees?

In commercial real estate it was very clear that most of our clients had the capability of purchasing multiple properties. In fact, many of them could purchase as many qualified properties as we could find for them. The trick was finding quality properties in great locations that were reasonably priced. But, this "mutliple properties mindset", whether the client's purpose was for personal use or investment, was the norm.

It just requires a slight shift in perspective to maximize the potential of your relationships with your high net worth clients. Take the time to discover the full scope of their real estate needs and interests. They may be thinking of buying properties for their kids, too.

Find out if your clients invest in commercial property or income property. If so, team up with colleagues who specialize in this arena and see what other opportunities you can develop together.

Expand your level of professionalism in terms of the depth of service that you offer. Become a trusted advisor in their real estate dealings beyond just their residence in your local marketplace and watch your own net worth increase significantly.

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Friday, August 12, 2011

Luxury Real Estate Marketing: Customer Service that Sparks Remarks

Word-of-mouth is your best form of advertising as a luxury real estate marketing professional. However, if you want people to make positive remarks about you, your service must be remarkable.

Promoting the people and the brands you like is natural because you want to share what you value the most with the people who matter most to you. We tend to value the opinions of those people we respect. If someone you respect goes out of their way to promote something the chance is high that you will at least take the time to check it out if you also have an interest in that product or service category.

If you are in the market for a new pair of shades, you might want to check out Maui Jim. Alexandra purchased her Maui Jim sunglasses with the ultra-light titanium frames over six years ago. They are great for sports like skiing and tennis because they are feather light and they are very durable. Plus, the bronze mirrored and polarized lenses wipe out 99% of the glare and block 100% of harmful UV rays.

Recently the frame broke and the lens was starting to crack slightly. She called the company and was asked to return them for repair. Within a couple of days she received a phone call from a company rep with “aloha” spirit (even though they are based in Illinois). She was told that they would gladly replace both the lens and frame for $60, a fraction of the cost of a new pair. When they sent the glasses back (within just a few days) they were in a brand new case. Now, that was remarkable service from a company that stands behind its product.

Another remarkable retail experience occurred at Gelson’s market (18 stores in Southern California). We just love their mission statement: “To make shopping anywhere else unacceptable for consumers who value quality products, cleanliness, convenience, and personal service. Their goal is to create an extraordinary grocery shopping experience for discerning consumers”.

What was extraordinary? In our Santa Barbara store, they have a wood-burning pizza oven where they make fresh Wolfgang Puck pizzas. When we were last there one of the crew was walking up and down the aisles offering slices of pizza to customers on a silver tray, as if it was a hors d'oeuvre at a cocktail party. Costco has stations where you can stop by and sample food. Trader Joes has their version of this. But, the simple act of someone walking up to you, like a waiter, offering you a taste of something delicious and giving you a cocktail napkin, provided a “quality cue” that set them apart.

There is no mistaking extraordinary customer service because when it is out of the ordinary it is remarkable. Practice spreading the word about what you value the most to those who matter the most to you. Then, think of ways you can spark remarks and trigger word-of-most advertising for your luxury real estate marketing practice.

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Wednesday, August 10, 2011

Luxury Real Estate Marketing: Is it Time to Re-invent Yourself?

Photo Courtesy of Dimrus1917

Brand distinctiveness, the way you stand out from your competition is equally important in personal branding as it is in company or product branding. When you cannot clearly, sharply and quickly articulate how you are different, how can you expect your referral sources to do so when they are asked to recommend a luxury real estate marketing professional?

Sometimes you have to completely reinvent yourself or your company to surpass your closest competitors. That is definitely the case of the Maybach as this brand faces the biggest challenge of its 90 plus year life.

Phto Courtesty of nstinia Photography

If you are in the market for a super-luxury car, and you think of the hood ornament of a Rolls Royce, (known as the “Spirit of Ecstasy”) it is hard not to get ecstatic. For some this symbol conveys the entire experience of owning the car. Others get a rush when they think of Bentley’s hood ornament or badge.

Heritage can play an important role in endearing fans to a brand. For example, the Rolls Royce is deeply associated with the Queen of England. The towns that assemble and customize the Rolls and the Bentley have an allure unto themselves. All of these kinds of factors, apart from the design and features of the cars add up to a story that the owners can tell their friends

But, what associations are made about the Maybach, manufactured by Daimler (Mercedes Benz). It was very popular in Germany in the 1920 and 1930s, but not very well known in the rest of the world. It is now manufactured at the same facility as the Mercedes S Class, not in its original town.

What does Maybach stand for today in the minds of the ultra-rich that can afford a starting price tag of $375,000 or pay $1.3M for the top of the line? How is this brand distinct from its competitors in the super-luxury car category?

Many feel that the car is too similar to the Mercedes S Class model, even though it sports many features and amenities that are not included in the lesser priced car. This lack of distinctiveness has resulted in mediocre sales and has caused Daimler to completely rethink its brand strategy. In fact, the fate of the car, its very existence, will be determined by the end of the year.

But, what a fabulous opportunity to reinvent a brand and emerge as the market leader! You have heard of the fable of the Phoenix, the firebird that re-emerges from the ashes, right? If Daimler would take a hard look at the current vulnerabilities of the Rolls and the Bentley, and zero in on providing extraordinary value, a classic brand could be reborn that could trounce the other two.

Being at the doorway of extinction can spark remarkable inventiveness. It will be interesting to see if the Maybach makes it through the threshold. Is it time for you to re-invent your brand?

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Tuesday, August 9, 2011

Iconoclasts: A Lesson in Positive Expectations from David Foster, the "Hit Man"

An iconoclast is a person who challenges conventional wisdom and traditional beliefs, and often shatters the very foundations upon which traditional, institutions rest. Iconoclasts are some the of best examples of personal branding and are worth studying if you are interested in standing out as a luxury real estate marketing professional.

David Foster, also known as the “Hit Man”, certainly is an iconoclast and a “one-man-brand”. As a record producer, composer, songwriter, and singer, he has won countless Grammy Awards and has introduced many artists who have gone on to be superstars in their own right like Josh Groban and Michael Bublé.

His roster of clients include Whitney Houston, Barbara Streisand, Celine Dion, Andrea Bocelli, Natalie Cole, Mariah Carey , Cher , Michael Jackson, Beyonce, Madona, Prince, Shania Twain, Donna Summer, Kenny Rogers, Chaka Khan. Most recently he is guiding the career of Jackie Evancho, the eleven year old child protégé with an operatic voice who “sings like an angel”.

Foster won his first Grammy for “After the Love Is Gone” by Earth, Wind and Fire. Since then he has worked with many bands including Chicago, Destiny’s Child, and the Bee Gees. He even won a Grammy for the best Broadway musical cast album of Dreamgirls.

In an interview on PBS where his “Hitman Returns” TV concert has recently been airing to help with fundraising, he had something very interesting to say about his “secret” to such a long successful career. He said that work keeps coming to him; he does not go after work. He just lets it come to him.

This is one of the best descriptions we have heard regarding the phenomenon that occurs when a person is operating their career “in the zone”, or what we call “operating spot on one’s authentic brand signal”. Foster “expects” to continuously create mega hits. And, so do the artists who hire him. He expects to deliver and they expect results. That is his secret for success.

When you are fully operating on your authentic personal brand signal it feels exhilarating. It is like singing in perfect pitch, in your best key, expecting the best outcome. Incidentally, David Foster is actually one of the rare human beings who have perfect pitch, musically.

Tuning into your authentic brand signal is one of the most important keys to your own success in marketing luxury real estate. If you then maintain the steady, stable state of positive expectation, the expectation of attracting business, the way will continuously present itself. And, it will start to feel perfectly natural and normal when business keeps flowing your way. Reach for this state of mind and, like the Hit Man, great results will surely follow.

If you haven’t already seen his TV concert you can catch most of the numbers onFoster's You Tube Channel here. We think you will truly enjoy the experience of seeing an iconoclast at work.

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Friday, August 5, 2011

Luxury Real Estate Marketing: Turning Tables on the Market Leader - Part 2

We cannot emphasize enough now important it is for luxury real estate marketing professionals, who are incumbent market leaders, to get their web sites up to speed technologically and also to embrace the right internet marketing strategies (locally and globally). Even if you have a significant lead in mind-share and market share, a non-obvious tech-savvy challenger can come along and catch you off guard. It is our strong recommendation that you become pro-active and cover all of your bases before you have to scramble to catch up, in crisis mode.

We have heard time after time, from disgruntled tech-challenged incumbent market leaders, how tech-savvy (yet not necessarily seasoned) agents are effortlessly capturing qualified internet buyer leads and selling their listings (not to mention earning equal commissions). In a buyer’s market, sellers are more prone to shift loyalty when presented with proven buyer acquisition results. This can outweigh years of experience, long -term relationships and a sterling reputation as a listing agent. If these buyer’s agents can also demonstrate a reasonable competence in marketing listings, too, they can become formidable challengers and turn the tables on you.

In Part 1 of this blog series we discussed how, in just one year, Apple and Samsung have turned the tables on Nokia, the previous market leading manufacturer of consumer smart phones. Another potential casualty is Research in Motion (RIM) whose Blackberry phones have, for years, dominated the business sub-category of smart phone.

RIM is currently in crisis mode. Many of RIM’s top sales team have jumped ship and are now working for Apple. They did not respond proactively and fast enough to properly position themselves to ride the wave of the touch screen + apps smart phone mega trend that Apple popularized.

This fall RIM is coming out with a new line of Blackberry smart phones. But, more trouble lies ahead. They acquired a very powerful operating system that could potentially compete with Apple or Android smart phones, but it will not be ready to incorporate in their phones until next year. Meanwhile, Apple is coming out with iPhone 5 this fall and several new Android phones will be released then as well. Without, the apps (RIM has a paucity of apps) do they even have what now defines “smart” phones?

Blackberry, the industry standard, became the staple of corporate America as companies purchased these devises and gave them to their employees to use primarily for work to increase productivity. Now, more and more firms are allowing their employees to use their personal iPhones and Androids at work. Note: Androids refers to the collective set of phones manufactured by a multiplicity of companies that all use the Android operating system). The result is that the very definition of the sub-category of “business” smart phones that Blackberry has dominated is becoming blurred, meaning that the difference between consumer smart phones and business phones is no longer sharply defined.

It may even be too late for RIM to stay within reach of achieving the #1 or #2 (Apple and Samsung) position in the smart phone category of mobile phones. Their market share has slipped from 19.7% to 12.9% virtually overnight. Now in crisis mode they have cut about one half of their staff. They have fallen behind the times and are slow to catch up. The tables have turned. Instead of thinking like a market leader, they must now think like a challenger.

Let this post be a sound of alarm for all who engage in the game of marketing luxury real estate. If you are an incumbent market leader, beware! If you are a tech-savvy challenger take aim directly at one of the most common vulnerabilities of market leaders—a slow response to adapt to the new technological imperatives of today’s luxury real estate marketplace.

Check out our lastest Blog Series: So You Want to Be a Market Leader

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Tuesday, August 2, 2011

Luxury Real Estate Marketing: Turning Tables on the Market Leader

To the extent that incumbent market leaders rest on their laurels, do not stay focused or do not keep up with technology, market leadership is up for grabs for any luxury real estate marketing professional with a superior value proposition and the right brand strategy. Market leaders beware! With the right brand strategy the tables can be turned on you in one year or less, seemingly, overnight.

What a difference one year can make! Take a look at what happened to the previous market leader, Nokia, in the smart phone market category. They slipped from #1 to #3. According to market research firm Strategy Analytics:

  • Apple's market share rose to 18.5% in the second quarter from 13.5% a year earlier
  • Samsung's smartphone market share jumped to 17.5% from 5.0%
  • Nokia slipped to 15.2% from 38.1% a year earlier.

To surpass Apple going forward, Strategy Analytics says #2 Samsung will need a three-fold strategy to:

  • Boost its retail presence for smart phones in countries such as the U.S., China, Japan and the U.K
  • Continuously upgrade its phones based on Google Inc's Android software, as well as Microsoft Corp.'s Windows platform and its own Bada operating system
  • Develop advanced cloud-based services

That is going to take some doing. Apple, by far, has the best customer service experience in just about any retail category. Recently, we discovered that we could not access the internet via our home WiFi on our iPad; yet we were able to connect with our laptop (PC) computer. We took the iPad into our local Apple store and encountered superlative service. They reinstalled and updated our software on the spot, free of charge, and it was fixed within minutes.

How can Samsung beat that? The idea of having this level of LOCAL service and product education for ALL of our mobile devices and computers in one place is a value proposition that simply cannot be rivaled. Apple is in the process of rolling out 24 large new stores in China, alone.

As a busy husband and wife team, who travels extensively, saving time is essential and so is the ease of sharing digital information and media. Learning to use one brand of software/hardware is much more efficient than learning to use multiple brands. Being able to instantly sync all of our data, apps and media between all devices and computers, plus having everything readily accessible online in the cloud, 24/7 (coming this fall from Apple), is an offering that Samsung or Nokia will be very hard-pressed to match.

Other brands may have some outstanding or even better product features. But, for us, Apple’s unique selling proposition is inimitable. As the challenger to the market leader (which Apple was until it became the leader) you must be able to articulate your superior value proposition in a nano-second. Here is how this plays out with Apple in just 7 words (our words):

Local Service + Total Product Integration +Wireless Synchronization

In luxury real estate marketing, when you can distill and express your distinct, extraordinary promise of value in just a few words, and those words are remarkable, people will voluntarily spread those words for you (like we just gladly did for Apple), That is how you can quickly turn the tables on the incumbent market leader in your marketplace, catching them off-guard.

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