Brand strategy is a concept that is often misunderstood in the realm of marketing luxury real estate. The reason it is not crystal clear to many agents and brokers is because it only applies to the subject of gaining or sustaining market leadership. The purpose of strategic branding is to achieve “top-of-mind status” which enables you to command the lion’s share of your market. It takes a certain entrepreneurial “gene” to embark on what we call “the unabashed pursuit of market leadership”. And, it takes strategic thinking to achieve the #1 or the #2 position in the minds of your target market.
Perhaps the company that is most unabashed about its pursuit of market leadership is Google. With a 63% market share of all searches performed on the internet and a 53% penetration in the smart phone market for its Android operating system, the pursuit of market leadership is something that Google takes very seriously.
Recently, Google’s Chrome surpassed Firefox as the #2 most widely used browser behind Microsoft’s Internet Explorer (IE). According to the Wall Street Journal IE's market share is down from 56% to 40%. Chrome has 25.7% and Firefox has 25.2%. Can you see that brand strategy is irrelevant to Opera, another browser, unless they want to challenge the incumbent market leader or overtake Chrome and Firefox as #2?
For most consumers, the differences between browsers negligible. How many consumers could actually tell you the difference between the top three? Yet, one enjoys top-of-mind status over all the rest. It takes a very fine-tuned strategy to win the lion’s share of mind share and thus, market share.
Browsers can be downloaded for free. So what is at stake to be #1? The browser can dictate which search engine the consumer will use and that is where the advertising dollars are made. Google was a major investor in Firefox and Firefox features Google’s search engine. They split the revenue generated by pay-per-click advertising. Google is also the search engine for Apple’s Safari browser, which is why Google is truly the king of the search jungle.
That Firefox investment was an excellent strategy on Google’s part. By dominating search on Firefox in addition to Chrome , Google most likely has eclipsed the revenue generated by Microsoft’s Bing search engine featured on Internet Explorer.
What is at stake for you, as a luxury real estate marketing professional if you were to embark on the unabashed pursuit of market leadership?
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