Wednesday, July 18, 2012

Luxury Real Estate Branding: Do You Need a Brand?

Do you need a brand for your luxury real estate marketing business? You need a brand if you are in pursuit of market leadership in your chosen niche. A clearly articulated brand facilitates referrals and decision-making on both sides (sellers/buyers) of the real estate game.

Like it or not, we are branded from the moment we are born. Brands are labels; they are a shortcut and a time saver for the mind. They are so obvious that we take them for granted. They become invisible.

The moment we look at someone, our mind’s computer begins to assess and pigeonhole. The more we are pressed for time the more we rely on snap judgments.

With products and services, once we pigeonhole a product or service in a category we equate the category and the brand. And, we only have room for a few products or services in each category, at least from the standpoint of being able to readily recall the brand name. The goal of branding is to achieve top-of-mind status in that short list of products or services within any given category.

To stand out and reach the top of the list you have to make it easy for others to communicate about your brand to others. That is the challenge of branding. It is all about making a compelling case to be at the top of the mental list, in your category, for your target market. If they are convinced that you should be at the top of their list, you must empower them to convince others.

Think of a brand that you like. What would you tell someone about it? How did that brand get to the top of your list? Getting to the point where one wants to refer you requires a continuous strategy and marketing plan that secures your brand recognition and your dominance in the marketplace.

Tiffany’s is the quintessential luxurious American brand when it comes to engagement rings. That is an example of equating a brand with a category. In the minds of young women about to be engaged, Tiffany’s is the place to go. It is at the top of the list in the engagement ring category. Tiffany’s has cultivated that top-of-mind status through brilliant strategy on all fronts. Last year, they premiered their now successful interactive site, What Makes Love True, solidifying their position as the premiere place for engagement rings.

Are you on the top of the list in your category for marketing luxury real estate? Or, do you need a brand?


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