Thursday, July 26, 2012

Luxury Real Estate Branding: How Strong is Your Brand Recognition, Part 4

Countdown Olympic Clock/Photo by Alison 14

As a luxury real estate marketing professional, the key to building strong brand recognition is associating you or your company with a category or niche that exists not just in your marketplace but also in the minds of your target market. Studies have shown that most humans typically hold up to 3 brands per category at most in their minds. If you do not come up as top-of-mind in a category your market share or lack thereof, will usually reflect this important branding phenomenon. Try some 15 second categories quizzes to get more of the idea of how this plays out.

How many brands come to your mind in just 15 seconds when you think of:

  • Smart Phones?
  • Cellophane adhesive tape?
  • Singing-only talent competitions on TV?

As we approach the opening day of the Summer Olympics in London, only 3 medals will be given out in each sports category: gold, silver and bronze. The majority of us may remember the name of the Gold medal winner long after the event. But, will we remember the names of the silver and bronze winners?

In the men’s swimming competition what is the first name that comes to mind? Can you think of another? Michael Phelps who has 14 gold medals and two bronze will most likely come to mind first rather than Ryan Lochte who has 3 gold medals, two silvers and one bronze. Can you think of the third swimmer in this category?

Luxury real estate marketing professionals often underestimate the importance of achieving top-of- mind status in a specific category. What is at stake in reaching the top? The lion’s share of the business in your category! Focus on and conquer a single category or niche within your marketplace, then expand from there.

Become identified with that category, and you will experience a significance spike in business. If you already enjoy top-of-mind status, beware! Do not get complacent. A challenger may be right behind you who is bent on increasing its brand recognition strength and market share at your expense.


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