When you are passionate about what you
do and you have aligned your passion with a career path that can deliver
the economic benefits that you desire, opportunities seek you out.
And, you can perceive opportunities quicker than your competition. In
fact you can find the trail to opportunities in even the most mundane
non-obvious places.
As passionate brand strategists in
luxury real estate marketing we find the opportunity to expound upon the
principles of branding everywhere we look. Here is an example of the
value of achieving top of mind status. Recently, we had a minor
overnight invasion of ants that attacked the cat food. We were
fortunate to nip this problem in the bud. But, we decided to take
preventative measures for potential midnight raids. We sought out ant
bait/traps. Two brands were prominently displayed: Combat and Raid.
Both boxes were the same price. We assumed they were equally
efficient.
Raid is the brand that comes to mind
first for us and Combat is not even on our radar screen. Combat had 6
traps in the box and Raid had four. Raid, obviously commanded a 50%
premium based on their brand recognition. In a time starved world the
majority of people would select to brand that comes to mind first,
underlines the value of brand recognition. There is no inherent value
of the actual ingredients of the product. Trust in the brand is the
added value.
We selected Combat overriding our
natural proclivity to the brand that came to mind first. This is a mega
trend in luxury marketing today: luxury brands themselves getting away
with a 50% plus premium on their name alone, they have to demonstrate
actual value.
Sellers and buyers are getting smarter
when it comes to luxury real estate. One of the interesting outcomes of
the global economic upheaval, luxury real estate consumers are looking
for intrinsic value and are unwilling to pay a premium for a home or any
other goods, if the intrinsic added value is non-existent. As a luxury
real estate marketing profession, it is now imperative to define your
added value and it better be substantive, so that you can achieve top of
mind status. Does your brand command a premium?
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