In Part 2
of this series we discussed what to do If you wanted to challenge an
established luxury real estate company with deep roots in your
community, i.e., a company with traditional values, a heritage brand
with provenance (a brand story rich in history). But, what if your
competition is young and progressive. How can you position yourself or
your firm as just the opposite--a heritage brand with provenance?
To recap, a brand position is the
summation of what you or your company stands for. Heritage brands stand
for a history of traditional values and are often associated with the
geographic location in which they were established which gives the brand
provenance.
The opposite of a heritage brand
position would be contemporary brand. In the product category of
cosmetics, Bobbi Brown, MAC or Benefit are contemporary brands.
Guerlain, Lancôme and Christian Dior, are heritage brands with a
provenance rooted in Paris.
Each brand position attracts a different
target market because branding is all about matching the brand’s values
with those who aspire to or embrace the same values. The best brands
are those who clearly articulate their brand position and do not try to
be all things to all people.
Two global luxury real estate heritage
brands are Sotheby’s and Christie's. They are both over 200 year-old
auction houses established in England. Like the antiques and painting
that they auction the companies themselves have provenance. These
brands provide a historical, international context for their respective
real estate businesses, which adds to their value proposition. What they
do not have is the provenance of a local independent firm, which can be
a competitive advantage if positioned effectively.
Creating a new heritage brand with
provenance can be challenging. But, here is an example of a luxury denim
jeans company that pulled this off brilliantly.
Do we really need another jeans
company? Nordstrom’s carries dozens of jeans brands; Macy’s seems to
carry even more brands. Just about every major clothing designer has a
jeans line. How can one startup company hope to differentiate itself in
a sea of fierce competition? Perhaps, these are questions you have
asked of yourself as a luxury real estate marketing professional.
Imogene + Willie,
in Nashville, Tennessee was founded in this millennium by the husband
and wife team of Matt & Carrie Eddmenson. They source raw selvedge
denim that is woven on the antique shuttle looms of North Carolina’s
iconic Cone Mills. Their classic style jeans are sold out of a
retrofitted gas station and also online. Prices begin at $225.
Their story is endearing, genuine,
wholesome and authentic. The Eddmensons explain how their grandparents
on both sides of the family infused them with love and genuine
traditional values, values that give them a foundation of heritage,
lineage and thus, provenance. They hired people who also match their
values and their vision for producing the best fitting jeans, custom
tailored to fit you, perfectly. They pass along these traditional values
in every pair they sell.
If you have the time to read their story and
watch their video you may just be inspired to hop on a plane and have
your next pair of jeans custom fitted by these two in Nashville. If you
value the richness of stories like theirs, a true piece of Americana,
and the luxury of owning jeans that were hand made for you in the USA
you will understand why provenance is so important to luxury real estate
personal and company branding.
Watch for Provenance, Part 4, LOCATION, LOCATION, LOCATION!
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