As we stated in part 1, those luxury real estate marketing professionals who are bent on gaining or sustaining market leadership, achieving top-of-mind status is the ultimate goal. The first brand name that comes to mind commands the lion’s share of the business in a brand category within a given marketplace or niche therein. But, dominating a brand category requires the consistent execution of brand strategy.
In our recent travels, we noticed how people are willing to wait in line for a particular brand or service. The first shot was taken at the Louis Vuitton store in Paris on a Sunday afternoon. This was the second time we had seen lines there. No other luxury brand had a line. The Louis Vuitton brand is the #1 brand in the world. Buying a Louis Vuitton product in Paris (the origin) means even more to the people standing line, than buying it in their hometown, even though Louis Vuitton had stores worldwide including one in Outer Mongolia.
Lines create buzz. It makes one want to find out what all the fuss is about. When Krispy Kreme was at its peak, and went public, we reported that people were lined up outside at their stores, and prior to the opening of the store in Australia for 48 hours. Those lines are gone now. Was it a fad? Or, Was it a lack of consistently executing brand strategy? What do you think?
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