The Language of Luxury

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Tuesday, November 27, 2012

Marketing Luxury Real Estate: One Way to Stay on Top of Your Game

One of the ways to stay on top of your game when it comes to marketing luxury real estate is watching HGTV when they feature extraordinary homes and million dollar rooms. It will help you expand your “vocabulary” in the Language of Luxury.

For example, in a recent episode of Extreme Homes, an absolutely stunning custom designed, multilevel home was featured that was built on a cliff overlooking the Southern California coastline. The homeowners are truly passionate not only about fine architectural design but also automotive design. In fact, when they drive one of their cars into the garage (on the upper level) the floor of the garage can descend into the lower level of the home where the car can be showcased like a work of art. (See the photos above).

Understanding what your clients are passionate about can help you find them the home of their dreams. It can also give you a competitive edge in a listing presentation when you can connect with homeowners on their level.

The more you are familiar with the many facets of the luxury realm the more you will have in common with your ideal clients. The faster you can build rapport the faster you can build trust. This also translates into the acceleration of referrals. And, that is a great way to stay on top of your game.

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Tuesday, November 20, 2012

Luxury Real Estate Marketing Trends: My Kitchen has Bedrooms

As a luxury real estate marketing professional you understand the importance of an outstanding kitchen design when it comes to marketing luxury homes. You would be the first to advise your seller to remodel or upgrade the kitchen in order to get maximum value for their home.

An interesting trend has emerged in building or remodeling high-end homes. According to the National Association of Home builders, the average square footage of kitchens has increased by about 50% in the last 30 years (from 303 to about 450 square feet on average). In the fourth quarter of 2011 the American Institute of Architects Home Design Trends Survey also noted that the size of the kitchen’s footprint in a home was growing.

Joanne Hudson, a Philadelphia based kitchen designer, says: “This trend is partly driven by a shift toward a more casual lifestyle, where people often want to prepare food with company either watching or helping them cook the meal. More people are cooking at home for health reasons—as well as wanting to show off the latest in increasingly pricey commercial-grade home cooking appliances.”

Toll Brothers has added an option for a 440 square foot kitchen in their model homes. Other builders, such as KB homes and The New Home Company have remarked that kitchen sizes, on average, account for about 15% of its homes' total floor plans in a typical 4,800-square-foot model. This is up from 10% of a similar home's plan seven years ago.

What comprises a supersized kitchen? These kitchens now include a great room, a family room and are often connected to an outdoor kitchen. It is as if the kitchen has bedrooms and that make it a home.

How much does a supersized kitchen cost? Investing in a major kitchen remodel in an upscale home costs $111,000, on average. 57.4% of the costs typically are recouped in a resale, according the most recent annual Remodeling magazine report.

An extreme kitchen home in Beverly Hills is currently in escrow with an asking price of $58 million. The home has a 5,000-square-foot kitchen with seating and dining areas, a glass walk in refrigerator and freezer as well as a butler’s pantry. The entire room opens on to a beautifully manicured formal garden.

Become knowledgeable not only about kitchen design but also about top-of-the line appliances. That way you can advise your clients about the potential value they can add to a home either as a buyer or a seller. Your expertise in this arena will also add value to the service you provide and enable you to run circles around your competition.

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Monday, November 19, 2012

Luxury Real Estate Marketing Tip: Pick Your Niche Wisely!

Courtesy of Microsoft

Identifying an undeserved or uncontested market niche, then dominating that category is the fastest route to market leadership in the field of luxury real estate marketing or any field of business for that matter. To be successful in your chosen category, however, it must be a category that you or your company, can serve better than anyone else.

When Steve Jobs first introduced the iPad he presented perhaps the best demonstration in the digital age of this fundamental principle of brand strategy. On the screen behind him was an image of the iPhone and a MacBook laptop, with a space between them. He posed this very important question: “Is there room for a third category of device in the middle?

In this article we are going to use Steve’s logic to analyze whether there is room for yet another category in the middle between a smartphone and a laptop. This is the question to which Microsoft answered, “yes”, with their new Surface device.

According to Jobs, to qualify as a legitimate third category the iPad would have to do some things far better than either of the other two devices. For example, browsing the Internet, or using the device for email, photos, video, games and eBooks would have to be a far better experience than doing the same thing with a smartphone or laptop.

At the time netbooks were selling like hotcakes. But, Steve summarily dismissed the netbook as a “cheap laptop” not a new category. With over 100,000,000 iPads sold to date consumers have confirmed the need for this distinct third category.

When you are on the lookout for a luxury real estate category to dominate keep this netbook example in mind: You need to define a niche that is clearly distinct from other categories, a niche to which you or your company can add extraordinary value.

Microsoft’s Surface is their first foray into the category of tablets and laptops. In fact it is a hybrid of the two categories. A flat keyboard (which costs extra) can snap into the tablet, while the tablet is in standing mode, and turns the tablet into a laptop. But, at the end of the day, doesn’t that turn their tablet into a netbook—another cheap laptop?

No doubt Microsoft is following in Apple’s footsteps in attempting to control the entire user experience from hardware to software. Surface runs on Windows 8, which is a completely overhauled version of their flagship product that now works with touch screens.

Windows 8 may help Microsoft become a distant third major player in the tablet arena in the same way that #2 Google became a challenger to #1 Apple with their Android platform used by multiple manufacturers of tablets But, the Surface itself does not create a new product category because it does nothing far better than a laptop (that can also run Windows 8) or any other tablet on the market. As such, it confuses consumers as to which devise category it belongs. Is the Surface a tablet or a laptop?

Select your luxury real estate marketing category wisely. Pick an underserved or uncontested market niche that you can serve better than anyone else!

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Wednesday, November 14, 2012

Luxury Real Estate Personal and Company Branding: Are You a Jack of All Trades?

Brand positioning is one of the most misunderstood concepts in marketing. Yet, it is, by far, one of the most important concepts for you to understand as a luxury real estate marketing professional if your quest is market leadership.

To accelerate word-of-mouth advertising, you need to make it clear to your target market exactly what category of services (or market niche) your brand stands for. The goal is to be the first brand name that comes to mind in your chosen category or niche.

Positioning your personal or company brand in the minds of your target market enables YOU to establish the brand category with which YOU want to be associated in their minds. If you do not make your brand position abundantly clear by staking a claim to a specific category, or if you try to be all things to all people, they will undoubtedly pigeonhole you in the wrong category.

We know a very talented real estate agent who dabbles in many categories including investments, single family homes, condos, REOs, fractionals, foreclosures, international, commercial, etc. She is a “jack of all trades” and not a master of one. To her credit, she makes a decent income by most standards. But, she does not even come close to realizing her full potential as a market leader, which is easily within her reach if she were to focus on a single profitable category or market niche.

Companies spend millions of dollars each year trying to get their products’ brand names to come to your mind first when you think of their product categories. Here is an example of brand positioning that illustrates the importance of “owning” a single category.

Did you ever hear the commercial about a couple arguing over the subject of mints? One says, “Certs is a candy mint”. The other says, “Certs is a breath mint”. Then, the announcer says, “Stop! You are both right. Certs is the only mint that is two, two, two mints in one”. Obviously, the company positioned their product in two categories.

Here is the challenge: If you personally wanted to buy a candy mint would you think of Certs first? Or, if someone asked for a recommendation for candy mint would Certs come to your mind first? Ironically, this product does not contain even one drop of oil from a mint plant.

Later, they focused their ads on a single brand category (breath mints) with laser sharp communication. They magnified the pain of having bad breath and also the need for their product with a crystal clear value proposition in this brilliant slogan: “ If he kissed you once, will he kiss you again? Be certain with Certs!”

In marketing luxury real estate you already have narrowed your category in the overall real estate field. Now, narrow your category further. Position yourself or your company as the expert in that niche! Become the big fish in a smaller pond, provided that the category has the potential to generate the income you desire. Go for the lion’s share of a smaller category and “own” the category in the minds of your target market. Only then can you capitalize on the amazing economic benefits of word-of-mouth advertising, because your brand comes to mind first in that category.

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Tuesday, November 13, 2012

Luxury Real Estate Marketing Tips: These Boots Are Made for Sparkling…

Co-branding is a synergistic marketing strategy involving two or more brands that can each benefit by expanding their marketing reach because they share the same target market and the same brand values. The challenge of successful co-branding is picking your co-branding partners wisely so that you do not confuse your ideal clients or customers. Co-branding is an excellent strategy for leveraging marketing your marketing dollars and it is underutilized by luxury real estate marketing professionals.

The idea behind co-branding is to act cooperatively and leverage the strengths of the each brand. It is a great way to differentiate products and services in a highly competitive marketplace.

We offered an example of successful co-branding in our post about two Italian brands, Pellegrino and Bulgari, who teamed up to create colorfully bejeweled bottles of the sparkling water at Holiday time. An example of a co-branding fiasco was covered in our post about Barney’s (an edgy New York based high fashion brand) and Disney (traditional family brand) who triggered extreme controversy that tarnished each of their brands in the process.

This picture (above) is an example of a co-branding that is harmonious and works extremely well. Stuart Weitzman is an international high end shoe company. This company is known for using unusual materials in manufacturing shoes such as cork, vinyl, Lucite, wallpaper and 24kt gold. Their attention to detail has created a worldwide following.

Stuart Weitzman teamed up with Swarovski, the premier manufacturer of crystal. Swarovski is well known for their sparkling crystals designs in sculpture, chandeliers, and jewelry. This is a perfect match. Adorning evening and holiday footwear with Swarovski crystals fortifies the unique shoe perspective of Stuart Weitzman and also promotes the sparkle of Swarovski.

How can you co-brand with luxury services and products that are harmonious to your luxury real estate marketing practice and leverage your marketing dollars by doing so?

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Thursday, November 8, 2012

Marketing Luxury Real Estate: The Big Reveal in Beverly Hills, Before & After

In April, we wrote a post illustrating how remodeling is creatively camouflaged in Beverly Hills. We featured the Bulgari jewelry store who, in keeping with their brand identity, had designed a bright golden opulent camouflage while remodeling their store. True to their identity, the store board was colorful and attention getting. We feel it is spot on its brand signal. It is perfect for who they are!

And now, here is the big reveal. They still have work to do. The windows were being washed early this morning. Paper is covering the front door and the windows. No doubt they are working on the finishing touches.

Below is the side view on Brighton Way and Rodeo Drive, and these windows are paintings of the latest brooches they are selling. We thought it was a beautiful store. Here is the detail of what is creating the pattern behind the glass.

These are made from metal colored platinum, silver, and gold. The very center has a polished line and there are hung on metal lines positioned to create a pattern. We feel the look is in keeping with their brand, elegant, innovative, and edgy. What do you think?

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Tuesday, November 6, 2012

Personal & Company Branding: Strategic Partnerships- Pushing the "Skinny" Brand Envelope

As a luxury real estate marketing professional if you are thinking of co-marketing with another company, organization or individual be sure to pick partners that have the same demographics and psychographics (values, attitudes, interests and lifestyles). Otherwise, you will dilute your marketing message, and also confound and confuse your target market. Here is an example of how two well-known brands created a PR fiasco because they did not follow this important branding principle.

In an effort to attract foot traffic to its flagship store in on Madison Avenue, Barney’s, the luxury retail store, has partnered with Disney to promote high fashion. There could not be a better example of a co-marketing mismatch both in the demographics and psycho graphics of their target market.

Disney morphed the bodies of their iconic female characters into size 0 models wearing designer clothes in their Electric Holiday Moving Art exhibit. Minnie Mouse is now elongated like a runway model. (See pictures). What were they thinking?

The skinny Minnie and other Disney characters such as Daisy Duck have infuriated some of the public. Change.org is raising awareness to the negative effects of shrinking Minnie and Daisy. Here is what they shared:

According to sources cited on the non-profit National Association of Anorexia and Associated Eating Disorders website:
•47% of girls in 5th-12th grade reported wanting to lose weight because of magazine pictures.
• 69% of girls in 5th-12th grade reported that magazine pictures influenced their idea of a perfect body shape.
• 42% of 1st-3rd grade girls want to be thinner.
• 81% of 10 year olds are afraid of being fat.

Here is the statement released jointly by Barney’s and Disney:

“They have deliberately ignored previously released information clearly stating this promotion is a three-minute ‘moving art’ video featuring traditional Minnie Mouse in a dreamlike sequence set in Paris where she briefly walks the runway as a model and then happily awakens as her normal self wearing the very same designer dress from the fashion show.”

To this, Change.org replied, “

Girls have enough pressure to be thin; now the beloved Disney mouse of their childhood has to add to the message that the only good body is a tall, size 0 body? Enough already. Let’s give girls a chance to celebrate the actual bodies they have instead hating them for not fitting into a Lanvin dress. Then maybe enough girls will get together and demand dresses that look good on their actual, non-digitally altered bodies and designers will just have to become talented enough to design a dress that looks good on them.”

What do you think about this?

Avoid PR debacles like this at all costs. Be sure to pick your strategic partners wisely. Make sure you are aiming for the same target market both from a demographic and psycho graphic standpoint.

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Monday, November 5, 2012

Luxury Real Estate Marketing Tip: The Luxury of Consistency

We just got off the phone with our expert SEO/SEM expert, and he mentioned that consistency and fresh relevant information is the key to maintaining a high ranking on Google. That made us think of one of our favorite restaurants in Santa Barbara, which is Cielito in the La Arcada center. Last Friday, after an arduous week, we decided to have dinner there. They exampilfy consistency and fresh relevant interesting food.

The picture you see above is of their new appetizer, a crostini with avocado mousse topped with "uni" aka Santa Barbara sea urchin, topped with microgreens and tobiko (fish roe) with a wasabi dressing...They change the menu to reflect the season's availability, and whatever is on the menu is brilliantly prepared. We also tasted their chicken mole, and we both agreed it was the best mole we have eaten. It had just the right hint of chocolate and spice. We have been there for lunch and dinner, and we always walk out delighted and surprised at another new taste. Of course, the service is superb, the wait staff works as team and they are all knowledgeable.

As a luxury real estate marketing professional, your web content/blogging has to be relevant, fresh and consistent, so that your readers will look forward to the next installment.

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Thursday, November 1, 2012

Luxury Real Estate Personal and Company Branding: Can a Brand be Saved?

Recently, I (Alexandra, here) was reading an article written by the Knowledge@Wharton from the Wharton business school at the University of Pennsylvania. This article discussed the fate of the Lance Armstrong brand as well as his charitable organization, Livestrong founded to support cancer survivors. The discussion was well thought out and made sense. Here is an excerpt, to read more...

“Livestrong was built on the cult of Armstrong’s personality,” Katherina Rosqueta, executive director of the University of Pennsylvania’s Center for High Impact Philanthropy. “That personality has now gone from being an asset to a liability. If Livestrong can show meaningful impact for the funds it has raised, then it can probably survive this. If it can’t, it won’t”

Over time, Americus Reed, a Wharton marketing professor, predicts that Armstrong’s image as the face of the charity will fade. “People will always remember he started it, but it’s not clear to me right now that there will be a long-term negative impact on Livestrong,” he says. “As this goes on for Lance, however, with no statement and continued denial, his brand is going to continue to decay.”

What impressed me most was a comment made by a reader. Christopher Lambert:

If we say Lance is irredeemable aren't we passing the same sentence on the worst parts of our self?

One of the risks of being a celebrity is the fact that the media is just as capable making you an overnight success as it is capable of instantly destroying your reputation. It leaves little room for redemption. What the media is counting on is that their audience does not think for themselves like Christopher Lambert did.

What do you think?

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