Luxury real estate marketing
professionals often ask us about the importance of selecting the right
brand name. It really comes down to how fast and easy you want to make
it for your potential referral sources to remember your name, because
top-of-mind status IS the name of the referral game.
In marketing luxury real estate,
previous conventional wisdom focused primarily on your “sphere of
influence”, those people who know you directly and think highly of you.
But, with the advent of the Internet and social media the very concept
of your sphere can change radically.
The fundamentals of staying in touch
with your immediate sphere still apply. But, now there is a potential
to have a continuously expanding “peripheral sphere of influence”
comprised of people you have never met! And, the aggregate of that
sphere can literally become a significant source of referrals.
Here is an example: A couple comes to
your town on vacation, has a great time and is inspired to purchase a
second home in your marketplace. They ask a local, a stranger, “Who is
the best real estate agent or broker in the area? Now, if you can get
your name to come up first for that local person, even if that person is
not in the market to buy or sell their home right now, that person is
in your peripheral sphere of influence.
Don’t you think it is important
to make it easy for that person to remember your name, first?
Some of the best brand names are those
that you hear once or see once and never forget. Here is an example of
one of those great brand names: HAILO, the taxi app or iPhones and
Androids. This name may be more significant for those of you who live
in a major city and frequently use taxis for transportation. But, once
you have heard about it once you are very unlikely to forget it.
With just a couple of taps of your phone
you hail a cap and it tells you what your wait time will be. No more
flailing arms to summon a cab! Then, as soon as you step out of the cap
at your destination, it sends you a receipt, because your credit cards
are on file for immediate payment with the app. The service is
available in New York, London, Tokyo, Chicago and five other cities so
far.
Graphically, the logo is very simple.
HAIL on one line, O just below. Black letters with “yellow cab” yellow
background. It is a better way to hail a cab in just one word.
There are many tried-and-true principles
and approaches that can be applied in crafting a great brand name.
Selecting the right approach for your luxury real estate practice or
your company in your marketplace is the key. It must fit the essence of
who you are. And, it must help you differentiate you from your
competition.
Is it worth taking the time to make the
right brand name choice? It is if you want to capitalize on and expand
your peripheral sphere of influence.
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