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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