BANKSY IN BRISTOL, UK Photo Courtesy © Lucavanzolini
Top-of-mind status for your personal or
company brand is the ultimate goal for achieving market leadership
because it can translate directly to your bottom line. More often than
not there is a direct correlation between your annual commission income
(vs. your closest competitors’) and the agent or company’ brand name
that comes to mind first within a specific luxury real estate marketing
category or niche therein.
This phenomenon is known as your brand
value. Not only can the perceived added value be reflected in your
revenue, it can also reflected in the value of your company itself, in
the form of brand equity, should you decide to sell or do a joint
venture with another firm.
The value of a personal or company brand was made explicitly clear in a Forbes article, (sent to us by Fort Collins real estate broker, Dick Greenberg),
on Banksy, a British street artist who specializes in stencil graffiti.
Banksy, recently conducted an experiment in New York’s Central Park,
where he set up a simple, temporary stall selling original, signed
canvasses of his “Spray Art” for just $60 each. Keep in mind that Banksy
has sold some of his art pieces for over $1 million to the likes of
Brad Pitt and Angelina Jolie.
Photo Courtesy of Wikipedia
At the end of the day his total sales
amounted to $420. (Watch the Video). One article in the New York Times
announcing this one-day event would have caused mayhem in Central Park
and a complete sell-out of all canvasses to the first buyer in line.
The agreed upon perceived value of a
brand represents a mental shortcut when you think of a brand category or
high trust factor when you need a recommendation for a product or
service in that category. If you trust a brand or the person who
recommended it you may be more likely to choose it or pay a premium for
it.
Here is a true story of how this plays
out in the realm of luxury real estate. An agent from a highly regarded
major luxury brand brokerage firm was selected to list a multi-million
dollar equestrian estate over an agent from another major company, but
lesser known for selling expensive properties.
The other agent was far
more knowledgeable and more experienced in all things equestrian in this
case, than the agent that was chosen because of the perceived added
value of her company brand.
At the level of market leadership, when
the lion’s share of business is at stake, getting your personal or
company branding right is an imperative. It is not essential if you are
willing to settle for less.
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