Luxury Real Estate Personal and Company Branding: Simple and Memorable Branding, Part 3

Like wineries and beauty products, the food industry is another highly competitive field, even more so than luxury real estate marketing.  The competition for shelf space and visibility in the various markets is a constant juggling act. Our research shows that the cookie and cracker-manufacturing sector is expected to reach annual revenues of $410 billion by 2015.    

Trader Joe’s carries many cracker and cookie brands, and recently they have contracted with manufacturers to produce their own label of cracker brands.  Unlike other manufacturers, they are in control of their shelf space.  And they understand that in order to sell it to their customers, branding is just as important as taste.  After tasting, “Some Enchanted Cracker,” we were delighted with the taste as well as the name.

Humor is often employed in crafting Trader Joe’s brand names. No doubt, the song “Some enchanted evening,” from South Pacific was an inspiration for the name.  The packaging is uncluttered for this unique multi-grain cracker.

According to industry experts, “The top 50 companies [in the dry baked industry] account for more than 90 percent of industry revenue.  Small operations can compete effectively by manufacturing allergen- and sugar-free products, high-end cookies and crackers, or products containing unusual ingredients”.

The same applies to marketing luxury real estate.  There is always room for sharply focused niche players.  The key is to cleverly brand yourself and your niche to stand out.

Is your brand simple and memorable?

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Luxury Real Estate Personal & Company Branding: Simple & Memorable Branding, Part 2

Like wineries (covered in Part 1 of this article series), the beauty products industry is another highly competitive industry, even more so than luxury real estate marketing.  The numbers are staggering. One expert predicted that by 2017, total revenue in the global beauty market would be $257 billion dollars.    

With so much at stake, expert branding is the key to standing out on cosmetic counters worldwide and capturing mind share, then market share.   One of the rising product category stars in beauty marketing is combining the foundations and the moisturizers all in one tube, which is known as the “beauty balm”.  The idea here is to keep it quick and simple for the busy ladies of the world. 

Depicted here is a beauty balm brand that is both simple and memorable. Too Faced is a clever play on the words “two” (as well as two products in one), and also the expression, “two-faced”, which means hypocritical or duplicitous.  It also communicates the product’s promise of value: looking better, or putting on a better face.  

Is your brand simple and memorable? 

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Luxury Real Estate Personal & Company Branding: Simple & Memorable Branding

The competition in the wine industry is even fiercer than in luxury real estate marketing.  Many wineries pay over $80,000 for a brand label given that wine production in the United States is growing.  Many states are newcomers in the wine industry and they want to outdo the California wineries, which represent 90% of American wine production.

Here is an example of label that is both simple and memorable.  Pedrigris Wine is a play on the word “Pedigree”.  It also represents the grape content, which is Pinot Gris, which further explains the change in spelling. The back label reveals that this wine grown in the Yakima Valley in the horse country, hence the label with a horse.  Note the horseshoe within the date completing the theme.  And to add more credibility to the brand, this wine is bottled and cellared in St. Helena, California.

Is your brand simple and memorable?
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Marketing Luxury Real Estate: Knowing What Your Stand For!

After lunch at one of our favorite places, the Blue Owl, in Santa Barbara, we noticed this sign once again in Nordstrom's windows and in the entry way to the store.  As we took the picture, several people applauded and said, "that is why we like shopping here.  We are not ready for the 'merry' stuff!"

We agree, one holiday at a time, let's celebrate and savor each moment!  Wishing you a delightful weekend.

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Marketing Your Luxury Real Estate Practice: Social Proof or Social Spoof? Part 3

THE CHAIN OF SOCIAL PROOF

We all know how good it feels to get a referral from someone who knows you or has previously worked with you. When a prospect does not know whom to trust to represent then in the sale or purchase of a luxury home, they rely on the judgment of others as social proof.  The fact that the referring party endorses you provides social proof in lieu of direct experience.  If you are also be part of a company or a well-known luxury real estate affiliation it can quicken the decision making process because it adds additional social proof as an endorser brand. 

Recently, our good friend who orders wine for Trader Joe’s tipped us off about a great wine bargain, but with a limited quantity.  He recommended Piper Sonoma Pinot Noir at a ridiculous closeout price and we bought a case. 

It happened that we have toured the caves of Piper-Heidsieck Champagne in France and also know about Piper Sonoma, an affiliate winery, because we lived in nearby Napa Valley.  When we heard about this opportunity we jumped on it because we already trusted both brands.  After all, we actually saw the dedicated area in the wine cave in France where they cellar the Queen of England’s Piper-Heidsieck Champagne on her behalf. Can you see the chain of social proof that was established? 

Now, we also trusted our friend who referred us to this wine. He had just tasted it and swore by it. So, his word alone offered social proof. But, like your real estate company can be an endorser brand for your personal brand, Piper-Heidsieck was an endorser brand for their California winery. Because of the lineage or provenance of the Champagne house we were inclined to instantly trust not only our friend’s judgment but also the reputation of the Piper-Heidsieck brand.

THE CHAIN OF SOCIAL PROOF:

TESTIMONIALS + ENDORSEMENTS = REFERRALS

When you receive a referral your prospect relied on social proof, the judgment of the referring party, your mutual contact. But, always keep in mind the importance of the reputation of your endorser brands in the decision making process.  Consistently developing a strong chain of social proof, including testimonials and endorser brands, speeds trust and make you impervious to social spoofs.

Part 1,

Part 2

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Marketing Your Luxury Real Estate Practice: Social Proof or Social Spoof? Part 2

Seal of Approval

In Part 1 of this article series we discussed the importance of genuine testimonials. We questioned the authenticity of social media “Likes” and “Endorsements” as a form of social proof, a phenomenon that occurs when prospects defer to the judgment of others who endorse you. Here, we discuss the value of “endorser brands” in luxury real estate marketing.

One shortcut that can make it easy to communicate your unique promise of value is to associate your personal brand with an endorser brand. An endorser brand is like a seal of approval.  It lends the established social credibility of another trusted person or company to your personal brand.

If your personal brand is your primary brand, your company brand is your secondary brand that can endorse you. The reputation and social currency of your company can either add additional credibility to you, or diminish your personal brand. Associating your personal brand with the right company brand can often be the deciding factor in getting listings. 

To get the idea of how endorser brands work outside of luxury real estate marketing get the idea of Oprah endorsing you.  The “Oprah Effect” has been credited for turning books into best sellers and making celebrities, like Rachel Ray and Dr. Oz become overnight successes. In England if your firm receives a Royal Warrant from the Queen that is all the social proof you need to be extremely successful.

Endorser brands can contribute significantly to your social profile and set you apart.  Some endorser brand in luxury real estate include Luxury Portfolio, Who’s Who in Luxury Real Estate, Christie’s Great Estates and the Institute for Luxury Home Marketing. These international networks and professional development brands can give you that extra credibility that become the tipping point in gaining a new client.

Be careful which company you select and the affiliations you make.   Think of what happens when companies who affiliate with celebrities who run into personal problems that are exposed in the media. This can become a public relations nightmare. At that point social proof becomes a social spoof! 

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Marketing Your Luxury Real Estate Practice: Social Proof or Social Spoof?

As a luxury real estate marketing professional it is essential to have testimonials as part of your marketing package.  That way you can leverage the highly effective marketing principle of “social proof”, a phenomenon that occurs when prospects defer to the judgment of others who endorse you.  

Social proof is a powerful influencer when someone is about to choose a luxury real estate marketing professional to list their home or assist them when buying.  When your social proof profile is authentic it can help to generate leads and sales. 

The evolution of social media has several practices that attempt to create authentic social proof.  Both Linked In and Facebook have endorsement systems, where your contacts can endorse you or like you as a professional.  This can often lead to Social Spoof, which can be deceptive. 

In our experience, many of these endorsements are from people who have no idea who you are or what you do.  They just want you to reciprocate.  This becomes a ridiculous numbers game that gives the recipients of endorsements bragging rights.

But, after the initial wave of this form of social proof who is really buying it as authentic?

And now, here comes Stik.com, a fee based service that sends messages to people in your Facebook or Linked In world prompting them to give you an endorsement.  We recently received this e-mail sent via Stik.com on behalf a subscriber that we knew years ago:

 “John Doe (we changed the name to protect the innocent) is waiting for your review.  Lack of reviews can cost mortgage brokers $36,000 in lost revenue.  John currently has only 7 reviews, so your endorsement can make a major impact on John’s bottom line.  Please click here to support John with your recommendation.  It takes less than 2 minutes to lend a hand. “
All the best
Your Friends at Stik/ Unsubscribe here

Do you feel the guilt that is heaped here?  We may be responsible for this man’s failure, if we do not endorse him.  We never used his services so we could not give a genuine testimonial. It really made us wonder about the authenticity of social media endorsements as a form of social proof. 

Social proof or social spoof-what do you think?

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Luxury Real Estate Marketing Tip: Finding your X-Factor

As a luxury real estate marketing professional have you ever wondered why someone else was given a premium listing?  Have you asked yourself why you were not even called to do a presentation in an area where you have sold many listings, and should be considered an expert?  Could it be that you were missing your “X Factor” and simply did not stand out as a result? 

To us the X Factor represents impeccable manners, amazing follow through, and the cultivation of a “high touch” relationship.  That is what we strive to achieve in all of interactions and also look for in those professionals with whom we work. 

Recently, we met with a Public Relations firm that we interviewed for a large real estate development project that we are working on.  What was remarkable about this firm is that the CEO answered his own phone. The firm is sizable; it occupying a three- story building, and has an international clientele. 

When we arrived at our first meeting, the receptionist greeted us warmly.  As a matter of fact, there was a plaque with our name on it at the window, as well as a parking space assigned to us with our name on it!  Everyone we met with was prepared for the meeting.  They had read our brief and were ready with questions and comments.  They toured us through their facilities and introduced us to their staff.  This was the home of a happy family, which included some dogs of staff members, right in the workplace, who were allowed to be part of the creative team. 

They even invited us to join the whole staff for lunch and brainstorming session, just to see how they work as a team. The CEO gave us a book that he authored and autographed it with the following note, “Let’s do something GREAT together!” 

How to you define the X Factor for yourself?  To answer that question ask yourself:

Why do you like shopping in a particular store, when there are other stores carrying the same exact products? 

Why do you prefer spending more time with certain individuals? 

Why do you choose certain service providers over others?  Who do you recommend for services and why?

To embody the X Factor, give your prospects, your buyers, your sellers and all your service providers the same treatment that you enjoy and appreciate.  Make that a habit and you will thrive. 

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Luxury Real Estate Marketing Tip: Concierge Service or Lip Service?

“Concierge Service” is a term that we advise luxury real estate marketing professionals against using when describing their own level of service because the term is so often misused. Unless you hire a highly trained professional concierge to offer authentic concierge services to our clients, you will just be offering lip service to those who know the difference. 

For example, Target, the massive discount chain is deploying beauty concierges” to sell cosmetics in 300 of their stores by year's end, according to Wall Street Journal.  Concierge service or lip service?

Nordstrom’s has a completely different approach.  They call their specially trained employees in their cosmetic department, “beauty consultants”. These experts are knowledgeable about each of the many cosmetic brands and can help at any counter. 

Perhaps, Nordstrom’s counterparts at Target are equally knowledgeable.  But, the label of concierge would be misleading to Nordstrom’s ideal customers, who most likely have experienced the genuine article. 

On our recent trip to Rome we were extremely impressed by the highly professional concierge service at our wonderful hotel. For instance, each of the staff’s restaurant recommendations was excellent and actually exceeded our expectations. 

The concierges actually dined at each of the restaurants personally either with their colleagues, friends or families.  They also based their recommendation on continuous feedback from guests.  When we returned to the hotel we made a point of offering our own glowing reviews. With this level of feedback, they certainly would know if the restaurants were sustaining their outstanding reputations or declining. 

Under some circumstances and with some clients t is great to provide extraordinary service above and beyond the call of duty, i.e., the real estate sales process and the transaction itself.  Just do not call it “concierge service” as a standard offering. It dilutes your stature as a luxury real estate marketing professional, who is advising your clients on perhaps their most expensive assets and investments. 

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Luxury Real Estate Marketing Tip: When Dishing, Focus on Heroes, Not Zeroes!

All professions have tabloid style of stories to tell, and dish about.   However, the stories that make the headlines in the tabloids or the legitimate press are not the only the stories that should be told.  We think the untold story that inquiring minds should hear about are the tales of the heroic gestures that agents often make on behalf of their clients, which go undisclosed.  Here is one of our favorites.

A luxury real estate marketing professional sold a magnificent estate.  The negotiated deal included the majority of the furnishings as well as a piece of art, a serigraph. The seller fell in love with it.  (A serigraph is a silk print of a painting, and has a limited run.  Each print is signed by the artist, and assigned a number such as 2/25, signifying that this is the second print of 25).

As the deal was a week away from closing, the seller requested a meeting with his listing agent.  He decided that he was going to keep the piece of art, and this was non-negotiable. The buyer was out of town, and unreachable.  The agent knew that this change would probably break the deal.  It was time to find the solution to the problem.

Being a lover of art, this individual had connections in the art world.  As luck would have it, there was one available.  This person bought it.  The only difference was the number of the serigraph was different. This professional asked a well respected  framer to duplicate the frame.  Luck reigned: the framer had framed the original one, had all the materials on hand, and so he was able to duplicate it exactly!

It took three days to have the painting back in place. Everyone was happy.  The only one who knew was the seller, who left town after signing all the papers.  The agent was invited for  celebratory glass of champagne in the room where the print hung.  The buyer told this person that one of the reasons, he bought the house was because of the print. 

In our opinion, inquiring minds should dish about heroes and not zeroes in our profession.

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Personal & Company Branding: Is Your Logo A Shortcut to Communicate Your Brand Message?

Thank you for the tremendous response on our previous post on logos entitled, “Which Comes First, the Logo or the Brand?” Here is a follow up:  You must first know your unique value proposition, i.e., your brand message before your logo can become a communication shortcut for your brand. 

Getting your logo to succinctly and swiftly communicate your brand message directly to your target market is no easy task.  But, when you get it right, as a luxury real estate marketing professional, it is unmistakable.

We recently drove by a Jack in the Box and saw their logo in purple. We had to ask the question, “What were they thinking?” Upon investigation we discovered that the company created an additional logo. Their aim was to precisely communicate to a very important segment of their target market (obviously not us):  Hungry night owls who get the “munchies” for fast food after 9pm. Their brand message: “We are open 24 hours a day and we have a special menu just for you called, Jack’s Munchie Meals™.  

© Jack in the Box

Their purple color is an exaggerated mid-night blue that signifies “late-night”. Simply by changing their logo’s color they gave the symbol new meaning that is right on the wavelength of their ideal customer. This is brilliance in brand strategy!  Once the target market understands the meaning of the purple logo Jack in the Box BECOMES not just another fast food restaurant in their minds, but THEIR late-night destination when they get the munchies.

The ultimate goal in branding is to "OWN" your brand position, in this case "late-night".  David Letterman is a personal brand that MEANS "late-night TV talk show host", not just "talk show host".

It turns out that Jack in the Box is the long-term, late-night market leader.  Their intention is to strengthen, leverage and capitalize on their leadership position.  Luxury real estate market leaders, take heed!  Is your logo a communication shortcut for your unique value proposition, your brand message?   

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Luxury Real Estate Marketing Tip: How to Stay Ahead of Your Competition by Leveraging Your Strengths

As a Luxury real estate marketing professional, the best way to stay ahead of your competition is to continuously leverage your strengths or core competences to gain market share.  Diffusing your efforts by trying to be all things to all people is definitely not the best route. 

Google just launched a new service called Helpouts that matches people with questions or problems to professionals who can serve them via videophone calls on mobile devices or computers.  For example, if you have a flat tire while on a mountain bike trail and you need advice on how to change it, chances are you will be able to find an expert who can help you on the spot, via your smartphone! 

Helpouts has a Home and Garden section.  This bodes well for lead generation if you are a home inspector, an interior designer, a plumber, a landscaper or other related service professional.  You can offer your services for free or charge for the Helpout consultation. 

Google has leveraged Gmail (to schedule appointments), Hangout (its video chat product), Google Wallet (for payments), and no doubt will eventually monetize the pages with Google Adwords for paid advertisements. “Natural or organic” search results for experts are based on user ratings and reviews. Although, you can sort by price, ratings, soonest availability in addition to what Google determines is your best match. And, of course you can “share” an expert that you would like to recommend your social media channels. 

Rosetta Stone has signed on as a major sponsor for languages in the Education & Careers section and Weight Watchers will appear under Fitness & Nutrition. In general, Google is leveraging its strengths to capitalize on an educational mega trend, which is the growing popularity of MOOCs (Massive Open Online Courses). 

In your luxury real estate marketing practice, take the time to assess your core competences. How can you leverage your strengths to gain market share in 2014?

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Luxury Real Estate Personal & Company Branding: Which Comes First? The Logo or the Brand?

Which comes first, a logo or a brand? A logo is a design of arranged letters, lines, or images. A logo is not a brand.  Just because you have a symbol of a key, or antique doorknocker, or an Adirondack chair on a front porch to represent your luxury real estate marketing practice does not mean you have a brand.  It is just a symbol with little meaning.  And, it falls short of the potential to communicate who you are in particular and how you are different from your competition.

What comes first is the brand. A brand tells a story about the company, service or an individual.  Before you can even consider a logo, you must first thoroughly articulate the various components of the brand, i.e., what you want your brand to stand for in the minds of your target market, its extraordinary promise of value, and also how it is distinct from your closest competitor.  This includes: your brand values, the your brand personality, the role of the brand in the lives of the consumer, and the various contexts of your brand, How else can you create a  graphic symbol that summarizes all of that?

Once your target market associates your logo with all that your brand stands for, just a quick glance at the symbol should remind them of your entire brand story. Think of what the silhouette of Mickey Mouse or the Playboy Bunny communicates in an instant! 

Clearly articulate your brand first.  Then create your logo.

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Luxury Real Estate Brand Strategy: What You Can Learn from the World's Most Highly Valued Brands - Part 3

CONTUOUSLY THINK STRATEGICALLY

As a luxury real estate market leader it is imperative to continuously think strategically in order to outdistance your challengers. That is why it is essential to study the strategies of the most highly valued brands in the world. 

Google’s strategy of making Android available for “better than free” (because they also offer profit sharing on apps as an incentive to developers and smart phone manufacturers), represented a full frontal attack on Apple (See Part 1).  Last week a consortium of companies (including Apple, Microsoft, Blackberry, Sony and others), who acquired a set of patents from Nortel Networks, waged a counter attack that goes for the jugular of Google, Samsung and other Android device manufacturers for alleged patent infringements. 

This is the prelude to the “thermal nuclear” war that Jobs alluded to in his biography by Walter Isaacson. No doubt there will be counter-suits from Google and the gang, as part of the Motorola acquisition included a set of patents that may be infringed upon as well.  It took two years to launch this strategy to slow down Androids advances. 

STAY FOCUSED ON WHAT IS AT STAKE 

We mention this epic “Battle of the Titans” to underscore the fact that at the level of market leadership, even in the realm of marketing luxury real estate, there is so much at stake. By creating a new category in the marketplace you have the tremendous advantage of being the first mover in that space.  But, if you “sit on your laurels” and do not continuously think strategically, your leadership position can be short lived. 

Android, which is the operating system software that runs smart phones and tablets, made it possible for Samsung (who Apple still depends on for manufacturing) to become a formidable challenger.  But, Android’s biggest weakness is Apple’s greatest strength. 

CAPITALIZE ON YOUR GREATEST STRENGTH 

Android is extremely FRAGMENTED, given that there are so many models and companies that customize this platform.  This makes it very risky for developers (and their investors) to create new apps for Android first, i.e., before Apple. As a result, there are only tens of thousands of Android apps for tablets vs. over 475,000 iPad apps.  

Apple’s operating system (iOS) has an “unfair” advantage because of its UNIFORMITY AND INTEGRATION  between its devices and computers.  When Apple recently came out with its latest version of iOS, according to Tim Cook, Apple, CEO, "within three weeks 64% of ALL APPLE DEVICES had downloaded it!"

This will play a major role in the trajectory of market share when the tablet becomes a dominant mainstream computer used in enterprise (not just as a consumer device). Samsung and other Android device manufacturers cannot come close to this value proposition and will have a hard time convincing companies and government organizations to purchase their devices as a result. The high cost of fragmentation raises a big question about the future of Android in enterprise.

As a luxury real estate marketing professional three of the most important lessons to be learned from the world’s most highly valued brands are: 1) Continuously think strategically; 2) Stay focused on what is at stake, and; 3) Capitalize on your greatest strengths.  And remember, it is more fun at the top!

PART 1   l   PART 2   l   PART 3

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