The Language of Luxury

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Friday, March 28, 2014

Re-Thinking Your Social Media Strategy: Time for Social Media Spring Cleaning?

Apart from connecting with actual friends, have you been experiencing social media clutter in your luxury real estate marketing business? The way we evaluate the benefits of social media in a business context is simple. What is the return on time invested? We define return as actually communicating with someone who can be a potential friend or networking contact that can eventually lead to business.

We definitely experience a high return on investment on Active Rain, the leading social platform for real estate professionals. We find that members on Active Rain are genuinely and consistently engaged in quality communication in the true spirit of a community. On other networks, we have mixed results. To avoid social media clutter, we did some spring-cleaning to limit the social platforms on which we spend our time. It is amazing how much time was freed up.

Is it time for you to re-think your social media strategy, and do some spring-cleaning?

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Thursday, March 27, 2014

Is Your Brand Speaking The Language of Your Target Market?

As a luxury real estate marketing professional, selecting the right personal or company brand name is very important if being top of mind is your quest. Getting it right the first time can save you aggravation and expense down the road by understanding the mindset of your target market.

Recently, I (Alexandra, here) encountered a women’s shoe brand by the name of Me Too. The company is from So Ho New York and has been around for twenty years. It made me wonder who their target market was.

There is marketing term known as “belongers”, those who want to fit in and conform rather than stand out. If belongers were beer drinkers, Budweiser, the best selling beer in the world, would likely be their beer of choice. Belongers would be the ideal target market for Me Too shoes (as a brand name), provided that they focus their brand strategy on this mindset.

It is unclear whom Me Too, shoes is targeting as their customers. If they are trying to reach “achievers”(highly successful, upper 2% of the population, who are independent-minded consumers) or those who are "aspirational" aspiring to be achievers, they may be sending the wrong brand signal with that name.

Achievers, who unlike belongers and those who are aspiring to be like them, might reach for some of the world’s most expensive beers (because they can). Their choice might be Carlsberg Jacobsen Vintage ($400/375ml) or Samuel Adam’s Utopias ($150/700ml).

Before you decide on a brand name, be sure that you are totally clear as to who your target market is and what comprises their mindset. Then craft a brand name that speaks to them in their language.

Does your brand speak the language of your target market?

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Tuesday, March 25, 2014

Luxury Real Estate Brand Position: Energy Bar or Cricket Flour?

As many of you know if you read our posts, we are fans of Shark Tank. We enjoy watching the potential investors analyze a business investment in order to discover its extraordinary promise of value and its potential to provided a healthy return on their investment. Here is an example:

One of the candidates invented an organic energy bar using cricket flour for protein. Reluctantly the investors tasted it and proclaimed it good, however, they were not willing to invest. Who needs another protein bar in the market regardless of how good the ingredients are?

As the owner of the company talked, he let them know that crickets are a rich sustainable protein and a favored food of many countries. Three of the investors were still not interested and expressed that they were “out”.

As he continued to talk, he mentioned that the FDA (Federal Drug Administration) had given him approval (he is the only one, so far) for his cricket flour. He also mentioned that other manufacturers of protein bars had approached him to purchase his flour. Then, Mark Cuban jumped in, and said you should be in the cricket flour business and not in the protein bar business, at which point he was ready to invest.

Defining the right brand position can determine whether or not your target market will perceive your extraordinary promise of value. Are you just another agent or broker in the sea of sameness, i.e. another energy bar? Or, do you have a value proposition that is a clear stand out, i.e. cricket flour? Whenever possible, the best way to position your brand is to define your professional services in a unique category.

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Monday, March 24, 2014

Follow Up to FOMO Marketing & Pinot Noir: A Personal Perspective

This is a follow up to our recent post on FOMO Marketing. Recently, we visited a winery in our nearby central coast wine country. We tasted their Pinot Noir (“Limited Edition”), Merlot and Cabernet Sauvignon. Our favorite was their Limited Edition Pinot, which was absolutely outstanding and fairly priced.

But, we were told that we had to join their wine club to purchase it, as club members were re-ordering and they did not want to run out. That tugged at our F.O.M.O (fear of missing out) heartstrings. But, we resisted joining the club, knowing that we would be obligated to purchase more wine that we did not want by doing so.

This experience led us to take a closer look at F.O.M.O. marketing as a tactic in marketing luxury real estate. Personally, from a logical standpoint, we do not buy into the premise of SCARCITY of anything! In fact, as consumers, whenever we feel tempted by the knee-jerk reaction of F.O.M.O marketing we head the opposite direction. We have purposely tested this out and discovered that in every case there was another opportunity just around the corner. Or, we lost interest altogether in what we wanted in the first place.

We believe that scarcity is fundamentally a false premise. For us, at the very core of the luxury mindset is the premise of ABUNDANCE. Stepping back and regaining perspective, there certainly is an abundance of well-priced high quality wine out there. In fact, there is a plethora of fine wine all over the world.

Even when there appears to be a scarcity of luxury real estate on the market, some agents are still doing very well. To be one of them, you just need a bigger slice of the market that is selling! But, you may need a better strategy to acquire that business.

What do you think?

Written by Ron & Alexandra Seigel-
ABOUT: Napa Consultants, International is the leader in brand strategy for the luxury real estate industry. They work exclusively with professionals who are passionate about gaining or sustaining market leadership. With an expertise in personal branding, company branding, luxury real estate website design and social media marketing they help their clients become the breakaway brand in their marketplace.

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Friday, March 21, 2014

Food for Thought: Unsurpassed Natural Goodness!

OK! We admit it. We are chocolate lovers inside and out.

We may have stumbled upon the ultimate (for now at least) double dark chocolate, hand made (by us) ice cream sandwich. Recently in San Francisco, we visited the Cowgirl Creamery store in the iconic Ferry Building close to the Bay Bridge.

Cowgirl is one of the finest artisanal cheese makers in California. There, while picking up some cheese as a treat for our friends, we were introduced to the best chocolate cookie we have ever tasted. The cheesemonger suggested that this cookie would be good with a touch of fresh triple cream cheese topped with cherry jam. Yum!

The Bay Area’s Rustic Bakery makes this delectable, sophisticated cacao nib shortbread that combines both Valrhona chocolate and cacao nibs with a tiny bit of salt on the finish. They stand on their own as a delicious dessert. But, when incorporated into a mini sandwich with Rori’s Artisanal Creamery’s “serious dark chocolate” ice cream we were speechless!

At Rori’s, “We create organic ice creams that not only take you to a new planet, customers even credit it for making them want to be better humans! We use only Straus Family Creamery organic milk, cream and eggs. All those cows eat is grass, baby!”

Rori’s just happens to be within a couple of blocks from our office in Carpinteria, (Santa Barbara-Central California). The Straus Family Creamery is located in Northern California and sources the milk and cream for Cowgirl Creamery, as well.

Perhaps you are connecting the local culinary dots. There is a fabulous trend here in California to go organic and champion the artisans who have paved the way to a brave new world of natural goodness that is simply unsurpassed.

Happy Friday,

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Thursday, March 20, 2014

GET MORE HUMAN: Re-Tool, Re-Think, Re-Invent YOU!

Leonardo Da Vinci, Self Portrait, The original Renaissance Man

At an accelerated pace, technology has consumed far too much time and energy for most luxury real estate marketing professionals. Let us regain some perspective on this ever-pervasive fact of modern life. After so much retooling, it is now time to rethink and re-invent YOU!

The Renaissance was considered one of the most explosive periods of change in human history. Due to the availability of paper and the invention of metal movable type the dissemination of ideas sped up faster than was ever thought possible. Today,, the internet is having a similar impact on our lives. But, have you had time to rethink and reinvent yourself as the person who is the master of the new tools and not as the slave to them? Could it be time for a Renaissance or rebirth in your life?

Recently, we encountered three rounds of annoying menus in a voice mail maze, while attempting to make airline reservations. Then, after a fifteen-minute wait, we were connected to a customer service representative who spoke incomprehensible English. Does this sound familiar? Think about the cumulative effect of millions of people encountering similar situations!

Then we discovered a website called GetHuman.com. This site offers, “Shortcuts through the phone maze, expected wait time, as well as support ratings”. What a relief from the tedium of voice mail!

This experience sparked our thinking about the overwhelming need for luxury real estate marketing professionals to GET [MORE] HUMAN in the way they do business and less reliant on technology. But, this requires rethinking and reinventing YOU.

ABOUT: Napa Consultants, International is the leader in brand strategy for the luxury real estate industry. They work exclusively with professionals who are passionate about gaining or sustaining market leadership. With an expertise in personal branding, company branding, luxury real estate website design and social media marketing they help their clients become the breakaway brand in their marketplace.

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Tuesday, March 18, 2014

Luxury Real Estate Marketing Tip: FOMO Marketing & Potatoes!

There are a variety of marketing strategies. One of these is known as FOMO marketing. FOMO is the acronym for “FEAR OF MISSING OUT”. This is a natural human response and one that in our opinion was partially instrumental in building the behemoth we now know as social media. At the onset, we attended conferences whose speakers noted that the Internet was a river of gold (i.e. business), and all we had to do is join in to pan that gold.

FOMO is what bargain hunters respond to at midnight and early morning sales on Black Friday. It is based on an illusion of scarcity, necessitating immediate action for fear of losing out. There is a farmer who sells potatoes at the Santa Barbara Farmers’ market. He has a sign on the potatoes that says, “these will be gone next week!” Funny enough, I see them there the following week with the same sign. In his defense, he does not specify which next week he is referring to.

Flash sales on the luxury end of the spectrum are regularly held by high-end department stores. A variety of merchandise is offered at steep discounts for several hours, or in some cases during a specified time period, described as “pre-sale”.

Ron and I were invited to an elegant opening with Wolfgang Puck catering the affair. One of the appetizers-his famous pizza with smoked salmon and sour cream, was the hit of the evening. The minute it came out of the kitchen, people would ambush the waiter and within seconds it would be gone. The ones with extreme FOMO stood at the door of the kitchen to get theirs.

A shortage of inventory in real estate as well as a potential rise in interest rates precipitates a FOMO response. How can you use FOMO in your luxury real estate marketing strategy, if appropriate?

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Monday, March 10, 2014

Does Your Packaging Reflect Your Brand Strategy?

As we mentioned in our previous post, being on top of your game means that there is congruency in every way you express yourself including your printed materials such as your presentation folder.

We chose for this post the shopping bag from L’Occitane, (based in the Provence area of France), because their products are similar to Crabtree & Evelyn. The difference is that their emphasis is on “natural and organic” products, as well as preserving rare species of flowers (immortelle or ageless flowers).

They are known for their almond and lavender based products (the almond tree pictured on the bag stands in a field of lavender. The bottom of the bag lets you know that it is made with paper from sustainable forests. Looking at the package transports you to Provence for a moment.

Does Your Packaging Reflect Your Brand Strategy?

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Thursday, March 6, 2014

Is Your Brand Package Remarkable & Reflect Your Strategy?

Being at the top of your game as a luxury real estate marketing professional requires being consistently remarkable which includes your presentation materials. These need to stand out and communicate your identity and its congruency with your target market.

The shopping bag pictured above is from Crabtree & Evelyn, retailer of body and home products based on floral and fruit essences. Notice the inside lining: fruit and flowers reflecting who they are. Their website is printed on the inside of the bag, a subtle reminder of their web presence. The outside of the bag is embossed with the name and their crab tree logo. It is simple, elegant and remarkable.

Is Your Brand Package Remarkable and Reflect Your Strategy?

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Wednesday, March 5, 2014

Luxury Real Estate Branding Tip: Market Leaders--Refresh Your Brand!

Photo by Sbuckley

In marketing luxury real estate, as with all professions and businesses, market leaders who face stiff competition from challengers need to continuously refresh their brand to stay current and relevant. With fierce competition from the X-Factor and The Voice for top-of-mind status, American Idol has set a great example of this vital principle of market leadership.

If you are a fan of American Idol you may have noticed that there was something conspicuously absent from their tried and true formula of the past twelve years. This year you saw very few (rarely) funny auditions of contestants that have no voice whatsoever let alone the rest of the package.

Instead, as a viewer, you became privy to more of the behind the scenes decision-making stories from the judges and many more auditions of the promising artists. Bringing in Harry Connick, Jr. as a judge and moving Randy Jackson to mentor were two other adjustments to the formula.

As a result, the TV audience is much more engaged as silent participators in the process of culling the list for the best talent. This manifested in a record number of votes for the artists. Not bad for a show that is thirteen years old!

Market leaders in luxury real estate, take heed! To stay on top you must continuously refresh your brand. Because, if you snooze, you lose!

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Tuesday, March 4, 2014

Luxury Real Estate Branding Tip: Dusty Marketing or Gimmick?

Given the competitiveness in the wine industry, not unlike the real estate industry, we have often cited wine branding examples because every winery wants to stand out and sell out in order to continue its existence. Capturing attention is one thing, holding it is another.

The wine pictured above drew our attention for two reasons: the bottle had a heavy dust layer, and an unusual irregular shape. Was this a treasure trove from some dark, dusty and forgotten cellar? Would the content live up to its look? Or is it just a $35 gimmick that leaves dirt on your hands when you pick it up?

Chateauneuf-du-Pape (Pope’s new castle) is considered one of France’s finest wine regions in the Southern part of the Rhone region. Like any venerated region it has strict rules and regulations at to the contents of the bottle, and it usually has a designated vintage year.

We spoke to a wine expert, and learned this wine consists of several vintages blended to create the taste of a well-aged Chateauneuf-du-Pape, which is between 8 and 12 years. Did they get the result? No, it did not according to all the reviews we found on line. On further research, we found that a 2008 Chateauneuf-du-Pape deemed drinkable and with good reviews, retails for $39.00. The price difference is negligible if your intent is to enjoy a fine Chateauneuf-du-Pape.

This wine has an appeal to those who want that instant wow and are enchanted by the bottle's shape and presentation. When all the dust settles, was this is a gimmick or is it substance?

What do you think?

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Sunday, March 2, 2014

Marketing at the Oscars: What Is in Your Swag Bag?

Last year, the Oscar Awards Show was watched by 40.3 million in the US. According to the Academy of Motion Pictures and Sciences, the show will be seen in “more than 225 countries” or a potential for an additional 960 million people. This is a great opportunity to promote one’s products to, hence the product placement game is alive and well on Oscar night.

As they arrive on the red carpet stars and presenters, the interviewers will be asking both men and women the question, “which designer are you wearing, as well as whose jewelry you are wearing?” The mere mention of these designer names translates into brand name recognition and a potential of sales. Copycat fashion manufacturers and costume jewelry makers are also poised to recreate these designs for the upcoming prom season.

Furthermore, each presenter and nominee will receive an Oscar Swag bag. This bag is delivered to their doorstep on Monday. It is filled with freebies--estimated value can be as high as $80,000. Each is carefully selected by Distinctive Assets, a marketing group. The companies whose product is in the bag pay a fee to Distinctive Assets to include their product as well as give a sample of the product for testing and review.

Betting that some of the celebrities who receive these items may become raving fans, and boost sales for these companies, here are some of the items included in this year’s swag bag: A gift certificate for handmade shoes by Max Martin, a trip to Koloa Landing Resort in Hawaii, his and hers Mace pepper spray, $16,000 gift certificate for a hair replacement procedure, 10 sessions with Huntley Drive Fitness, exotic wines and foods, chic pet products, and so on…

What is in your swag bag?

Written by Ron & Alexandra Seigel-

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