One of the biggest concerns that we hear
from luxury real estate marketing professionals is the fear of
narrowing their niche to the top tier price range homes because it may
alienate some of their friends or previous clients in lower price homes.
However, by diffusing your focus and attempting to be all things to
all people, you run the risk of diluting your brand position, i.e., what
your brand stands for and what you are known for.
One global luxury brand has done a
masterful job of compartmentalizing its various sub-brands with their
multiple price points. By identifying its brand with sports in general
(beyond polo, “the sport of kings”) Ralph Lauren has managed to attract
not only high net worth consumers but also those who aspire to be
wealthy.
The key here is that Ralph Lauren created separate sub-brands
that stand for different things and focus on different target markets.
For example, the Ralph Lauren Black Label Staor Tan Motorcross Jeans is
priced at $495; their basic denim jean, sold at Macy’s, is $90.
Yet, for some, wearing a shirt or other
clothing embroidered with the ubiquitous polo pony logo has completely
lost its appeal. Apparently, a significant number of customers felt
this way because Ralph Lauren made an ingenious move to lure
disenfranchised customers back to the brand and keep others from
switching.
On their interactive website, you can
customize their signature polo shirts, terrycloth bathrobes and other
articles of clothing with YOUR OWN INITIALS instead of the pony! On
certain items, the embroidered Polo logo has been moved to the bottom
hem of the shirt. That way if you tuck it in it does not show.
You
can choose from many color combinations of fabric and embroidered logos
and several different font schemes for your initials. Once you make
your shirt selection, your color choice and your font choice, it
displays that combination on the model’s shirt.
Quality of manufacturing is not the
question here because Ralph Lauren has built a strong reputation as a
brand you can trust. Blending in and “leaving the brand” is the issue.
In the luxury services arena, some banks
have figured out how to offer two levels of service without alienating
any of their customers. To accomplish this they too created sub-brands.
For example, there is definitely a world of difference in the level of
service between Chase Private Banking and their standard banking
services. The amount of dollars entrusted to the bank (for investment
purposes with J P Morgan in this case) is what separates the two
sub-brands.
There is a huge lesson here for luxury
real estate marketing professionals. Bespoke (tailor made) or customized
service is what your top tier customers have come to expect. If you or
your company wants to be known for more than one level of service, you
must differentiate the two levels by creating sub-brands.
Crafting and developing your sub-brand is just as important as building your primary brand. Do you need a sub-brand?
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