Luxury Real Estate Marketing: Become an "Investigative Reporter"

Have you heard the term “investigative reporting”? That is one of the great roles of a journalist and should be one of the roles you assume as a luxury real estate marketing professional when you decide to blog. There are so many fascinating local stories to cover if you just look for them. Find one that you can be passionate about and tell the story from your own unique voice. Your personal slant on the facts is what makes your “column” worth following.

One of the stories that we find most interesting, from a strategic branding standpoint, is the new competition between Google and Apple especially in the realm of smart phones and other mobile devices such as tablet computers (iPads). What is at stake? There are billions of dollars in advertising revenue at stake on mobile devices, plus applications, media subscriptions, e-books, video and more. The drama that is now unfolding, on the world stage, between these big brands sheds light on the dynamics between rival agents seeking market leadership in any luxury real estate marketplace.

Apple has just surpassed Microsoft in valuation; a feat that Steve Jobs describes as “surreal”. Can you remember when Microsoft surpassed General Motors in valuation?

Mr. Jobs is a charismatic leader with tremendous vision. He is bold in his move to dismiss Adobe Flash as a technology whose days are numbered. Apple iPhone, iPod Touch and iPad only support HTML-5 a new video technology that Jobs considers to be superior to Flash. He is not afraid of controversy, Many of his critics, including Google, say that he has made a serious error in judgment, that he is not “open and inclusive” regarding these two major video platforms (Google supports both Flash and HTML-5). They say the consumers will be the ultimate judge.

Mr. Jobs agrees with his critics on this point. One iPad is now selling every three seconds!

In our next segment on Apple vs. Google we will cover the impact that this device is having in Japan where the iPad is emerging as a luxury brand on par with Louis Vuitton.

Find a story that you can sink your teeth into and extract meaning, your interpretation of the facts, for your readers. That is the role of “investigative reporting”. Locally, this practice allows you to meet many people who are likely to become loyal referral sources.

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Luxury Real Estate Personal Branding:: Maintain Your Visibility-Part 1

It has only been a few months since the 2010 Winter Olympics. An American won the gold medal for figure skating. Can you remember his name? Can you picture his face? Achieving top of mind status is quite an accomplishment. Staying top of mind is a whole other matter in our attention-deficient world. Studying how celebrities maintain visibility can reveal personal branding secrets that can give you a competitive edge as a luxury real estate marketing professional.

You might remember Evan Lysacek’s stellar skating performance in Vancouver, BC. But, just in case you forgot his face or name you can find Evan appearing on TV in Dancing with the Stars. Is it a coincidence that he is a featured dancer on the show just after his Olympic triumph? Chances are he has hired a talent agent to keep his name and face in front of your face.

Why is visibility so important and what is at stake? Product endorsements and skating show gigs are some of the ways that Evan can cash in on his celebrity. For luxury real estate agents, being visible and achieving top of mind status in your marketplace means more referrals. The higher your recognition and appeal factors are, the more likely you are to secure the lion’s share of the market.

In media, marketing, advertising and public relations the measurement of your familiarity and appeal is known as your Q Score. The Q stands for quotient, as in recognition quotient (amount, share or percentage) within your target market.

An example of a luxury real estate professional who has achieved a very high Q score is Barbara Corcoran in New York. She certainly stands out as a celebrity real estate expert whose opinion is continuously sought out by the media.

With the advent of social media and self publishing through multiple media channels, the opportunity to build a personal brand and achieve celebrity status in your marketplace has never been better. If market leadership is your quest, seize the opportunity to gain and sustain visibility.

Authoring a follow- worthy blog that is buzz-worthy is one way to get you there. See part two of this series for more details.

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2010: The Year to Unleash the Tiger within You

2010 is the year of the tiger. According to the Chinese horoscope, drama, intensity, far reaching changes, and massive technological advances are in store for all of us. Seizing opportunities and maximizing your personal, individual talents is advised. We believe that 2010 heralds an era when personal branding and micro-niche marketing for luxury real estate marketing professionals is no longer an option. It is an imperative! 2010 is the year to unleash the tiger within you and embrace the unabashed pursuit of market leadership.

The internet has empowered consumers with self-service capabilities which enable them to ferret out most of the real estate information they need. Who will fill in the gaps and effectively interpret that information-you or your competition? When they are ready to reach for purchasing help or are ready to interview a listing agent, who will be the first to come to mind? That is the question!

Most time-starved and attention deficient consumers can only hold one, two or three brands in their minds in any given category of product or service. The unabashed pursuit of market leadership means seizing the #1 position in the consumers mind. Coke outsells #2, Pepsi 2:1. #3, RC Cola, is barely on the radar screen and all others colas are settling for the crumbs.

The internet has also empowered professionals like you to potentially become “one-man or one-woman brands”, local celebrities, TV stars, radio talk show hosts and journalists. Those luxury real estate agents who are willing to get over their fear of technology and make the time to get up to speed with this stupendous opportunity will be the big winners in 2010 and beyond.

Each micro-niche, within your marketplace, represents an opportunity to become a leading expert, the personal brand of choice and the market leader. It could be a specific golf community or a single high-rise luxury condo. The idea is to find an uncontested market niche that you can “own” and dominate, and serve better than anyone else. But, the key is to be passionate about whatever niche you choose, one that allows you to maximize your individual talents.

Think like a tiger this year! Be unabashed about your pursuit of market leadership in 2010.

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Luxury Real Estate Branding: What Makes You So Different?

Chanterelle Mushrooms

As a luxury real estate marketing professional, can you state who you are and how you are distinct from your closest competition is a few quick phrases? If you cannot do this, how do you expect your referrals sources to be able to tell their friends about you and what makes your personal brand different? A good way to learn this personal branding skill is by discovering what makes certain things in nature distinct. Here is an example.

With recent heavy rains, here in Santa Barbara, California, wild mushroom season is upon us. Suddenly, the beautiful, chanterelle mushrooms, golden in color and worth their weight in gold, appear in the farmer’s market. The trumpet shaped chanterelles are often referred to as the “champagne of mushrooms” or “the queen of the forest”. In the state of Oregon, they have been deemed the state mushroom due to their symbiotic relationship with Douglas fir trees that are so plentiful in the forests of Oregon.

Connoisseurs consider wild mushrooms to be the true luxuries of the culinary scene. While they have little nutritive value they have the power of enhancing the flavor and texture of certain dishes like no other food. Chanterelles, with their unmistakable aroma of apricots and delicate woodsy flavor that holds its own when combined with other food, are prized above all mushrooms by many of the world’s great chefs.

Alexandra discovered a fabulous pizza recipe with chanterelles, pancetta, radicchio and leek. This is now a staple at our home during wild mushroom season.

Chanterelles are easily identified and can quickly be distinguished from potentially dangerous mushrooms with very little instruction or experience. Unlike many other mushrooms, once a colony of chanterelles is established, it re-emerges in the same location year after year, even when harvested.

Summary of the unique characteristics of the chanterelle “brand” of mushrooms:

• Golden color
• Trumpet shape
• Aroma of Apricot
• Woodsy flavor that holds its own when combined with other food
• Perennial

What are your most distinguishing characteristics as a luxury real estate marketing professional?

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Luxury Real Estate Branding: Your Unobvious Promise of Value

As a luxury real estate marketing professional, are you having an identity crisis? Are you struggling to articulate your own unique promise of value? If so you are not alone. The internet has shaken the very foundation of other service industries, such as travel agencies and stock brokerage firms, by empowering consumers with self-service. What value are you adding on top of self-service and how do you get that message, your unique promise of value, across better than your competition? That is the question!

A while back we were invited to attend a seminar (as observers) in which a room full of highly successful agents were gathered. Every agent there earns at least a $500,000 in gross commissions per year. They were asked to express how they stood out from their closest competition. They were ALL, without exception, hard-pressed to quickly come up with their unique selling proposition. Integrity, negotiation skills and market knowledge were some of their best answers. But, there are plenty of agents with similar qualities within their individual marketplaces. Each of these agents was vulnerable. A chink in their armor was exposed.

Can you quickly, sharply define and articulate your own personal “DNA” (how you are Different-Not-Alike). If not, erosion of your own market share is inevitable.

No, that is not food coloring in the photo above. Nor, is it a Photoshop trick. Cauliflower is available in purple, green and “cheddar” in addition to white. The difference in the DNA of these three varieties of cauliflower is minuscule. However, the taste and the outward appearance of each one is unmistakably distinct. Each one has its own distinguishing identity.

The same concept of DNA applies to branding for luxury real estate marketing professionals. Your challenge now is this: what may have been obvious before is unobvious now. You must now make your distinct DNA so obvious that your target market not only picks up on it instantly, but can also easily communicate about your DNA to others.

As branding experts we can help you accelerate the process of discovering and clearly expressing your DNA, your unique promise of value. The process may take some deep soul searching on your part to recognize what is truly unique and original about YOU in relationship to your competition. However, our job is to help you make the unobvious, obvious.

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Personal Branding: Make More Money Faster by Showing Your True Colors

Rainbow Chard at Santa Barbara's Farmers Market

Personal branding for luxury real estate marketing professionals is all about consistently showing your true colors to your ideal target market. By clearly articulating your true colors, that is, who you are and what you stand for, through your brand identity, you will accelerate the pace of attracting more ideal clients. The more matches you make the more money you make. It is that simple!

Your ideal clients are looking for you just as much as you are looking for them! But, how will they recognize you if your website and your collateral material look the same as many others? Do your colors simply blend in when you need to blend out! If so, it is time for you to do the personal branding “two-step”

Step One

The first step in accelerating the matchmaking process between you and your ideal clients is to identity your own true colors for yourself. You may know yourself well, implicitly. But, you are invisible to your ideal clients unless you express yourself explicitly. Most luxury real estate marketing professionals have a vague idea of their own unique promise of value. This represents a tremendous competitive advantage for those who not only are certain of themselves but who also can express their true colors clearly to others.

Step Two

The second step is defining, with crystal clarity, exactly who your ideal clients are? This step is extremely important. You need to know what kind of people you like to work from a personality standpoint and also a business perspective, i.e., how they behave in the process of buying or selling luxury real estate. You also need to understand their needs, their biggest challenges and what is most pressing on their minds.

Once you have done the personal branding two step process, you need to express your authentic brand identity. This includes communicating your marketing message in such a way that they quickly grasp that you represent the answers to their prayers. Show your true colors to your ideal clients often and your will not only experience more matches, but you will also make more money, faster.

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Luxury Real Estate Branding: What Does Your Brand Stand For?

Anna Karenina 1878

The Oprah Effect—Part 2

As a luxury real estate marketing professional, what does your personal or company brand stand for? Can you say it in a few words? Better yet, can you say what your brand stands for in just one word?

In a few words, Oprah stands for “building a better life”. A Yoga teacher in Chicago, Robyn Okrant, committed herself to living the Oprah way (following all of Oprah’s advice) for a year in 2008, and blogging about it. She now has a book deal, which effectively made her dream come true as she wanted to be a writer. There is the Oprah Effect in action.

One of the ancillary words that Oprah stands for is “education”. Oprah is passionate about reading and one of her sub-brands is Oprah’s Book Club. By enrolling her vast audiences in her club she has introduced the public to literature by great and important authors. Now, before she recommends a book, she gives the publisher a “heads up”, so that they can print an additional 500,000 books.

This is another facet of the Oprah Effect. It only takes 20,000 sold books to become a best seller. A classic Leo Tolstoy novel, Anna Karenina, usually read by university students studying Russian literature, became a bestseller, thanks to Oprah. The same thing happened when Oprah recently recommended a novel written in 1985 by Nobel Prize winning Columbian writer, Gabriel Garcia Marquez, Love in the Time of Cholera. It was originally published in Spanish. Then, 3 years later it was translated in English. Neither of these books were best sellers when they were published.

When you express your personal passion it becomes clear that you are doing what you love to do. Oprah’s love for education is evidenced by her building a school in South Africa for girls. Oprah walks her talk with no pretense, no spin, and no hype. That is why she is one of the most trusted personal brands in the world.

What are you passionate about? What do you stand for, in a word or a phrase? This is the core of your personal or company brand?

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Luxury Real Estate Branding: Discover What Makes You Special?

Dragon Fruit

Quite often, we get calls from luxury real estate marketing professionals asking us for an image makeover in the form of a logo, or a new website that will assure their success in the new age of social media marketing. They think that is the definition of branding.

The new opportunity on the World Wide Web is to express your unique voice as an expert in some uncontested market niche and to become the market leader in that niche. People are looking for answers to their most perplexing challenges. They seek a voice that is special, one that they can identify with, a voice that is compelling and follow-worthy.

This voice cannot be made up by some marketing image maker and cannot be modulated to please others; it has to be the voice that reflects the authentic you. Your voice is your "DNA"!

For example, there is only one dragon fruit (see photo above). It is unique among cactus fruits. In Taiwan diabetics use the fruit as a food substitute for rice. It is also credited with alleviating respiratory ailments. Other cactus fruits do not have this claim to fame.

Fabricated images are doomed, at some point, to fail and fade away. Hype and spin cannot disguise the lack of substance anymore. The internet has imposed transparency on all fronts.

Branding is not buying a new outfit or simply having a graphic designer design a new logo. It is discovering your voice and promoting the unique attributes of it. Once you have discovered it, you must stick to that which you are. Life becomes a binary world: what is on your path and what is not on your path—what is on your brand signal and what is off signal. The design and the logo are dictated by the brand not the other way around.

One of the best definitions of a brand was given by Lisa Price, founder of Carol’s Daughter beauty products. Because of her understanding of branding, she was able to take her business from her kitchen to the nation at large. She has attracted some of the world’s most famous “spokes beauties”, such as Halle Berry, Jada Pinkett Smith, and Mary J Blige, to sing her praises.

According to Ms. Price,

“When you are an entrepreneur and you are starting your business, it is so important to know what your voice is, and what it is that you bring to the table that is different. You won’t have a brand, you won’t have an identity if you don’t hold on to that, that makes what you do special.”

Discover what makes you special. Find your unique voice as an expert and you will thrive in this new decade where a personal brand can set you apart from your competition.

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Strategic Branding For Real Estate Agents & Brokerages: Passion is the X Factor

Luxury real estate marketing is a high stakes game. But, the rules of the game have changed almost overnight. The internet has caused a titanic shift that has leveled the competitive playing field. It has challenged even the most seasoned professionals to clearly articulate their unique promise of value —how they are sharply distinct from their closest competitors.

There has never been a more challenging time in the history of the real estate profession given the confluence of this disruptive technology and the upside down economy. The time to confront the brutal facts that your old success formulas are just not cutting it like they used to is here and now!

That is what we admire so much about Microsoft in recent times. In our previous post entitled, “NarrowYour Niche” we referred to Microsoft’s new search engine, Bing. They faced the tough facts that with all their money and all their might they could not take on the behemoth, Google, by matching them feature for feature. The brand name itself is that thoroughly ingrained in the minds of internet users worldwide.

Microsoft truly understood what we refer to as the “ultimate ultimatum of modern business”: STAND OUT OR BOW OUT! TM In our strategic branding practice we prescribe the same medicine to luxury real estate marketing professionals.

So, here is your prescription:

1. KEEP THE FAITH. Hold fast to your fundamental vision of your success, but not to the particulars. That is the only way you can allow new answers, new solutions, new combinations, new people and new success formulas into your life, and into your practice

2. FACE FACTS. Parts of your old formula are just not working any more. Be willing to reinvent yourself, be receptive to new ideas

3. ASK YOURSELF what you can do better than any of your closest competitors.

4. SELECT an uncontested market niche that can also be highly profitable

5. CREATE a new brand identity or refresh your existing brand so that it is synonymous with your selected niche in the minds of your target market

6. BE SURE to select a niche about which you can be absolutely passionate

Microsoft apparently has done steps 1-5. But, are they truly passionalte about their new focus on Shopping, Travel, Health and Local Search? Without passion they might as well bow out now. If you want to see passion in action, just walk into an Apple store. Their passion is contagious and so is their brand.

The picture of the Apple store in New York City on Fifth Avenue clearly illustrates their brand's unique promise of value: ingenuity and fun. They are drawing attention to a basement store with a glass cube entrance housing a cylindrical glass elevator and a spiral staircase. What a brand statement!

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Personal Branding for Real Estate Agents: Narrow Your Focus

TRAVEL: BORA BORA FROM THE AIR

An excellent lesson can be learned by luxury real estate marketing professionals, both for personal and company branding, by looking at Microsoft’s latest change in their search engine brand. Prior to Microsoft’s recent rebranding and re-engineering, MSN was languishing in a very distant third place and was losing market share to #1 Google and #2 Yahoo. Now, Microsoft’s new Bing is making gains and has a fighting chance to significantly increase market share. What is Microsoft’s new strategy? It can be summed up in three words: NARROW YOUR FOCUS!

Microsoft has basically conceded to Google. It may never catch up to this iconic break-away search engine brand. But, they have done a brilliant job of identifying four niches in which they believe they can surpass Google and Yahoo, something they can do better than anyone else in the world of search engines. Those niches are Travel, Shopping, Health and Local Search.

Why these categories? Each one commands high traffic and also high advertising rates; advertisers compete aggressively for pay-per-click ads here. By focusing on these four lucrative search sweet spots their profit margins will increase. The economic driver is higher advertising revenue per click-through. If they can provide a better user experience in these particular niches, they are betting that they can get Google and Yahoo loyalists to switch brands when they need to search these categories.

Microsoft decided on the name Bing because it has just four letters, it is easy to remember, and also because it has the potential of becoming synonymous with searching for Travel, Shopping, Health and Local Search. Notice that Microsoft already uses Bing as a verb in their ads. To Google or to Bing? That is the question that Microsoft must wedge into the minds of those searching in these categories, if they hope to gain defectors.

How can you, as a luxury real estate marketing professional, narrow your focus and serve a particular niche better than anyone else in your marketplace?

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Institute for Luxury Home Marketing Partners with Napa Consultants

Napa Consultants, International is proud to announce a new partnership with The Institute for Luxury Home Marketing (ILHM). The two firms are working together to develop benefits for the members of the Institute and also a series of short marketing videos which will be available to all real estate professionals online.

We look forward to bringing our marketing services to luxury residential agents who are Institute members. Working with Laurie Moore Moore, and Waco Moore, the CEO and President of the Institute is a sheer pleasure. Their programs are second to none.

About The Institute for Luxury Home Marketing (ILHM)

The Institute for Luxury Home Marketing exists to help real estate professionals around the world provide high quality service to buyers and sellers of luxury properties. Institute members complete special training to build expertise in the marketing of upscale homes and estates and those who meet performance standards may earn the prestigious Certified Luxury Home Marketing Specialist (CLHMS) designation. For more information about the Institute visit www.LuxuryHomeMarketing.com

Here is the first of our video series entitled, The Power of Personal Branding.

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Personal Branding for Real Estate Agents: Quality Cues Part 2

This is part two of our previous post on quality cues. Quality cues are indications of quality in packaging, displays, product features, collateral materials, website design, messaging, etc.The more quality cues you can offer in your luxury real estate practice the more your personal or company brand will become distinctive.

Luxury Real Estate Marketing Tip

When marketing luxury real estate, use as many quality cues as possible to connect with your clients emotionally. Messaging is extremely important. We cringe whenever we read how a home “boasts” some feature like an infinity pool or a state of the art entertainment room. Instead, reach for the emotional connection with potential buyers.

For example: Communicate the sense of relaxation and relief they will feel when they plunge into the pool after an exhausting day, or the enjoyment of watching movies and eating popcorn with their friends and family.

And, take a cue about quality cues in messaging from a mass marketed coffee brand that overcomes the perception of being too big to care about customers—Tully’s coffee.

In part one; we mentioned that we purchased a 12 oz. bag of Gelson’s Finest coffee at Gelson’s market. A gold clasp that helped reseal their package was an important quality cue. That same day we also purchased a 12 oz bag of Tully’s coffee. Tully’s is available at over 5000 markets. We like their Decaf House Blend.

Tully’s quality cues are right on their package and on their website. It’s more in their messaging than in their graphics. For example, on the package you can read that “coffee is our passion”. Here is their call to action: “Enjoy a cup and celebrate the wonderful complexities of our pride and joy”. On their website, you are asked to “Taste Our Obsession”.

There are many Tully’s coffee stores. We spotted one in Seattle on our last visit there. To make a deep emotional connection with customers, Tully’s lets you know that “Community is their Commitment”. Tully’s is proud to support many local organizations that focus on children’s educational development and health.

Here’s yet another quality cue in Tully’s messaging: Their description of the decaf blend is “smooth, inviting and buttery”. These are emotional quality cues followed by the word, in botd—BALANCED. These words resonate with the values of coffee aficionados and thus become quality cues.

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Luxury Real Estate Marketing Essentials: The Luxury of Consitency

CINQUE TERRE, Ligurian Sea-Italy

Luxury Real Estate Marketing Professionals should embrace consistency as one of the essential practices in their marketing. Consistency in any field is one of the standards of success. It is one of the most overlooked secrets of a successful business formula.

Many agents are quick to reject consistency. They deem it as an “uncreative and boring!” They would rather be creative and surprise everyone with their innovative ideas. However, mastering consistency actually leads to more creativity and innovation.

Here is an example of consistency. Many restaurants have their “house specialties”, for which they are famous. One of our favorite restaurants in Italy is located in a town too small to be on the map on the coast of the Ligurian Sea. The chef’s specialty is seafood. Every dawn, Angelo meets the local fisherman at the shore and buys the catch of the day and creates traditional Italian recipes using this fresh seafood. Angelo’s clientele drives to his humble 10 room inn from as far as Switzerland to experience his culinary delights.

On a driving trip in Italy, we deviated from our planned route, just to have a Chef Angelo experience. We knew exactly what to expect, and we were once again delighted that nothing had changed. Angelo’s wife, Giovanna, is the innkeeper. Her consistent graciousness and attentiveness is also what makes the entire experience remarkable.

Consistency is imperative for all good brands. It is required of a luxury brand because it creates trust, good will and word-of-mouth advertising.

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