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Tuesday, August 30, 2011

Luxury Real Estate Marketing: The Five Moments of Truth - Part 2

Big Ben

The Key to Winning the First Moment of Truth:

Make an Indelible First Impression

We all know that referrals are the best source of new business in your luxury real estate marketing practice. For someone to refer you, you must have made a strong positive impression, an indelible impression because you have achieved “top-of-mind” status in their mind. Indelible means impossible to remove from the mind or memory, and therefore remains, “forever”. Creating positive indelible impressions and sustaining top-of-mind status over time is what branding is all about. Therefore, the key to mastering the first moment of truth is making an indelible first impression.

When potential clients are referred your way they are already predisposed to liking you and trusting you because they like and trust the one who sent them to you. They have already experienced the first “moment of truth” in the cycle of client acquisition and they are hopeful that you can deliver on the promise of satisfying their most pressing needs. But, they are relying on the indelible impression you have made on the referring party.

For those who find you through search engines, through your advertising or your website, a blog post, or your yard sign in front of an impressive listing, the first moment of truth is your opportunity to make an indelible first impression on your potential NEW client. Think of your first moment of truth as an audition for a talent show. Do you stand out or are you forgettable? Are you instantly perceived as the expert who can meet your potential clients’ needs? You actually only have a nano second to make that first impression.

Entrepreneurs who pitch to venture capitalists are often given only 30 seconds to make an indelible first impression. This has become known as an “elevator pitch” because you only have a few seconds in an elevator with a captive audience. On the internet, however, you do not even have that much time because your competition is just a click away.

Being #1 on Google may be the beginning of the first moment of truth for some consumers. But, when they click through and discover a sub-par website you could easily lose out in this part of the customer acquisition cycle. If your website is not a WOW! you will most likely not get the call or email inquiry; you will not convert the lead. The first encounter with your website is often your first opportunity to create an indelible first impression.

Even if you do capture the lead and you succeed at winning the first moment of truth, before they meet you, you can still blow this opportunity in the second moment of truth. The question is, “can you convince your prospect that you can deliver on your promise of value made on our website, when you actually meet the prospective client on the phone or in person?” We will cover this further in Part 3 of this article series.

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Luxury Real Estate Marketing: The Five Moments of Truth - Part 1

As a luxury real estate marketing professional intent on gaining or sustaining market leadership, it is important to understand a marketing term that brand experts call “the moment of truth”. There are actually five moments of truth that your clients experience in relationship to doing business with you. If you do not engage and fully satisfy their needs at these crucial moments in the cycle of client acquisition your competition will. If you satisfy all five moments of truth you will have a client for life.

Here in Part 1 of this series we identify the five moments of truth.

Moment of Truth # 1: Befroe They Meet You

The first moment of truth occurs before your prospective client ever meets you. It is when they think they have found the answer to their most pressing question or need and you seem to be someone who has the answer.

It is experienced when they are first referred to you by someone they trust. Or, it can happen when they find you on a search engine, when they find a blog post you have written, when they encounter your website or your advertisements. Perhaps, it is when they discover your yard sign in front of a substantial listing. There is a palpable feeling of relief and hope that you might be the right one to help them.

Moment of Truth #2: When They First Meet You

The second moment of truth happens when they actually encounter you in person, by phone or email, etc.. This moment affirms or disaffirms what they were hoping to discover about you. They are either satisfied or dissatisfied with their initial encounter with you. They answer the question, "should they proceed to buy or list with your assistance?". If they answer, "yes", they are convinced that they have found the right agent, that you will produce their desired result.

Moment of Truth #3: When \You Deliver Your Services

The third moment of truth occurs when your initial transaction is complete and they are satisfied that you have delivered on your promise of value. Here you have met or exceeded their expectations, or you have disappointed them. If the latter is true, the cycle of customer acquisition end right here.

Moment of Truth #4: When They Refer You

The fourth moment of truth occurs when they refer a friend to you. This further affirms their satisfaction.

Moment of Truth #5: When You Get Their Repeat Business

The fifth moment of truth occurs when they are ready to buy or sell again and they call you instead of switching brands which means calling your competition.

True market leaders have mastered all five of these moment of truth. Those who have not are definitely vulnerable to being challenged. In Part 2 and 3 of this article series we will go into more details about each moment.

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Thursday, August 25, 2011

Luxury Real Estate Marketing: Tip the Scale in Your Favor By Focusing

One of the major disruptive shifts that occurred in the field of marketing luxury real estate is the extent of market knowledge that consumers now have because of their access to the same information that was previous the exclusive domain of agents. Previously, this knowledge base was asymmetrical, meaning weighted in favor of agents. Now it is more symmetrical with consumers on equal footing. In fact, sometimes the consumer can know more than the agent if they have been doing extensive research by diligently keeping up with new listings, recent sales and listing status changes.

This is a major challenge to luxury real estate marketing professionals. But, it also is a tremendous opportunity to establish an extraordinary value proposition that can also set yourself apart from your competition. Superior, focused market knowledge can give you the competitive edge. In the corporate culture of Google, they have a mantra, “Focus Drives Results”.

Today, those agents who are generalists, those who do not specialize in a particular niche, are the ones who are most vulnerable to this shift. Trying to keep up with all the changes in all aspects of a given market place is not only a daunting task it is a waste of time. Only by narrowing your focus can you truly become an expert vs. a generalist. Focus is the key!

It should be made clear that narrowing your niche does not mean reducing your income providing that you pick the right niche. Selecting a niche that has the potential of meeting your personal financial goals is essential.

When you let go of the fear of missing out on income because you are focused amazing things begin to happen. Serendipitous encounters with opportunities become the norm. This may seem like magic, but it is actually very logical. The sharper your focus the more you are able to perceive opportunities that are right under your nose. These opportunities are not even on the radar of competitors who are dispersed, trying to be all things to all people and wearing themselves out in the process.

For example, in the top tier of the marketplace we hear time and again that many sales are conducted when top agents put buyers and sellers together, selling homes that were not listed on the MLS. Extensive knowledge of pocket listings, that is gaining information about properties that COULD be available for sale but are not formally listed, can set you apart as a true expert within your niche. This is information that consumers, especially from out of the area, could not possibly know which tilts the scales back to asymmetrical in your favor. It is also knowledge that your generalist competitors would probably not be aware of, or would not have to time to acquire.

In the new information era where consumers and competitors all a have symmetrical knowledge base, focus tips the scale in your favor. Focus drives results!

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Wednesday, August 24, 2011

Luxury Real Estate Marketing: Go Fishing Where the Fish Are Biting - Part 3

In Part 1 of this article series we looked at a key strategy to reinvent yourself as a luxury real estate marketing professional by refocusing your practice where sales are brisk. In Part 2, we identified the “mindset of resiliency” as a pre-condition to being able to perceive new opportunities that may not be obvious to your competition. Here in Part 3 we cover an important skill if you want to gain or sustain market leadership: Go fishing where the fish are GOING to bite, the arena in which the next “feeding frenzy” will occur.

Gain the perspective of a trend spotter. Anticipate the direction in which the marketing is heading and become the “first mover” in that new market.

We recently interviewed a successful luxury real estate marketing professional whose previous business was retail. She owned a chain of women’s clothing stores and was the only retailer in her marketplace that specialized in carrying top designer labels. Then she began noticing a trend that was a potential threat to her business. The designers were beginning to open their own retail stores.

When the local major shopping center announced that an entire new floor of the center would be devoted to these high profile designers’ stores, she knew it was time to close her business. Certainly, the shopping center owners anticipated this trend and went fishing where they could predict the fish were going to bite. The shopping center is one of the most successful in the country.

Bur, instead of being immobilized by this setback she leveraged her strong base of high net worth customers as potential referral sources and launched a boutique brokerage firm. Analyzing the market, she decided to specialize in one of the most desirable neighborhoods in her marketplace, where “the fish were biting”.

Then one of her young affluent buyers indicated that he and his family were interested in a more remote area. Proximity to the popular amenities of the city was not a priority. Privacy, informality, more open space and sandy beaches were their priorities. After extensive research she was able to find this family the perfect home in a beautiful neighborhood that was not on the radar because of its distance to the center of town.

In the process she understood a very important trend. For those younger entrepreneurs who operate their businesses via the internet, or primarily by phone from a home office, proximity to the more densely populated city was not a necessity nor was it more desirable.

She proceeded to expand her target market by adding these more remote neighborhoods as to her area of focus before her competition wised up. As a result she is the dominant broker in that niche which continued to appreciate in value as more like-minded buyers began to move there.

Anticipating trends is an essential skill for market leaders who want to maintain their position. When market leaders become complacent, they are vulnerable to challengers who see opportunities that their competition ignores. There is nothing like a setback to sharpen ones focus, the prerequisite for recognizing where the next “feeding frenzy” will occur. And, there is no fiercer challenger than the one who is bent on staging a comeback. Never underestimate a first mover, a challenger who has identified an untapped or underserved market niche that he or she is determined to dominate.

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Monday, August 22, 2011

Luxury Real Estate Marketing: Go Fishing Where the Fish Are Biting - Part 2

The Mindset of Resiliency

If you are waiting for the economy to rebound so that your luxury real estate marketing practice can recover from the doldrums, you might consider trying a more proactive approach: Go fishing where the fish are biting! In Part 1 of this blog series we advised the following: 1) Find out what is selling and where; and 2) Position yourself to deliver an extraordinary value proposition to that target market that enables you to stand out from your competition. But, before you can re-invent yourself or even perceive new opportunities you must first cultivate, what we call here in Part 2, “the mindset of resiliency”. Only then will you begin to experience your full blown personal economic recovery.

Maintaining an optimistic mindset in the face of mounting evidence of a stagnant economy should be considered JOB ONE regardless of the health of your real estate practice. This is perhaps the single most important thing you can do to turn things around for yourself. It is, by far, the most important thing you can do even if your practice is thriving right now. How else to you expect to be able to perceive opportunities to spring back or sustain your momentum?

Resiliency means speedy recover from problems. It is the ability to be healthy, happy or strong again after illness or disappointment. It is hardiness, toughness, buoyancy. It is the ability to be financially successful again after a difficult period. It is the ability to weather a storm, to bounce back swiftly from setbacks. This “mindset of resiliency” is a pre-condition to being able to perceive new opportunities that may not be obvious to your competition.

In 1936, Fred Astaire and Ginger Rogers danced to a song they sang called, Pick Yourself Up in the movie, Swing Time. The lyrics to this song brilliantly summarize the mindset of resiliency:

Nothing's impossible I have found,
For when my chin is on the ground,
I pick myself up,
Dust myself off,
Start all over again.

Don't lose your confidence if you slip,
Be grateful for a pleasant trip,
And pick yourself up,
Dust yourself off,
Start all over again.

Work like a soul inspired,
Till the battle of the day is won.
You may be sick and tired,
But you'll be a man, my son

Will you remember the famous men,
Who had to fall to rise again?
So take a deep breath,
Pick yourself up,
Dust yourself off,
Start all over again.

To maintain your optimism, look for inspiration wherever you can find it, even in old movies. Focus on those who are thriving and use this as evidence that you too can thrive under any and all economic conditions.

Frank Gehry, the famous architect, has a backlog of projects. The more he completes the more assignments he gets. The image above is a building designed by Gehry and Vlado Milunić. It is located in the city of Prague and is called the Dancing House. But, it originally was called Fred & Ginger, after the famous dancing pair.

Tough times are not tough for everyone. Nor, do they have to last for you if you have the mindset of resiliency.

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Friday, August 19, 2011

Luxetera: That Which is Rare and Beautiful is a Luxury

Every so often, in the course of writing the Language of Luxury Blog, we pause to reflect on the meaning of the word luxury. One definition of luxury can be summed up in the word, “rare”. When something is rare and beautiful it is uncommon, unusual, exceptional, atypical, extraordinary or singular.

That which is rare tends to appreciate in value. In our new age of iPads, what is to become of rare books? When was the last time you received a handwritten note on fine stationery instead of an email? Do you think that fountain pens will ever come back in style? As our smartphone morph into mobile “wallets” what will become of rare coins?

Seahorses are on the verge of becoming an endangered species, making them rare. Some Asian cultures use them for medicinal purposes which puts pressure on the seahorse population. Some aquarium hobbyists collect seahorses as pets. Now, there are companies that breed seahorse in captivity. With about 50 species of wild sea-horses that have exquisite shapes and color combinations wild ones are considered more valuable because they are rare.

Rare is a very important concept to grasp when it comes to understanding the mindset of high net worth individuals who seek rare and unique experiences that the masses cannot readily attain. Once something becomes a symbol of wealth and the emulators of wealth popularize it, it no longer is rare.

For example, in the 1980s Montblanc pens suddenly because a status symbol of the “yuppies”. As they became ubiquitous in the circles of those aspiring to attain wealth, the true achievers of wealth became less interested in this brand as a rare item.

To attract and better serve high net worth individuals you must speak their language. You must speak the language of luxury. To succeed as a luxury real estate marketing professional it would be a good idea to have a depth of understanding of the meaning of rare.

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