The Language of Luxury

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Monday, October 25, 2010

Luxury Real Estate Marketing: Beyond Online Self-Service

There is a very, very important lesson for Luxury real estate marketing professionals in the arena of e-book readers. Competing feature by feature with your competition such as integrity and market knowledge is an utter waste of time. The agent with the most extraordinary and inimitable promise of ADDED value has a better chance of winning.

Have you tried reading an e-book yet? So far it seems that the race is on for market leadership in the single purpose e-book arena between two major players: Barnes & Nobel and Amazon.

The two most popular single purpose e-book readers are B&N’s Nook and Amazon’s Kindle. However, both of these companies have Apps available for use on multi-purpose devices such as the iPad, smart phones, laptops and desktop computers. But, if you are in the market for a single purpose e-book reader which one would you choose when the features on the devices themselves are basically the same and so is the price?

Barnes & Noble has a wider selection of e-books. But, it is only a matter of time that Amazon catches up. At first, B&N had a book sharing policy that Amazon did not have as a way to differentiate itself. Then, Amazon announced a similar policy. The reason that competing on features alone is such a worthless pursuit is because a feature is too easy to imitate.

Not everyone has the same buying criteria. But, for us the Nook beat out the Kindle hands down with an extraordinary ADDED value proposition that that Amazon simple cannot match. First, it is a luxury for us to take our time and browse for books in our local brick and mortar B&N Store in Santa Barbara. We can ask live humans questions and get instant help there. Second you can read any e-book on your Nook for one hour via Wi-Fi while you are in the store. Amazon has the “Look Inside” feature online that is now extremely limited by comparison.

Our third reason is extremely important to note as a luxury real estate marketing professional. The store’s merchandise manager, Elliot Klement, took about one-half hour to help us set up our Nook account and give us a personal tour of the device. This was extremely helpful since we were about to travel and did not have time to read the manual thoroughly. He also offered each of us a cappuccino “on the house” from Starbucks (within the store) while he personally affixed the reading pane’s clear protective cover that we also bought.

We now have a relationship with Elliot in particular, not just B&N. Elliot assured us that we could come in any time to ask him any additional question we might have, not just go to a series of FAQ’s online. These reasons may not be meaningful to some, but they speak volumes to us and many others like us who are seeking the perfect balance between online self-service and matchless in-person quality care, which is the essence of the traditional luxury buying experience.

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Wednesday, October 20, 2010

Luxury Real Estate Marketing: Lessons from Ferrari

Photo by Olexiy Lazarevych, Ferrari 599XX, Geneva 2010

Why do some luxury real estate marketing professionals fare well in all economic conditions? The keys lie in two important words embodied by Ferrari, one of the most prestigious luxury brands on the planet: Authenticity & Certainty!

Agents who are certain about their core strengths, their internal capabilities and have a well-grounded value set do not get confused by changes in the economy. They do not question their competence. Therefore, they are able to clearly assess new opportunities, especially opportunities that are impervious to the economy. For example, relocating highly paid athletes can be a perennial source of new business.

Now is the best time to catch current market leaders off-guard, especially those who are deviating from their essential winning formulas and therefore, are sacrificing their authenticity in the process. If you are challenging the incumbent market leader you need to tap into your power, draw on your unique talents as well as your previous track record. You must offer an extraordinary promise of value that heretofore does not exist in your marketplace.

Most importantly, you must be authentic—the “real deal”- and consistently deliver on your clients’ expectations. Clients who are able to purchase, although they are more reluctant to spend in uncertain times, want to trust the brands they purchase from. That is where authenticity in personal branding becomes paramount.

This year, the luxury brands that have prospered the most have been those that have stayed true to their core values. A prime example is Ferrari who maintains its limited production in order to stay focused on craftsmanship and consistently delivers on customer expectations.

Like Ferrari, authenticity will keep you sure-footed, set you apart from your competition, and provide traction on the road to success. Maintaining your core value set will give you certainty and maneuverability regardless of road conditions.

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Luxury Real Estate Marketing: The Cutting Edge of Chocolate

Boutique luxury real estate marketing firms and high powered teams can have a distinct competitive advantage over the larger firms if they position themselves to appeal to the right target market, those who appreciates what a smaller firm or team can offer. Consider the difference between two brands of premium chocolate: Godiva and NōKA.

Godiva, founded in Belgium in 1926, was purchased by Campbells Soup Corporation in 1967 and recently sold to a Turkish firm. Godiva owns and operates more than 450 retail shops in the United States, Canada, Europe, and Asia and is available via over 10,000 specialty retailers. NōKA can be purchased online and through luxury department stores including Neiman Marcus and Saks 5^th Avenue.

To differentiate itself and stand out in contrast to Godiva and other major well known premium chocolate brands NōKA focuses on single estate chocolates in much the same way as a winery will offer a vintage from grapes picked from a single estate. The nuances in the taste in the single estate chocolate are derived from distinct soil and climate conditions.

NōKA offers their Sky Collection™, that comes in ten brushed stainless-steel keepsake gift boxes designed as a tribute to Howard Roark, the iconic figure in legendary author's, Ayn Rand's, classic novel The Fountainhead. Towering 1.5 feet high, the SKY Collection is comprised of 242 pieces of the finest single-estate dark chocolates and truffles, revealing the true "essence of each origin". Tasting guidelines and flavor profiles are included in each box. NōKA suggests that the Grand Cru Truffles are best enjoyed within 7 days of receipt and Vintages within 30 days of receipt. The price is $495.00

Price, distinctive packaging, single estate chocolate and smaller scale upscale distribution are the “quality cues”that differentiate NōKA from Godiva. How can you distinguish yourself, as a boutique firm or a high powered luxury real estate marketing team from the big players?

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Monday, October 18, 2010

Luxury Real Estate Marketing: Achieving First Mover Status as an Innovator

First mover status can give you a competitive advantage, as a luxury real estate marketing professional, if you tap into an innovative way of doing business that no one in your marketplace has tried, yet. Getting to market first can set you apart and create distance between you and your competition. It can give you a head start and an “unfair” competitive advantage.

While being the first mover can trigger a frenzy of copy-cats playing catch up with you, it gives you the advantage of creating a news story. If you know how to leverage social media and public relations to propel you, you can literally leave your competition in the dust—at least for a while. Once you are news, your “me-too” competitors are rendered old news.

Microsoft has just released their new operating platform for smart phones to compete with Google & Apple after an abortion of a product launch with the Kin phone. They were also a “me too” with their Zune MP3 player. Playing catch up puts your competition at a tremendous disadvantage.

In the category of luxury jewelry, one company has outdistanced the competition by applying innovative technology ahead of its competition. Boucheron encourages jewelry and watch enthusiasts to discover what they call a “pioneer digital experience”! “Trying on” exquisite rings and iconic watches is now possible under any circumstances and in the intimacy of your own home or office, or anywhere else for that matter at MyBoucheron.com.

Using your computer, a webcam and a piece of paper and some downloaded software your screen will become a “magic mirror”, reflecting your image. When you select the product you desire it will appear on your wrist or finger with just one click.

Will everyone jewelry company use this technology in the future? Possibly they will. But, Boucheron has established their brand as the leader in innovation and continues to drive this point home to their target market over and over again. See our December 2008 post on Boucheron entitled, “Thinking Outside of the Jewelry Box”.

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Tuesday, October 12, 2010

Luxury Real Estate Marketing: Is Your Brand Shar Pei or Dull?

If you are looking for a way to stand out from the crowd as a luxury real estate marketing professional consider taking a page from the play-book of the best luxury retailers during the Holiday season. For many retail businesses the vast majority of sales occur in the last quarter of the year. With so much competition for attention how do you stand out? Fifty years ago, one major high-end retailer created a tradition that continues to WOW its customers to this day: His and Hers extravagant gifts. Do you know which retailer that is?

Stanley Marcus, of Neiman Marcus fame developed this buzz marketing strategy that still has customers eager to discover what His & Hers gift they selected for the current season and discuss it with friends. This year’s catalogue has a retrospective of their 50 year old strategy. One of our favorite gift offering is His & Her Shar Pei pups for $7750.00 back in 1983.

The Shar Pei, is known for its distinctive features of deep wrinkles and a blue-black tongue. The breed comes from China. As puppies, Shar Pei have many wrinkles but they disappear as the pups "grow into their skin". Back in 1983 they were still considered one of the world’s rarest breeds and were not recognized by the American Kennel Club until 1991.

With an abundance of choices in just about every category of service and product you have a nano-second to sharply distinguish your brand from your competition. Be Shar Pei. Don't be dull. What tradition can you create that can keep you "top-of-mind" year after year like Neiman Marcus’ His & Hers Holiday gifts has done?

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Monday, October 11, 2010

Luxury Real Estate Personal Branding: Real Estate of the Mind

As a luxury real estate marketing professional, you must understand the “inner game” of marketing as well as you know the process of selling a home. If you want to gain or sustain market leadership in your area or your niche you must “own” real estate in the minds of your target market. We refer to the real estate of the mind as top-of-mind status. The key question is: Who comes to mind first?

In your mind who owns the category of multipurpose household oil that lubricates, cleans and prevents rust? Did you come up with W-D 40 or 3-IN-ONE? Can you think of another brand? Most people cannot think of a 3^rd or 4^th brand in this product category. It so happens that both household oil brands are owned by the same company. More importantly, they own the category!

Welcome to the world of real estate of the mind! In our time-pressed, over-communicated world we just cannot hold more than a few brand names in our mind in any category of product or service. That is what makes the stakes so high in the bid for market leadership.

In the realm of listing and marketing luxury real estate, achieving top-of mind status is far more valuable than owning the top position on a Google search result pages. Sure, it is great to also come up first on the search engines so you can get more buyer leads, especially when properties are slow to move. But, over time he or she who has the best listings and has the best reputation in town, or in a given niche, the one who stands out from the crowd, wins the lion’s share of the business!

We know an agent who is one of the top producers in all of the United States who has never optimized his website for the search engines. He does not have a Facebook or any other social networking account. His phone rings off the hook. He barely keeps up with his email and the business he attracts. He enjoys top-of-mind status in his marketplace because he has focused solely on building trusting relationships that yield continuous referrals.

This seems to fly in the face of what is now considered conventional wisdom. But, this luxury real estate marketing professional has mastered the inner game of marketing. He owns the most valuable real estate where “location, location, location” rules the day now and forevermore: in the minds of his target market.

By, the way...did you know that W-D stands for "water displacement" which was what the inventor, Norm Larson, was aiming for with his formula to prevent rust. It took him 40 attempts to find the best way to prefvent corrosion by repelling water.

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