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Luxury Real Estate Marketing: So You Want To Be a Market Leader?

By Ron and Alexandra Seigel

Services for Real Estate Pros with Napa Consultants DRE00893924

May 30, 2011 05:53 PM

In luxury real estate marketing and in business in general, market leadership is measured in sales volume and market share. It is also measured with an equally important indicator, “top-of-mind status” because mindshare always precedes market share. Here are the two keys to becoming a market leader.

The First Key to Becoming a Market Leader

If you want to be a market leader, the first key is to identify an uncontested or underserved market niche or category that you can serve more effectively than anyone else. Then become the dominant player in that arena.

Your marketplace does not have to be an entire town. You get to define the scope of your market segment. It can be as narrow as you want as long as it has the potential to fulfill your financial expectations. You can achieve top-of-mind status in a three block section of a suburb or a community of just 500 homes or by specializing just in waterfront properties or condos.

The Second Key to Becoming a Market Leader

In any category or niche the battle for market leadership is actually a contest of ideas, and the prize is top-of-mind status. Therefore, the second key to achieving market leadership is to seize an idea that you can stand for authentically and own like “the waterfront expert” or “condo king”.

Do not waste your time copying what the current market leader is doing. And, do not try to compete by using your opponent’s idea. As the famous chef, Emeril Lagasse, said, “Get your own show!”

We have a client in Florida who takes prospective buyers on boat tours of waterfront properties in her marketplace. She not only owns the boat she “owns” this idea of boat tours. To compete with a market leader like this, it would be futile to copy boat tours. Instead, you would need to stand for and own your own idea.

Consider the top wireless carriers. Today, both AT&T and Verizon offer the iPad and the IPhone. The price is the same. Which one would you choose? Verizon stands for and “owns” the idea of “coverage & reliability (fewer dropped calls)” AT&T cannot compete on this attribute. However, it is attempting to acquire T-Mobile so it can compete in terms of size which may translate into “faster product availability” because of the deals they can strike with manufacturers, or “deeper selection” (of bundled of services) down the line. Sprint has the first 4G network; it currently “owns” the idea of “speed”. But, 4G is just a feature that all wireless carriers will eventually have.

So, you want to become a market leader? Find an uncontested or underserved market niche. Then, find an idea you can own in the minds of your target market. Remember that marketing is a contest of idea and top-of-mind status is the prize!

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MichelleCherie Carr Crowe .Just Call. 408-252-8900

Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA

Family Helping Families Buy & Sell Homes 40+ Years

As always, a great post and helpful info for all os us.

May 30, 2011 05:59 PM

Brian Doubleday

Brian Doubleday - IML RealEstate - Orange County, CA Broker - Ladera Ranch, CA

Ladera Ranch, Foothill Ranch, Lake Forest, Mission Viejo

Another amazing post, I look forward to your next post I've learned a ton from you two. Very generous of you to share your knowledge of marketing...Thank you!

May 30, 2011 06:00 PM

Judi Boad

ACCURATE REALTY GROUP - Seattle, WA

Hi Alexandra~

It takes time to find your voice, your passion, what is uniquely yours to share. It is an idea that evolves into your stamp of who you are, and how you conduct business. As you so eloquently explained in your post, find out what you are passionate about and start there!

May 30, 2011 07:01 PM

Toni Weidman

Sailwinds Realty - Trinity, FL

20+ Years Selling Homes in New Port Richey, FL

A great post, Alexandra. I think what Sprint has over the other two is customer service. I've been with both AT&T and Verizon in the past and have had Sprint for almost 4 years now. I think Sprint needs to emphasize it service more.

May 30, 2011 11:42 PM

Patricia Feager, MBA, CRS, GRI,MRP

DFW FINE PROPERTIES - Flower Mound, TX

Selling Homes Changing Lives

Good Morning Alexandra,

Your post is very inspiring. I especially love the point you make about successful marketing means, that you must "Get your own show!" Emeril Lagasse got it right! Why can't I? I can! I will!

Following the pack can only mean one thing: You're a follower. To be a leader, you have to get your own show on the road and set yourself apart from the competition.

Great advice! I'm clicking suggest.

Patricia

May 31, 2011 02:22 AM

Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

Michelle,

Thanks for your comment and kind words. We wish you a great week. A

May 31, 2011 02:46 AM

Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

Brian,

Thank you, we are delighted you have learned so much, and we wish you continued success in all your endeavors, A

May 31, 2011 02:47 AM

Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

Judi,

I appreciate your unique interpretation of this post. It all has to begin with one's personal voice, if one wants to have the satisfaction of thie job. A

May 31, 2011 02:49 AM

Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

Toni,

Thanks for letting us know about Sprint, I had no idea that their service was so good. Furthermore, they have not emphasized it as you mention. We had AT&T way back and were not pleased, then moved on to a company that was acquired by Verizon. Thanks for the kind words...A

May 31, 2011 02:51 AM

Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

Patricia:

There is nothing wrong with being part of the pack. They are important players in the scheme of things. A market leader is different, they have fire in their belly, they want to succeed, and they want to stand out. Sometimes, they get complacent and sit back on their laurels, and that is the perfect opportunity for a challenger to step in. Thanks for the suggest. Have a great week. A

May 31, 2011 02:54 AM

Larry Lawfer

YourStories Realty Group - Newton, MA

"I listen for a living." It's all about you.

Thank you for sharing your insight, it is always of value. I think you could add, "find your own voice" to the niche category. There are many of us who work in the luxury category speaking to a lot of the same people. The woman with a boat has a niche and her voice so she is golden in that regard. I think the trick in finding your voice is finding your passion to speak. I am still a newbie in this regard, and have learned from your entries here and on Linkedin.

May 31, 2011 03:06 AM

Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

Larry,

Thank you for your insight and contribution. We appreciate them, and wish you a great week, and summer. All the best, A

May 31, 2011 03:32 AM

Steve, Joel & Steve A. Chain

Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Alexandra,

I love the quote,"get your own show." Passion is such a wonderful energy. Those who use it never have to pretend they enjoy what they are doing.

Suggested,

Steve

May 31, 2011 08:41 AM

Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

Steve,

As always your insights are so wonderful, yes passion is a wonderful energy, and you are right very authentic. A

May 31, 2011 10:20 AM

Cherise Selley

Selley Group Real Estate, LLC - Colorado Springs, CO

Colorado Springs Realtor

Ron & Alexandra,

It seems when you soulfully abide in your market, it goes without saying, you continue to develop the skill to become who you are more so in your niche. As always, a wonderful post... g

May 31, 2011 10:57 AM

Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

Gordon,

Thank you, and it takes a special gene to be the market leader, as we observed it. Leadership is not everyone's choice, so to be the leader you have to want to be. A

May 31, 2011 11:40 AM

Jim Frimmer

HomeSmart Realty West - San Diego, CA

Realtor & CDPE, Mission Valley specialist

To serve more effective can also mean simply being seen more than the competition because that implies serving more effectively.

Jun 02, 2011 04:43 PM

Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

Jim,

Excellent point, thank you for sharing your insight. We appreciate it, A

Jun 03, 2011 02:37 AM