February 10, 2008
After a long week in the studio I grabbed a box of Nilla Vanilla wafers and a tall glass of ice-cold milk and settled into my trusty "dad chair" to catch up on some of my previously recorded programs on Tivo.
I was watching an episode of the "Celebrity Apprentice" and something struck me as to how the show should be watched by all real estate agents.
If you are not familiar with the show, two teams meet with a product manager or brand executive at a consumer product company and they are told that there is a new product or new service being rolled out and they want the teams to compete to design a marketing campaign around the new product or launch.
The teams must design a promotional marketing campaign based upon the stated objectives of the executives of the launching company. Once they leave the intake meeting, the teams must work from concept to delivery to execute a program that will wow the executives.
In tonight's episode, world renown designer Vera Wang and an executive from the Serta mattress company instructed the teams to come up with a marketing promotion to market the new line of Wang designed mattresses. They also relayed to the teams what their "hot points" were and specifically the type of campaign they were looking for.
The executives told the teams that most important qualities that they wanted were creativity, entertainment, and brand identity ...in that order.
One team utilized their interview to find out exactly what their client wanted. The other did not. The executives chose the team that delivered a program that met their stated objectives.
Before The Donald uttered the words..You're Fired", I hit the Tivo pause button and sat down to write this post.
What if you were involved in a business where you had to come up with a promotional marketing plan, that involved creativity, entertainment and brand identity, what would you do?
Would you end up in the boardroom and here those two words.."You're Fired"? Or would you be able to come up with a promotional campaign that satisfied your clients objectives?
So today you get to be a team member of NARPRO. It's a mythical name like the ones used on the show.
Team NARPRO has just met with a client and here are the stated objectives of the client. He has a new product that he would like to see marketed, promoted and sold. (yes, those are three separate terms)
1. The Client would like to sell his house at a price of $300,000
2. He would like to sell the house in under 30 days
3. He would be willing to pay you $18,000.00 to you your team or any of your associates who assist you in selling the home
Like Vera Wang and the Serta executive, your client wants you to come up with a program that is creative, entertaining, and identifies with his brand and his target consumer.
Real estate agents are contracted to market, promote and sell. They are supposed to be marketing their client's product in much the same way. Where is the creativity, entertainment and brand identity in your marketing plan. Do you even have one? Would you like to learn how to implement these components into your future endeavors?
Let's break it down like we're in the warroom where I will join Team NARPRO.
1. Creativity- Our client wants us to be creative. Let's come up with a plan that is going to differentiate his property from other properties. Think it's hard to be sexy about a house? Think it's hard to be creative about a somewhat mundane product? Then you are not really trying. You are giving up and you are not letting the creative juices flow. Trust me. if Preparation H can have a creative campaign, Mr. Wilson's house on 2nd and Elm can have one as well. You just need to buckle down and use your mind and come up with ways to make that house sizzle.
Here's a hint. An open house, an MLS Listing, a yard sign, a Craigslist posting, and the rest of the ordinary agent's handbook is not going to work. Throw it out the window and get in the warroom and let's start brainstorming some real creative ideas..
2. Entertainment- Think entertainment does not or can not apply to real estate sales? It most assuredly does. Frank McKinney, the Real Estate Czar has been a maverick in real estate and his success is founded on delivering an experiential marketing campaign that involves entertainment and appeals to the senses of the prospect. He believes that you need to combine the "showmanship and business acumen of P.T. Barnum with the enthusiasm of Willy Wonka". Now that's one heck of a combination! Maybe that's why he can sell the most expensive houses on the planet to arguably the world's smallest pool of available buyers.
Donald Trump, in his Art of the Deal best seller, says if you are going to think, you might as well think big. These two guys, in my mind, make business fun. When your clients have fun, they buy. If you doubt that, think about it tonight when you are watching your favorite television show and instead of fast forwarding through the commercials, actually watch them. Are the commercials full of doom and gloom and just matter of fact like some kind of anti-smoking PSA, or are they graphically intense, fast edited entertaining messages that the advertiser hopes you will associate with their product? The most appealing and compelling commercials are graphically brilliant, clearly and concisely state a message, and are memorable. When's the last time someone was entertained in viewing a marketing program that you executed.
3. Brand Identity -Frank McKinney is technically a real estate developer. However, he understands that to brand yourself you need something bolder and more original: you need to create your own unique identity. Frank defines himself as "an artist whose canvas is the sun-drenched pristine beaches of Florida's Atlantic coast". This strong, allegorical reference differentiates and drives his brand identity and stimulates all of his other branding efforts. It also explains to the consumer the uncompromising commitment to the highest standards that is inherent in all of his projects.
What is your brand identity? What is the message that you want extended to your listing? How are you going to brand Mr. Wilson's house?
Too often real estate agents feel that they can't afford to market a property correctly. I am wondering in this day and age of real estate how you can afford not to?
Conventional wisdom be damned. Forget all of the industry standard coaching and realize that you are unique. Each listing is unique. Exploit that uniqueness for profit.
Can you imagine if every product, on every shelf, in every store was marketed exactly the same way? If you can't, look no further than your own local MLS.
In our next installment we'll discuss ways to utilize innovation and technology combine creativity, entertainment and brand identity to increase your income in the real estate industry.
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