Articulating your unique promise of value is one of the trickiest aspects of personal branding in the luxury real estate arena. Sadly, many agents mistake features, like the latest and greatest website design or the best market reports, as their unique promise of value. The difference between a unique promise of value and a feature is that features have expiration dates. Intrinsic value endures.
Today as we were driving on the freeway, we spotted a CVS truck. What was remarkable was the claim on the loading door. It proclaimed that they are the only pharmacy with more 24-hour stores open than any of their competitors. How long will that be true? Their competition can easily surpass them by opening extra stores. What will they use next?
We researched this further and found that CVS closed over 70 stores in 2016, as a cost cutting measure. Many of those stores were 24-hour stores, and some of the remaining stores no longer offered 24-hour service. Essentially, the feature of extended hours as a differentiator expired in 2016.
In the competitive wine industry, the true promise of value can be the very dirt in which the vines grow. That is known as “terroir”. The best example of this is Chateau d’Yquem famous for its Sauternes. They have 310 acres of the best dirt for this grape with the perfect micro climate and have been commanding the highest prices since 1477. The wineries next door cannot duplicate the taste of those 310 acres, and sell their wine for less.
In real estate to find your unique value proposition you have to dig deep to discover the essence of what you stand for, what no one else can duplicate. If your unique value proposition can be duplicated, it a feature with an expiration date. If you can find your essence and value in this business you will find the lasting elixir of longevity!