If market leadership is your quest, as a luxury or other real estate marketing professional it is extremely important to understand the difference between strategy and tactics. Strategy is the overarching plan to out-think the top producing competitors in your marketplace or niche. Tactics are the specific methods you use to execute your strategy or to generate more business in general.
The primary purpose of a strategy is to win top-of-mind status in a category of business or a niche within the category. Studies show that consumers can only hold three companies, service professionals or products in their minds (on average) in any given category or sub-category. Therefore, the battle for mind share and the resulting market share really only applies to those who desire to be one of the top three contenders in any given category. That is why marketing strategies are only for those who are interested in gaining or sustaining market leadership.
Tactics for generating more business without a strategy for securing market leadership in some category can only yield mediocre results. That is because the top three contenders are targeting the lion’s share of the business and winning over the mind’s of the consumers, while all others are fighting over the crumbs. In the unabashed pursuit of market leadership the stakes are always very high and so is the level of gamesmanship, the tactics required to conquer the category.
If you do not want to settle for the battle of the crumbs, as a luxury or other real estate marketing professional, you must identify an uncontested market niche that you can dominate. Seek out opportunities that you can win, niches that you can serve better than any other competitor in your marketplace.