The Language of Luxury

We are often asked by luxury real estate marketing professionals for some low cost, off-line vs. online, marketing strategies that produce high impact marketing results, especially client loyalty. We like to encourage our readers and our clients to think about what makes them loyal customers and clients of other professionals.  Here are some ideas along those lines.

Recently we visited our local produce market.  They often carry items that we cannot find in the outdoor Farmer’s Market. There was a sign posted at the entrance encouraging customers to bring their own bags.  They launched a new initiative to contribute a nickel to one of four local charities when you save them the cost of a paper or plastic bag. When you check out they give you a ticket to place in one of the four boxes associated with the charity of your choice.

Many times you see a box at the checkout stand for a particular charity where you can deposit your coins or dollars. But, it is usually a national charity, not a local community charity such as the Girl’s Club, the local food bank, etc.  There is something so wonderful about being able to simultaneously contribute to the environment (recycling bags) and also to a local cause here.  It makes you feel good about yourself and about the store, thus generating customer loyalty. What was the price of our loyalty? It was five cents!

Later, the same day we purchased a hair care product from a local pharmacy.  There are many choices in our neighborhood to find the same product. In fact there are many branches of the same company in our area.  On this day, when we checked out, the clerk noticed that a coupon was available for the product we purchased and proceeded to cut it out of the paper for us.  It saved us two dollars and made us feel very good about shopping at that particular store again.  What was the price of our loyalty? It was zero—just 30 seconds more of customer care!

What are some of the ways your local stores and services are winning you over as loyal customers? What are some of the ways you can engender client loyalty at zero or next to no cost?

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Photo by Jorge Barros

In staying up to date with the new theories of luxury marketing in the global economic downturn, it seems to us that there is a denial, among the purveyors of luxury goods and services, about how consumers are now viewing luxury.   The same holds true, in many cases, with sellers of luxury real estate. As we read the various reports and the advice from industry pundits, we are struck by the level of delusion that continues to characterize the industry.  Many home sellers are refusing to price their homes in line with current consumer demand.

In retail, some advisors say, “Do not lower prices of luxury goods and services”. The fear is that this may tarnish the brand’s reputation. In the perfume industry, one solution is to sell perfume in smaller bottles, giving consumers the illusion of lowering prices.  Have you noticed that store bought coffee usually comes in 12 once bags these days instead of 1 pound bags?

The hospitality industry is also attempting to maintain their prices while adding incentives such as food and spa credits which effectively lower the rate of the rooms.    Consumers are not jumping at either offer.

The high end consumer is rejoicing at all the sales.  Finding bargains has become a badge of honor. Waiting for items to go on sale has become a new national pastime. Most importantly, consumers are beginning to ask these important questions: Is this item worth it?  Do I really need it?  Do I have to have it at this price?

As soon as more homebuyers wake up to the new perception of value in the luxury realm, more luxury real estate marketing professionals will start to see significant momentum in their sales.

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Photo by byj

In Part 1 of this blog series we covered the wonderful opportunity to not only syndicate your listings as a means of generating leads for your luxury real estate marketing practice, but also syndicating YOU by leveraging the power of the new media tools. 

By creating a name for yourself on the internet,  a one-woman or a one-man brand, focusing on publishing content that you are passionate about (not necessarily real estate), you can significantly expand your sphere of influence. What is truly exciting about this opportunity is the relatively low cost of entry into the field and the potential for tremendous return on your investment.

Recently, a movie that was produced for $15,000 generated $7.1 within the first two weeks of its release.  The film’s buzz on Twitter and Facebook propelled it to #5 at the box office.  Word-of-mouth advertising via social media also helped to make the movie, Julie & Julia (Julia Child) a hit.  Barnes & Noble reported that they temporarily ran out of Julia Child’s, Mastering the Art of French Cooking because of the renewed interest that the movie triggered. And, the book is once again a best seller.

An important key to becoming a one-woman or one-man brand, as a luxury real estate marketing professional, through new media syndication (blogging, video, podcasting, article distribution, etc) is finding an uncontested niche.  If you carve out a newsworthy market space and generate compelling stories, others will help you spread the word because they are excited to “join” your brand.

Here is an example of a potential uncontested niche that you could cover as a syndicated columnist and also, contribute extraordinary value if you are passionate about the subject:  Local sports.  This does not include major league baseball, basketball, football, soccer, etc. It does include the little league, the high school sports scene, beach volleyball, the ultimate Frisbee league and more.  

The entire purpose of this exercise is to engage more and more local community members to interact with you and each other, and also become well known and well thought of in the process.  You will be surprised at how much real estate business can flow from syndicating YOU, without ever mentioning a thing about real estate. Just feature your real estate credentials along with some calls to action (to contact you for specific real estate needs, e.g., a CMA).

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