Luxury Real Estate Personal & Company Branding: The High Cost of Misjudging Your Target Market – Part 2

 

This issue of accurately assessing your target market and communicating with your ideal clients on their wavelength is crucial to your success as a luxury real estate marketing professional. In Part 1 of this article series, we wrote about Louis Vuitton and Ruth Chris closing their doors in Santa Barbara because they misjudged their target market, which cost them both dearly.

In nearby Thousand Oaks, known for its strong community and excellent school system, an “Asian fusion” restaurant opened after an extensive, long term and very expensive build-out in an upscale shopping center there.  Located directly across from the family-friendly and extremely popular Cheesecake Factory (over 160 restaurants in the chain) it closed within one year.

Again, the demographics of Thousand Oaks supported the potential success of this restaurant.  But, they completely missed their psychographic target.  The décor was dark and uninviting. The menu was a mélange of Asian cuisines, which works at their other locations in Los Angeles but not here. The name of the restaurant, Buddha’s Belly, did not help its cause.

Ironically, in the high-end shopping center of Century City, which is adjacent to Beverly Hills, the  owner of the Cheesecake Factory opened an Asian fusion restaurant, Rock Sugar, with  a magnificent, inviting décor replete with beautiful and exotic Asian furniture and water features. You feel transported to the Far East the moment you approach the front door.

This restaurant is thriving because it hit its mark both in demographics and in psychographics.  The shopping center is surrounded by office buildings and is particularly suited for power lunches.  The food is fabulous.  It is a great date restaurant that is also perfect for special family gatherings.

Take the time to carefully understand both the demographics and the psychographics of your target market.  Doing so can save you a considerable amount of time and money!

This blog posting has been provided by Ron and Alexandra Seigel, the Language of Luxury Community Founders and managing partners of Napa Consultants, International, the leading luxury real estate strategic marketing firm. They specialize in personal and company branding, luxury real estate website design and social media marketing. Photos courtesy of Ron and Alexandra.


6510 Manasota Key

 Impressive piece of property with rights to build dock on Intra-Coastal, private beach and a stunning  lot.


This property is perfect for a new home that demands panoramic sunset views.   Feel free to walk the property.


Pristine vacant lot with 1.08 acres of beautiful oak trees and natural vegetation awaits buyer that seeks a truly special building site.  Approximately 170ft on the gulf with private beach assures wide-open views of the gulf and privacy from adjacent neighbors.  Vacant lot is located in the Coastal Hammocks area of Manasota Key which guarantees beautiful foliage in all directions and benefits native wildlife.  Manasota Key is a huge turtle nesting area and has loads of pre-historic sharks teeth and fossils for the treasure seeking enthusiasts.  This property is a winner for more than one reason:  Linear footage on gulf, wooded lot, ability to build a dock, and in a non-people-polluted area.  Come and take a look!



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Posted by: Keri Mahoney
Posted on: 9/25/2012 at 12:40 PM
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Creating the Ultimate Home Theater

A television and a DVD player do not a home theater make. Those components provide the basic functionality, but the ultimate home theater is not built on function alone. A killer home theater fulfills its purpose, creates a distinctive ambiance and does it all in style.

Space and seating

The larger the screen you’re watching, the further away you should sit for a good viewing experience. If you want a 70-, 80- or 90-inch screen in your home theater - and if you’re really trying to build the ultimate home theater, you do - you’ll need no less than seven feet between the screen and the first row of seating. Therefore, don’t start your home theater without a large room. A room that measures 20 feet from end-to-end can comfortably accommodate a 70- to 80-inch screen and three tiers of seating. If you want a larger screen or more seats, you’ll need more square footage.

Furniture

Once you have professionally built tiers in your home theater, begin shopping for your furnishings. Any comfortable furniture will suffice in a home theater, but quality seating provides the ultimate in comfort and utility. Home theater seats come in multiple designs, but generally sport the same features, like footrests, built-in cup holders, trays and even ambient lighting.

Picture

Seats may be the comfort stations of your home theater, but the screen is the focal point. Getting that true movie theater experience requires a screen that displays the kind of large, quality picture you can’t get from a standard television. When it comes to home theater display, you can go one of two ways. The right one for your home theater depends upon your personal preference. Those who really want to capture that movie theater experience may want to skip the TV options and install a projection screen and projector for showcasing movies at home. Those who prefer a television screen or plan to use their home theaters for television watching or gaming as well may find a standard TV and Blu-Ray player provide more use.

Sound

Whatever path you go to get a great home theater picture, don’t skimp on the sound. For the ultimate theater sound, go all in with a 7.1 surround sound receiver and pair it with a seven-speaker system. Don’t forget a subwoofer to capture those low tones. Install speakers in the center and at both sides of the screen, in the center of each side of the seating area and equidistant from the center on the back wall. A proper surround sound set-up fills the room with sound, providing that immersive movie theater sound experience.

Style

Once the working components are in place, it’s time to play. A common home theater flourish is the addition of velvet curtains on either side of the movie screen, which provides that typical movie theater look. Also, consider dim track lighting on the sides of seating tiers as a stylistic touch that increases safety in the space. Finish the room with posters or stills from your favorite films to put your own love of movies on display. By incorporating a mix of traditional movie theater decor and personal touches, you add pizzazz to your ultimate home theater.

Setting up a home theater will take a little bit of work, from choosing the right screen and seating to getting the best sound and showing off your style. Don't be afraid to start a little small and work your way up until you have the home theater of your dreams. Treat that big reveal like a Hollywood movie premiere and get ready for your home to be the go-to destination for movie night!

This post was provided by Jessica Stark, Jessica, who blogs for Sears and other prestigious brands, enjoys learning all there is to know about interior design and then writing about it.


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Posted by: Nicole Lauber
Posted on: 9/25/2012 at 7:19 AM
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Categories: Luxury Guest Writers | Luxury Real Estate
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Luxury Real Estate Personal & Company Branding: The High Cost of Misjudging Your Target Market – Part 1

When crafting your personal or company brand, as a luxury real estate marketing professional, it is crucial to accurately access both the demographics and the psycho graphics - the mindset of your target market.  Otherwise your brand can miss the mark and not resonate with your ideal clients. Avoid the high cost of misjudging your target market at all costs!

Year after year Louis Vuitton is recognized as the world’s most valuable luxury brand.  It sells its products through standalone boutiques, lease departments in high-end department stores and also online. The brand itself is valued at over $19 billion, and the company is valued in 2012 at $25.9 billion, according to Bloomberg.

In 2012, Louis Vuitton shuttered its boutique in Santa Barbara. In 2011, in the same upscale shopping center, Ruth Chris, the famous steak house chain with over 130 restaurants, also closed its Santa Barbara doors. What happened?

Certainly, the Santa Barbara demographics can support high-end retail stores and upscale restaurants.  But, are the psycho graphics, the mindset of the target market, a match? In this neighborhood of large estates owned by"old money"  they are not. 

Just a few blocks away Chuck's of Hawaii, thrives. It began serving award-winning steaks and seafood over 45 years ago. The inside is romantically lit and is casually furnished with wood tables anound chairs. A bartender in a Hawaiian shirt serves their famous Mai-Thais as well as a wide variety of local wines. Their dinner menu is still hand painted on bottles of Lancers’ wine.

The décor of Ruth Chris restaurants is considerably more formal than Chuck’s and that is where it miscalculated the Santa Barbara psycho graphic.  Chuck serves free high end hors d’oeuvres during Happy Hour, which packs people in and creates a buzz that, attracts a strong dinner crowd. 

In adjacent Montecito, Lucky’s Steak House also thrives.  This is an intimate, smaller neighborhood restaurant that caters to a higher concentration of the upper demographics, than the general population of Santa Barbara.

Accurately judging both the demographics and the psycho graphics of your target market is like fine-tuning a radio.  If your brand is not right on the money you will get static instead of a clear signal. And, static can be very costly in terms of wasted marketing dollars.

This blog posting has been provided by Ron and Alexandra Seigel, the Language of Luxury Community Founders and managing partners of Napa Consultants, International, the leading luxury real estate strategic marketing firm. They specialize in personal and company branding, luxury real estate website design and social media marketing. Photos courtesy of Ron and Alexandra.


The Jewel of the Blue Ridge Mountains

 

A gorgeous country estate with a 2-tiered beach nestled on the pristine Smith Mountain Lake is yearning to be plucked up by a home buyer desiring a fun and relaxing lifestyle and looking to make a great investment in a beautiful, economically stable area of Virginia. This 3-level home has five bedrooms and four bathrooms and is offered for under $1 million.

A number of other striking estates are available in the Smith Mountain Lake area. With a reputation of being the “Jewel of the Blue Ridge Mountains,” the 23,000-acre lake has over 500 miles of stunning shoreline where residents and visitors can indulge in recreational activities like boating, sailing, rowing and biking. It is the ideal mountain area: cool, but not damp, where winters get cold but not too snowy. For the winter adventure-seeker, ski resorts are a short 2-3 hour drive north into West Virginia.

“Every season is the season here,” says Leslie Becker, Broker for Smith Mountain Lake Properties Inc.  “This is the most unique mountain setting on the entire east coast. We not only have seasonal homes, but we have full-time living here due to all the jobs in Lynchburg and Roanoke.”

Although somewhat of a private and undiscovered area, Smith Mountain Lake is near two major cities with direct connections to metropolitan areas around the United States. Smith Mountain Lake offers the same active lifestyle and is as full of culture as many major cities, but better. Here there are also equestrian and golf centers, including four major signature golf courses, sailing regattas, antiquing, historical sightseeing, frequent art festivals and concerts, and national award winning vineyards.

Make the trek to Smith Mountain Lake. Discover the undiscovered. It is truly a jewel, and the perfect blend of mountain and lakefront living. You’ll jump at the chance to call it home.

For more information visit www.smithmountainlakeproperties.org.

 


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Posted by: Keri Mahoney
Posted on: 9/24/2012 at 10:35 AM
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Luxury Real Estate Marketing Tip: Differentiate Yourself with Substance

If you are going to take the trouble to brand yourself as the “go-to” luxury real estate marketing professional in your area, make sure that your marketing message clearly and sharply differentiates you form your competition. Your marketing message must have substance and leave no room for guessing about what you are trying to convey.  That is,  if you want gain more market share.

Your substance is the essential nature that makes you stand out.  It is what we call the DNA of your personal brand. Most importantly, it is that which is inimitable about you in a business context, expressed in such a way that it instantly addresses your target market’s most pressing needs better than your competitor does.  Here are some examples of marketing messages that are devoid in substance and effective brand messaging.

As we were perusing our menu at the Cheesecake Factory, we noticed this Diet Coke ad, which in our opinion says absolutely nothing about how Coke is different from Pepsi or other competitors (see the image above). What is the message here?  Is a bottle of Diet Coke a liquid asset (in financial speak)? Does drinking Coke assure that you will “stay extraordinary”?  We can only guesstimate the huge amount of money that went into this campaign and completely missed its target.

A VW commercial opens with people of all ages laughing, which is always a delight.  It ends with the VW logo and the slogan, “It’s not the miles; it is how you live them.” A great thought, but does it compel you to purchase one of their cars vs. a competing model?  They want you go to a website called, whyvw.com, and read about VW values:  quality, safety, value (for the price), environment and performance.  These values should be every car manufacturer’s values.  It still leaves the question, “Why VW?

A large institution recently purchased one of the local banks in Santa Barbara. Their ads are everywhere in town attempting to promote how they are different. Each ad focuses on a single word that is supposed to communicate this. Here are the words: integrity, friendliness, trustworthiness and teamwork.  Is that not what banks are supposed to have?  Would this campaign get you to switch banks?

Luxury real estate marketing professionals often try to differentiate themselves by touting their integrity or their friendliness.  Isn’t that the price of admission for any professional?  Dig deeper and identify what is substantive about you, and how that can meet the needs of your target market.  That is what branding is all about.

This blog posting has been provided by Ron and Alexandra Seigel, the Language of Luxury Community Founders and managing partners of Napa Consultants, International, the leading luxury real estate strategic marketing firm. They specialize in personal and company branding, luxury real estate website design and social media marketing. Photos courtesy of Ron and Alexandra.


Pleasant Valley Manor

The Ultimate Country Estate and a Championship 18 hole Golf Course with a 60,000 sq. ft. clubhouse.

A rare opportunity to own one of the world’s great estates, this 50,000 sq. ft. 3 story Georgian Manor is just 5,000 sq. ft. smaller than the White House, but much newer and grander.  Built in 2002 with all the elegance and grandeur of a bygone era yet all the modern conveniences for grand scale entertaining and family living, with a ballroom so large that an elegant hostess could hold a Fin d’Siecle Ball.  Here, entertaining is elevated to the status of fine art.  Huge rooms work in concert, with a wonderful flow for entertaining.  In addition to the grand manor, there is a carriage house with the security command center and staff quarters, custom barn and a helipad.

 Also available is the 18 hole championship golf course - Top 100 (#56) in the country.

With approximately 1000 acres, there is room for an additional 18 holes or room for a major golf course development.  Offered far below replacement, the manor on 200 acres plus the golf course  with approximately 800 acres is only $30,000,000 or  the manor home on 200 acres with substantial furnishings is offered at $20,000,000.

For more information about Hoffman International Properties visit www. MagnificentProperties.com.


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Posted by: Keri Mahoney
Posted on: 9/23/2012 at 8:37 AM
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Welcome to the Highlands, North Carolina

Enveloped by the Nantahala National Forest, Highlands North Carolina is located at the southern tip of the Blue Ridge Mountains at an elevation of 4,118 feet within two hours driving time of Atlanta Georgia, Asheville North Carolina and Greenville South Carolina.  The surrounding mountains soar to heights over 5,000 feet and in July our average daytime temperature is a cool 76 degrees.    With a rich history, wonderful climate and enviable way of life, Highlands has long been a haven for southerners anxious to escape the summer heat and is an ideal location for a retirement or summer home.  

The year round population of the Highlands area is about 4,500, however in the summer the area increases to over 15,000 folks.  The cultural amenities during the summer season include professional live theatre, chamber music concerts, art classes, cabarets and other special events.  A variety of educational programs and informative seminars are available as well.  Long noted for its fine dining with five restaurants holding Wine Spectator Awards, the community also offers unique shopping, with specialty gift and clothing boutiques, antique and art galleries, fine jewelry and custom furniture.

With the rare combination of scenic beauty and ideal climate, Highlands has much to offer in the way of sightseeing and outdoor recreation.  The number and variety of accessible trails will thrill hikers of all skill levels.  With the cool temperatures, golf and tennis are most enjoyable, while waterfalls and panoramic mountain vistas form the backdrop for fly fishing, rappelling and whitewater rafting.

Home to The Old Edwards Inn and Spa, recently acclaimed as the #1 Hotel Spa in North America by Conde´ Nast Traveler, Highlands was also recognized in 2012 by Barrons “Twenty Best Places for a Second Home.”

 

If you are hoping to make Highlands your residence of choice in the North Carolina Mountains, then you have chosen wisely and deserve expert help as you explore the available real estate offerings.   Meadows Mountain Realty has been serving the Highlands area since 2003 with nineteen brokers in two convenient locations.    Come visit with one of our local experts – let us introduce you to Highlands North Carolina real estate and the Highlands lifestyle.  

To learn more about this property visit www.meadowsmtnrealty.com.


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Posted by: Keri Mahoney
Posted on: 9/22/2012 at 8:30 AM
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Private Oceanfront Coastal Retreat

In prestigious Palmers Island. Offering 10 bedrooms, 9 full and 4 half baths. 7 bedrooms, 3 car garage and boat house. The guest home features 3 bedrooms and a 2 car garage. Located on over two acres of Oceanfront property and has unobstructed views of the Ocean. Cathedral ceilings, hardwood floors, Terracotta and ceramic tiles. Rooftop decks on both the main and guest homes.  Has 2 elevators, private office, butler’s pantry, recreation room and cabana room for ease of beach and pool enjoyment. Currently used as a private home, however rental income projections forecast over $385,000 annually.   $6,500,000 furnished with some exclusions.

For more information on this property visit The Hawkins Team website at www.thehawkinsteam.com.


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Posted by: Keri Mahoney
Posted on: 9/21/2012 at 8:09 AM
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Second Nature

Residents of The Elk River Club in Banner Elk, North Carolina wake up in a beautifully custom designed home, crafted from the finest native materials, to a gorgeous view of the Blue Ridge Mountains. They admire the stunning sight of Mountain Laurel and native Rhododendron blooming in the spring, and are surrounded by neighbors with the utmost Southern hospitality. This is what every day life is like.
            “The scenic beauty of the Blue Ridge Mountains is unparalleled,” says Rick Foster of Elk River Realtor. “Whether you enjoy hiking along tree lined trails covered in blooming Rhododendron and Mountain Laurel, driving along the breathtaking Blue Ridge Parkway, or fly fishing in crystal clear, cascading mountain streams and rivers, nature lovers and those with active lifestyles will find ‘Heaven on Earth’ in the North Carolina High Country.” Residents like to say Banner Elk and High Country is where Mother Nature goes to vacation.
            The Elk River Club real estate market has remained relatively stable, and it continues to be an excellent time to consider investing in mountain real estate, according to Foster. An investment in mountain real estate at The Elk River Club is not just a property investment, but a lifestyle investment as well. In a place where residents delight in outdoor recreational activities like mountain biking, snow skiing, and white water rafting as well as the luxury of fine dining, outdoor festivals and antique shopping, there is truly something for everyone.
            At The Elk River Club in Banner Elk, North Carolina, expecting relaxation, peace of mind and lots of beautiful living space are second nature. “But most of all, people can expect opportunities,” says Foster. “Opportunities to gather the family closer, to create experiences that become traditions, and legacies that last a lifetime.”
            To view some of the contemporary and luxurious properties currently on the market in Elk River, visit www.elkriverclub.com.

 


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Posted by: Keri Mahoney
Posted on: 9/20/2012 at 8:02 AM
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Mountain Living: Western North Carolina

Take one part Southern charm, and one part cosmopolitan sophistication. Add in a lush, green setting and you might understand why Western North Carolina has become a most desirable area for living the good life. 

Known as the “Paris of the South,” Western North Carolina has been coveted land since George Vanderbilt built his vacation home, the Biltmore Estate, over 100 years ago. Since this landmark building, it seems others have followed suit. Boasting a temperate year-round climate, an abundance of outdoor activities, and a moderate price of living, the influx of interest in the area makes sense.

The region’s housing market is on the upswing, in fact, ensuring plenty of accommodating options throughout the state. Whether you are in pursuit of a high-end estate in Waynesville or a multi-story condominium in Downtown Asheville, Western North Carolina has the inventory for even the most discriminating buyers. “As a region, sales in price ranges over $700,000 are up 50% over the same period last year,” says Michael Phelan, area expert at Beverly-Hanks & Associates.

Untouched nature devoid of chains, overdevelopment and traffic await those who visit the North Carolina mountains. It is a place that offers an unparalleled quality of life that most can only aspire to. The region is so relaxing that U.S. News & World Report recognized Asheville as one of “America’s Best Affordable Places to Retire” in 2009.

Western North Carolina also boasts countless dining options, and quite the craft beer scene, for those who appreciate local libations. Chefs in Asheville serve up delicious dishes while taking pride in using locally grown produce and grass-fed livestock.

Western North Carolina’s emphasis on quality food and the accessibility to breathtaking natural resources provide a picture-perfect canvas for living a healthy, active lifestyle in the last of America’s paradise.

 


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Posted by: Keri Mahoney
Posted on: 9/19/2012 at 4:11 PM
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Luxury Real Estate Marketing Tip: Beyond Popcorn to Tasty Marketing

As a luxury real estate marketing professional it is important to keep up with luxury marketing ideas that are outside the real estate field, as they can inspire and refresh your marketing approaches.  Here is an ingenious idea to lure the movie going public engaged in actually going to movie theatres, rather than waiting for Netflix or other on-demand channels to release the film.

This year at the New York City Food Film Festival, popcorn will not be served.  At the movie “Whiskey: The Islay Edition,” a story about the importance of single malt scotch to the island of Islay, scotch will be served along with a bacon wrapped steak. At the Chicago Food Film Festival there will be a presentation of  “Mozzarella, Inc.,” a documentary about two young Italian Mozzarella salesmen in London, and fresh mozzarella will be served.

Not to be outdone, at the first annual Minneapolis, Feast for the Eyes Film Festival they plan to feature local food and micro brews with their film lineup.  This will include new movies such as “Now Forager,” a story set in the New York restaurant milieu that features mushroom hunting (foraging) as a setting for falling in love.  No doubt wild mushrooms with be part of the goodies served.

How can this translate to luxury real estate marketing?  One of our clients in the wine country has new wine tasting at her office by invitation only. She serves an array of hors d’oeuvres made by one of the celebrity chefs in town.  This has created great buzz for her business as well as listings and sales.  Now that is a tasty marketing strategy!

This blog posting has been provided by Ron and Alexandra Seigel, the Language of Luxury Community Founders and managing partners of Napa Consultants, International, the leading luxury real estate strategic marketing firm. They specialize in personal and company branding, luxury real estate website design and social media marketing. Photos courtesy of Ron and Alexandra.


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Posted by: Nicole Lauber
Posted on: 9/19/2012 at 7:18 AM
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Top Ten Foyers

They say that first impresssions are lasting ones.  Since the foyer of your home is one of the first things your guests will see, make sure it reflects the  right tone you wish to convey.  The wall coverings, artwork,  furniture and accessories need to send the right message.  Of course there are many styles. Contemporary, Traditonal, Tuscan just to name a few.  We have selected some of the best foyers on these two pages.  Perhaps one will catch your eye and give you some inspiration to create or update your own!


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Posted by: Keri Mahoney
Posted on: 9/18/2012 at 2:51 PM
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An Escape from Reality

Many people underestimate the rare beauty of The Golden State, a place where the atmosphere can change from laid-back to adventurous with a snap of your fingers and where rays of uninterrupted sunshine make this eco-friendly and highly recreational state incomparable to others in the United States.

With the highest and lowest points in the continental United States within 100 miles of each other and mild year-round weather, California offers residents an array of activities to indulge in at any time. Outdoor activities in California include hiking in the mountains, swimming, horseback riding, and skiing and snowboarding during the winter months. California is also home to a number of outdoor entertainment venues and thousands of vineyards offering tours and wine tastings.

One of the most exclusive properties on the market today embodies many of these activities. This jaw-dropping property rests behind an iron-gated entrance at the top of a gravel drive that meanders through stately olive and pepper trees. Old World sophistication meets 21st century comfort in this exquisite Mediterranean vineyard equestrian estate situated on approximately 10 acres in Carpinteria. The gorgeous Tuscan-style villa has outstanding ocean views and is surrounded by fruit orchards, a vineyard and modern equestrian facilities.

Built in 2005 at approximately 8,725-square-feet, the 4-bed, 4-bath main residence has a classic Mediterranean design, a state-of-the-art home automation system, a guest suite, home theatre, library and wine cellar. The villa has been decorated from ceiling to floor with top of the line finishes suitable for the style and emphasizing entertainment. A meticulously maintained 6-stall equestrian stable with paddocks resides on the property.

An escape from the bustle of the city area, this $14.5 million property at 338 Toro Canyon Road offers quiet serenity while being only minutes away from Summerland and Montecito, the 101 Highway, and Santa Barbara.

“Anything and everything is a go here,” says Suzanne Perkins of Sotheby’s International Realty in Santa Barbara. “And weather like California’s where the median coastal Santa Barbara is 70-degrees is beyond desirable.”

 

At this gorgeous residence, rest, relaxation and beautiful scenery will meet adventure. In a place where lifestyle possibilities are endless, you’ll want to make this brilliant Californian estate yours so you never have to leave.

To learn more about this property visit Sotheby's International Realty website at www.suzanneperkins.com


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Posted by: Keri Mahoney
Posted on: 9/17/2012 at 2:43 PM
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Luxury Real Estate Marketing Tip: How to Dominate Your Niche

In marketing luxury real estate, being a generalist is the surest path to mediocrity. The fastest route to market leadership is to identify an uncontested or underserved market niche that you can dominate. However, you must find a niche that you can serve better than anyone else and you must be genuinely passionate about it.  To understand this vital principle, here is an example of how this plays out in a completely different field.  

Did you happen to catch the season premiere of Shark Tank, the reality show where 5 wealthy entrepreneurs (including Barbara Corcoran, the New York real estate maven) compete to invest in promising start-up companies? The two women who invented BuggyBeds, the early detection system for bed bugs, made a presentation that wowed all five Sharks, and us too!  They had turned down a buy-out of $5 million dollars prior to appearing on the show. 

Apparently, there is a significant increase in the reported cases of bed bug infestation in the last few years. Females lay up to 500 eggs! Their patented early detection bed bug glue trap slips under a mattress and sells for $8.98 for a package of four.  Now, here is an uncontested market niche!  With the Shark’s help, every major hotel chain, every mattress company, every home improvement store chain and more will soon carry this product.  

BuggyBeds is a need that consumers did not even know they had. Now, “over-night” it will become a necessity. They got their branding spot on! The brand name itself identifies the new product category they created.  

When you identify an uncontested market niche you create news. By promoting the new category to a news-hungry media you can promote your brand in the process. By leveraging the media (including social media) you can maximize public relations and word-of-mouth advertising and minimize your marketing expense.  

When you take on an uncontested market niche in this way, your competition, if any, becomes inconsequential. If they attempt to copy you they are perceived as a “me-too” (think Zune vs. iPod).  Once you break the news about the category, their chance of getting substantial media coverage is very slim. They will have to out-spend you in marketing to try to keep up with you. 

If you have selected a niche that is not new, but is underserved, you still have the opportunity to create news because you or your company becomes the viable alternative to your competition that heretofore was not challenged. You can still spark word-of-mouth advertising that can lead to dominating your niche.

This blog posting has been provided by Ron and Alexandra Seigel, the Language of Luxury Community Founders and managing partners of Napa Consultants, International, the leading luxury real estate strategic marketing firm. They specialize in personal and company branding, luxury real estate website design and social media marketing. Photos courtesy of Ron and Alexandra.


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Posted by: Nicole Lauber
Posted on: 9/17/2012 at 9:28 AM
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