Personal thoughts from within the Luxury Real Estate network
08
Marketing before the storm
By Jean-Yves Piton
During my recent discussions with many luxury real estate professionals in various foreign countries, talks about increased competition always seem to surface. Clearly, the industry has become more competitive this year than before in most geographic markets, whether such luxury real estate experts are located in regulated markets or not.
At this time, the question to ask is: What is being done to ensure a competitive edge?
Ultimately, the presence of marketing and promotional efforts will be a key differentiating factor. While a certain amount of new business can be generated through an existing portfolio and referrals, top international organizations utilize marketing and promotional initiatives to increase their visibility and brand image globally vis-à-vis competition.
Many organizations unfortunately use promotional efforts to boost sales when revenues are lower than anticipated. That’s a mistake, and these marketing campaigns are often implemented too late! Marketing and promotional efforts should always be used to convey a consistent branding message locally and globally. It’s always a good idea to use effective marketing to set yourself apart from other players and grow sales.
Editor’s Note:
Jean-Yves Piton is the Global Services Membership Manager for LuxuryRealEstate.com. He assists Bente Madtsen, the Director of Global Services, in expanding the LuxuryRealEstate.com brand into even more countries around the world. When times are tough, that’s usually when your hard work and consistent efforts pay off. It’s best to build a shelter before the hurricane comes. It’s too late to prepare when the winds are howling. That’s not to say that you shouldn’t advertise in a tough market, but hopefully you can realize the importance of always maintaining strong marketing tactics, even when it seems like a breeze to buy and sell properties. Keep trying!
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