Luxury Real Estate

By Jean-Yves Piton

The classic marketing mix, with its 4 Ps (Product, Price, Promotion and Place), is evolving to meet current global business needs. It now includes 3 more Ps: Positioning, Packaging and People.

Keep in mind that Positioning should not be confused with Promotion. Although advertising efforts are inherently part of both Promotion and Positioning, the latter P mainly focuses on your competitive position within the marketplace and image amongst consumers.

Are you and your firm positioned as “the luxury real estate expert” in the marketplace? You must ask yourself this question to better compete in the global struggle for differentiated products, services and brands.

How are you and your firm’s products and services perceived by your prospects and clients? In essence, your positioning strategy should assist you with your brand recognition in the marketplace.

Your advertising efforts support your positioning strategy, which, in turn, builds your brand equity.

For instance, BMW has used the slogan “Ultimate Driving Machine” for over three decades now, positioning this tagline as the ultimate one in the automotive industry. BMW clearly advertises its passion and talent for top innovation and engineering, which positions its brand as one of the finest amongst luxury consumers.

In fact, Jack Pitney, Vice President of Marketing, BMW North America clearly articulated that: “BMW has carved out a unique niche in the industry by placing a premium on constant innovation and inspiration and this campaign will reveal the company behind The Ultimate Driving Machine.”

To that effect, while crafting your marketing plan you should carefully select your advertising initiatives to reach and appeal to your targeted audience. Your advertisements should unmistakably position you and your firm not just as “a luxury real estate expert” (one amongst many others), but as “the luxury real estate expert” (the best).


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. What a great discussion. It’s definitely important to position yourself, through word and deed, as a standout performer. The photo of the blog apartment building is from www.flickr.com/photos/paytonc/925383449 and it is the copyright of Payton Chung.

By Scott Rudolph

I have a quick question for you… How do you feel when you see “Price Reduced” signs? They may be a sign of the times… get it? “Sign” of the times. But in my humble opinion they create a perception of desperation. I say, lose the signs for a number of reasons.

First, signs are not as significant a factor in the Internet age – many buyers have already been online and therefore have an abundant amount of information on the properties they’re going to visit. Second, fewer in-your-face reminders of reductions will only help push the thinking from top of mind. What’s the saying? Those who focus all energy on missing the rock in the road are the very ones who hit the rock in the road.

Third, and most importantly, “Reduced” imparts a sense that you are not setting a realistic price in the first place. Do everyone a favor and price the home properly based upon current inventory and market conditions, which in most cases has already been reduced drastically, and let’s move this market (and the world market along with us) forward.


Editor’s Note:
Scott Rudolph is the Director of Business Development for LuxuryRealEstate.com. He works with a variety of luxury-focused companies to expand the LuxuryRealEstate.com influence. So true. If we always focus on what we shouldn’t do we’ll run the risk of forgetting what we should do. Let us think positively and try our best be fair and forward-thinking in our efforts to make it through hard times. The above photo is from the following Web address: www.holisticeducator.com/neurosis.htm.