branding a real estate company - the right way
DESCRIPTION
This presentation was given by Marc Davison of 1000watt Consulting at the Real Estate Connect event in San Francisco.TRANSCRIPT
Branding a real estate company – the right way
Marc Davison
Partner
1000watt Consulting
What is a brand?
“A brand is a name, sign or symbol used to identify products or services that differentiate and distinguish one competitor from another”
“A brand is a set of assets or liabilities linked to a name/symbol that adds too or subtracts from the value provided by that product or
service.”David Aaker
Professor of MarketingUniversity of California at
Berkeley
What is a brand?
“A brand reflects a documented promise backed by trust experienced by the masses and built over time. It
regards expectations met in the mind of the consumer.”
Walter Landor (Coca-Cola, General Electric, Shell Oil,
British Airways)
What is a brand?
"A brand own a valuable piece of real estate in the consumer's
mind"
Me
What is a brand?
Enter the Real Estate Zone
Please note: The images contained herein are not offered for laughs, or to disparage any individual. I have found that it is important to offer dramatic examples to get people to realize just how dramatically our industry has strayed from the basic rules of brand care.
Let’s start with the basics:
Will the real brand please stand up?
What does this do to the Realty Executives brand promise?
Is trust built here?
What does the Realtor brand is the corner mean?
Or here?
7 components of successful branding
Execution
Positioning
Repositioning
Experience
Standards
Marketing
Brand
Equity
Image
Execution
Delivering upon expectations which define the core benefits of using your brand
How important is managing expectations to creating and maintaining brand equity?
High expectations: A weekend at the Four Seasons
You enter the lobby. You’re greeted graciously by the desk staff. You take in the luxurious surroundings associate with the brand. You ride the elevator up to your room, put the key the door and …
This sort of disconnect happens all the time in real estate. It is brand
death. RE/MAX corporate
site: great experience, access to
millions of homes. Expectations met and
promise kept
RE/MAX broker site. Email address required
for access to any information
Quick – what do these mean?
Image It can help - or hurt - a brand
RepositioningChanging market position to reflect a
change in customer tastes
A necessity when a brand’s image and promise have:
Grown tiredIts original market has matured or gone into decline Its offering has evolved.
Cadillac did it
Experience
What you do to make consumers love themselves for loving you
Starbucks reinvented the coffee experience. Who will reinvent the real estate
experience?
Marketing
Aligning consumers’ perceptions through a clear, cohesive and uniform definition of what the brand is and what it does.
Standards All participants inside a company must
enforce the brand’s value, imaging, positioning and service guarantees --
especially in a service businesses where people represent the brand
How standards work: When you think UPS …
Do you expect this? Or this?
Is it possible to wake up from the real estate branding nightmare?
What distinguishes you from everyone else?
What’s your symbol of trust?
What’s the promise connecting you to a consumer’s core need?
Can you meet the expectations you create?
Can you afford not to enforce standards?
Start by answering these questions
The future for real estate belongs to brands that create meaningful
relationships with customers by playing by the tried and true rules of
branding
It can be done