In our last post, we talked about the struggles in handling the intensive competition in the North American real estate market and discussed four different ways to beat the competition.
In this post, we will be delving into one of those ways: branding.
Without a doubt, customers’ perception and brand equity are two important elements that determine the future of a real estate business. That said, real estate businesses which have an effective branding strategy are setting themselves apart from the crowd and generating more leads and business.
Here is a 4-step guide to creating a branding strategy for your real estate business.
1. Brand Positioning
How do you ensure your real estate brand is positioned correctly in your market?
Are you sure your perception of your brand is aligned with what your potential customers think about your business?
Let’s say you are running a high-end real estate business and “high-end” is the word you would like your potential clients to use to describe you. Are you confident this is how they perceive your brand? Perhaps you would prefer to be labeled as the ‘Luxury’ brand.
If you are not, you should start by understanding your brand positioning and fixing it, if necessary.
Before documenting your positioning and applying it to all your marketing efforts, you need to understand a few things. Take a good look at your competitors, your audience, and your company’s current situation.
Do primary and/or secondary market research to capture the data you need. Talk to your clients and your real estate coach. This will enable you to identify trends in your target market and uncover competitive intelligence to determine your positioning strategy.
Once you’ve gathered the necessary data, you are ready to start creating your positioning statement.
To construct a complete brand positioning statement, you should know:
- Who are the people with whom you would like to build a meaningful relationship? (Target audience)
- What exactly does your product/service do?
- What are the key emotional and functional benefits your brand can satisfy? (Value proposition – this is also where you should differentiate your brand from your competitors.)
- What are the reasons to believe that your brand can actually deliver those benefits?
Answer all the questions above relying on the feedback from your existing clients and your coach. Take your answers, write them in a clear and concise paragraph, and there is your positioning statement.
2. Brand essence
Your brand is NOT just your logo, your brand colours, and your website.
You need an essence for your brand that will set your business apart. Brand essence is the main component which communicates a concise summary of the emotional and functional offerings of your real estate service.
What is it about your brand that attracts customers to your business? How do they feel about your brand? This is something you can control by creating an essence for your brand.
Here are some examples of brand essence you can use in your brand positioning strategy.
3. Brand personality
Being human or human-like is now the big trend for brands. Adopting a human identity to connect with your customers will help you increase the return on your branding efforts. A human-like brand needs to have a personality that resonates with the target audience.
Attracting the clientele you want begins with deciding who you want to be. What kind of personality does your brand have so that it can retain your existing customers and attract new ones?
4. Brand identifiers
Brand identifiers can be shapes, symbols, and words that help your audience to think of your brand.
Start with looking at which identifiers your competitors are using. Create identifiers that will reflect your positioning statement, brand essence, and personality.
Creating a stellar real estate brand can be tricky, however, once you accomplish this, the results will be rewarding.