Luxury Project Marketing Approach
Bucking conventional wisdom – Looking at real estate as a luxury brand
Luxury real estate should be marketed in similar approach to what Cartier, BMW or Rolex are doing. This extensive market research; commitment to demographic and psychographic analysis; extreme attention to customer experience and service; integrated marketing across every touch point, as well as to every function and channel. Turn each building with its units you market into a luxury brand of its own.
The formula is simple: the right brand, the right location, the right product and the right ambience for the right customer.
Create a showroom that allows your potential buyers to have the emotional experience of what living in the building would be like. It’s about evoking and engaging the consumer. Have it accessible for long hours each day and for seven days a week for those whose schedule is volatile.
Seduce and dazzle your clients with the emotional “wow” factor. Create an experience. A good example of this is what the “One&Only” resorts have managed to do. Associate the property with renown names/brands/designers as part of the cachet. That’s what triggers a sale and at prices beyond what one would expect to pay for the property.
Make the look and experience authentic with the impression that it’s irreplaceable – “Irreplaceable Property Marketing”. Selling only “the” amenities is kind of outdated. People want more than that. They want to feel they own something that has a personality and a story. That means more than just the usual appliance upgrades, or adding a health club. What do you want them to say? “I bought in the SubZero (fridge) building” or 'the granite-countertop building"? People are looking for self-definition. They're looking to belong.
New developments and renovated properties should be design conscious and unique properties catering to the discerning crowd. They should be marketed with panache, flair, color, style and hype than anyone else. A professional marketer with refined brand image skills can develop and execute a strategy that will make the project and its identity speak and sing for itself.
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