There’s an ad for Coldwell Banker in the most recent issue of National Relocation and Real Estate Magazine that touts 96% brand awareness. Pretty impressive.
But on second thought, does awareness really cut it? What percentage of that 96% aware of Coldwell Banker actually know what Coldwell Banker means?
It got me thinking. As a consumer, I rely on brands to help me make decisions. I know, for example, that I can get style on the cheap at Target, a big room and a free drink at Embassy Suites and good vibes and some extra legroom on JetBlue.
But what do I get with Coldwell Banker? Or, for that matter, any other of the big real estate brands? There’s plenty of awareness out there, but very little meaning.
It’s one of the reasons real estate is struggling to maintain the faith of consumers. There’s no definitive experience, no distinctive proposition, and no help to be had from the undifferentiated brand mire to guide them.
I know plenty of raving Starbucks fans. They know that Starbucks means good coffee in an upscale, comfortable environment no matter where they are.
Do you know any raving RE/MAX fans?
I know it’s complicated, but I do believe their is hope.
Real Living gets consumer experience. GMAC is attempting to differentiate with its Premiere Service program. Countless independents and sole practitioners manage to set themselves apart.
But who’s going to pull it all together to create a true consumer real estate brand?
– Brian Boero
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Important quotes by branding geniuses:
“If by their interaction with your marketing your audience hearts and minds haven't been more closely aligned with their own core desire, then you have failed to take advantage of that interaction and you have failed as an advertiser.” …Professor Mohanbir Sawhney – McCormick Tribune Professor of Electronic Commerce and Technology.
"People don’t buy services as much as they buy solutions to problems. Proper branding provides trust in those solutions.” …David Ogilvy, Ogilvy and Mather
"Branding is a NAME, SIGN or SYMBOL used to identify products or services that differentiate and distinguish one competitor from another.” …Dictionary of Business and Management
"Branding 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, Landor Associates.
Branding, marketing, advertising – it's a science. For real estate it's been a hobby resulting in campaigns that only make sense to the creator, not the public. Try to define a Coldwell Banker agent.
Fill in the blank – A Coldwell Banker agent is ….
Then fill in this blank – A prudential agent is ….
Do it for any brand? If what you place inside the blanks are exactly the same then
…what Brian said!
There is a really good book about branding called the "Treasure Hunt" by Michael Silverstein, the guy who wrote "Trading Up".
He says brand generally invokes some emotional response in the customer that is independent of quality.
He had a really good example of how there is no longer any "real" cheese in Kraft Macroni and Cheese and the Wal-Mart brand not only has "real" cheese in it by has won several taste test. However, the Kraft brand evokes an emotional response from the buyer, which is tied to earlier experiences with the brand.
Brand can and many times does substitute for quality
I think the thing that is lost here is that the brokers Coldwell, Prudential, etc. give an "umbrella" of branding. They provide a baseline structure of branding and marketing. For the true branding to fill in the blanks, it is up to the individual agent to do that.
Remember that agents are really just small businesses running a bigger umbrella. That is why the brokers don't really care if people attack their big corporate image, but agents can take great umbrage because a negative public perception just ends up reflecting poorly on their small businesses.
So to fill in the blanks, my clients would likely say, "Rory is my agent, he does a wonderful job for us. The fact that he is associated with Prudential solidifies our decision to hire him."
If they move out of town, their reaction may be, "Gee, we had a great working relationship with Rory, maybe when we go to Timbuktu, we should look for another Prudential agent, because we might get the same quality experience."
The point is, the branding for me, is myself first, my broker second. That enables my clients to have an eye-to-eye understanding with another human instead of a corporate entity.
Hiya Brian ~
Excellent post!
There are a lot of "me too" companies out there, but we need to deliver exceptional service to become memorable.
P.S. ~ I think you meant "there" instead of "their".
Thanks!