CAN A BRANDING SHIFT HELP A REAL ESTATE FIRM DURING A DOWNTURN?
The greatest products in the world can collect dust if nobody is out there telling people about them. Customers can distinguish a re-branded company from all the stale competition out there. This week our voters were split almost down the middle about branding. More than 53% don't think branding can help a company in this economy, while 47% of our readers believe a new look, style and profile can boost a company past the rest. Jim Moran, the managing partner at Co-Op Branding, who has worked with some commercial as well as residential real estate firms, spoke to GlobeSt.com about how his firm polishes up companies.
"We got into real estate as we saw that so many developments were marketing themselves so generically: show a rendering or a view, give a competitive price and say 'this is branding our development.' There was an opportunity to leverage our lifestyle branding experience outside of the real estate category. We've seen so many of the big names confuse gimmicks for branding. They just don't get it. As a branding agency, we focus on real estate branding (residential, mixed use and commercial) as well as outside of the category.
"If only I had a dollar for every time a developer talks about if they should go 'green.' I believe some consumers care about this as part of their overall package of amenities. Do location and price still lead the way? Of course. But, I believe that green is more than just a cool trend. It's our future and something that most people care about. My advice is: if you're trying to ride a trend for sales, then don't waste your time. Consumers have an ability to sniff out a phony.
"I think the LEED certification standards make the green building movement a much more tangible proposition. You can't fake this. The latest building we've branded is Toren (www.torencondo.com)--a LEED Silver-certified building, soon to be LEED Gold. We utilized the responsibility aspect of our buyer as one of the three pillars in our brand positioning. It's true to the builder's vision. From what we're hearing, it's paying off.
"I believe the average American is exposed to roughly 3,000 marketing messages per day in one form or another. With all this marketing, it's no wonder that companies are looking beyond the typical marketing push that most agencies offer and trying to differentiate themselves. Having the ability to develop a unique brand positioning for both consumers brands and corporate brands and then deliver marketing touch points that resonate with an audience and get real results is what clients want. It's really simple.
"Developers/brokers are looking for 'image' in an over-image-saturated market. I think that's the problem – 'image.' Buyers can see right through this. That's why there's so much fluff out there and partly why we're dealing with a slow down. What you need is honesty about your product and a message that resonates with the buyer. People marketing any kind of development need to balance the factual points of their development with the emotional needs of the buyer. Otherwise, the buyer will see through the gimmick.
"I think the difference now is that branding wasn't a known quantity like today. The early 1990s experienced a similar slowdown. Overall, I believe this is good for the real estate industry. The last few years have seen such highs—it's like the dotcom days of the late '90s and early 2000s. This is a classic case of Darwinism at its finest. The best will survive and we're excited about this."
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