Also, take into account the NAR statistics showing that 40% of buyers come as a result of name recognition or salesperson contact. Only 1% buy at open houses, and just 3% are brought in by advertisements.
What do these numbers show us? They show that having a presence in the customer's or the public's mind is crucial to long-term success as an agent. The best way to build this type of recognition in the minds of consumers is branding.
What is branding anyway?
Branding is often lumped together with marketing, but is actually a distinct concept. When used correctly, branding can virtually eliminate the need for traditional costly marketing. Marketing is a quick, active message designed to sell a product. But branding is a slow process. It builds your image over time in the minds of the public. The goal is to create a perception that you are the best, so the first call comes to you.
A great example of both personal marketing and branding excellence is Oprah Winfrey. Oprah has built up an emotional, innate response to her name. That is her brand. Her magazine, television show, books, etc. are products she markets to the public. Her marketing efforts are strengthened by the brand. Other branding examples are Nike and Coca-Cola. Companies and products with strong brands like these are easily identified by a logo or slogan. They are instantly recognized by the public.
How does branding work?
Everyone makes money in a strong market. But it's the agents who are perceived as leaders and experts who make money regardless of market conditions. Branding ensures long-term stability. Look again at Oprah. She doesn’t spend any money on advertising her products. Her branded image pre-sells her products without need for marketing. With branding, you spend less money in the long run on marketing, but get greater return.
Branding is more than slapping your picture on your business card and some park benches. It’s more than picking a slogan or proclaiming yourself as number one. Branding requires a commitment. Your brand is your promise to your customers. It is a slow process of putting out a consistent message about who you are, not what you’re selling. Who are you? What makes you different? So the first thing you have to do is determine what you are able and willing to offer your customers. You can't hide behind a brand that isn't authentic.
Defining your brand.
The most powerful brand you can develop is one that provides a benefit or promise that your competition is incapable or unwilling to provide. Pick a market that you specialize in and capitalize on your expertise. Utilize past experience. A previous career in new home construction could position an agent as an authority in new home sales. Pick your brand or slogan and stick with it. Over time, your name will become synonymous with your brand to the extent that your clients will seek you out.
Be authentic.
Be sure not to misrepresent yourself. If you don't live up to your brand, you are breaking a promise to the client. It's crucial that you earn the trust of your customers. Remember that branding is a long-term process. Consider any changes in your brand very carefully, and don't change it often. The more consistent and the longer lasting a brand is, the better.
How to get started.
Once you've decided on your target market and picked out an identity or brand to develop, you need to incorporate it into your marketing plan. This will require business cards, brochures, stationery, flyers, postcards, website, and other promotional materials that portray a consistent message. Consistency is key to making your brand stick.
-Gina
RELATED POSTS: Is Your Brand Remarkable?, Strategies for Brand Development, How To Develop A Winning Logo.
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