Let’s focus on the brand side of the debate for a bit….

If you’re in real estate, be it broker, builder or sales, you’ve become accustomed to competition. Fierce, fierce competition. The once standard formula of Price, Product and Location, while still valid, has begun re-arrange and re-work itself depending on the customer. With dozens and, in some cases, hundreds of projects to choose from in a category consumers often look for that one variable, that one thing that makes a project stand out from the others to help them make their choice.

This is where a strong brand becomes invaluable. A brand is a collection of thoughts and perceptions about a product or company. In “Brand Asset Management” written by Scott M. Davis, he points out that a brand is an intangible but critical component of what a company stands for. While a consumer generally does not have a relationship with a product or service, often they DO have relationship with a brand. Brands drive repeat business. Brands drive referrals. Both of these drive profits.

Not convinced of the importance of branding yet?

• 72% of customers say they will pay a 20% premium for their brand choice relative to the closest product offered.
• 50% of customers will pay a 25% premium.
• And 40% of customers will pay up to a 30% premium for their brand choice.
• Over 70% of customers want a brand to guide them in their purchase decision and over 50% of these purchases are actually brand driven.

Just a little food for thought for your next marketing budget meeting…