English
Brand Building: Core Elements and Effective Messaging
- Branding: The core of a business identity, shaping how the target audience perceives the business.
- Importance of Branding: Creates added value, influences consumer purchase decisions, differentiates from competitors, supports referrals, and increases inbound calls.
- Differential Preference Index (DPI): Measures the percentage of customers who prefer a brand over a competitor. DPI = (Number of customers who prefer your brand / Total number of customers in the study) * 100
- Elements of a Brand:
- Mandatory Elements: Business name, photo (for personal services), font usage, slogan/motto, phone number, domain name, email address.
- Other Elements: Number of numbers on a business card, how the phone is answered, style of dress, vehicle, technology use, website, level of service/efficiency, accessibility, work area, staging of an open house, quality of property marketing materials, direct mail frequency/quality, advertising quality/frequency, signage, pre-list packet and other communication materials, community involvement, knowledge of the area and business trends.
- Recall Index (RI): Measures the percentage of people who remember the slogan/motto after being exposed to it. RI = (Number of people who remember the slogan/motto / Total number of people exposed to the slogan/motto) * 100
- Promoting a Brand: Displaying the brand in marketing materials and communications, including email signatures, sign riders, websites, team logo shirts, ads, business cards, IVR listings, voicemails, and direct mail.
- Crafting the Message: Marketing efforts should be targeted and deliver memorable and persuasive messages.
- Fundamental Questions: Who is my target audience? What do these people want to know? What is my purpose (repeat, referral, reputation)? What would make❓ them act on my call to action? What impression do I want to create? What special offer can I make? What tangible guarantee of specific service can I provide?
- The Four-H Club: Head (appeal to intelligence), Heart (appeal to emotions), Humor (make them laugh), Hard (present an offer they can’t refuse).
- Focus on Seller Listings: Economically advantageous and generates more leads.
- Natural Balance of Seller and Buyer Listings: As an agent’s business grows, the percentage of listings also increases.
- Keller Williams Realty International Study: Data collected from over 10,000 agents shows the relationship between Gross Commission Income (GCI) and the number of seller and buyer listings sold:
- $40K GCI: 4 seller listings, 6 buyer listings
- $80K GCI: 8 seller listings, 11 buyer listings
- $150K GCI: 15 seller listings, 16 buyer listings
- $250K GCI: 25 seller listings, 25 buyer listings
- $750K GCI: 64 seller listings, 56 buyer listings
Chapter Summary
This chapter highlights the importance of branding for differentiation, referrals, and increased inquiries.
Importance of Branding:
* Distinguishes business❓es from competitors.
* Supports referrals by creating a positive impression.
* Increases inquiries by building trust with potential customers❓.
Basic Brand Elements:
* Business name: Easy to remember and reflective of the business.
* Image: Professional headshot or logo.
* Font: Consistent fonts reflecting brand style.
* Slogan/Phrase: Concise and reflects the unique value proposition (USP).
* Phone number: Easy contact method.
* Domain name: Website address.
* Email address: Professional email address.
Other Brand Enhancement Elements:
* Number of numbers on the card.
* How to answer the phone.
* Style of dress.
* Car.
* Use of technology.
* Website.
* Level of service/efficiency.
* Accessibility.
* Area of work.
* How to organize an open house.
* Quality of real estate marketing❓ materials.
* Frequency of direct mail.
* Quality of direct mail.
* Quality/Frequency of advertising.
* Signs.
* Pre-listing package and other contact materials.
* Community involvement.
* Knowledge of the area and business trends.
Effective Marketing Messages:
* Memorable: Easy to recall and connected to the brand.
* Persuasive: Convincing customers that the brand is the best choice.
Key Questions for Crafting Marketing Messages:
* Who is the target audience?
* What do they want to know?
* What is the purpose of the message? (Repetition, Referral, Reputation)
* What motivates them to respond to the call to action?
* What impression do we want to create?
* What special offer can be provided?
* What tangible guarantee for the specific service can be provided?
Focus on the Four “H” Elements:
* Head: appealing❓ to logic with facts and statistics.
* Heart: Appealing to emotions by showing care.
* Humor: Using humor to attract attention (carefully).
* Hard: Presenting an offer that cannot be refused.
Focus on Vendor Lists:
Lead generation strategy should focus on vendor lists, as they are less expensive and more effective than buyer lists. Furthermore, marketing vendor lists correctly also attracts buyers.
