Be a Real Estate Tycoon

       Fill in the blank:

       Like a good neighbor _________________

       Just Do It __________________________

       Give us 15 minutes _________________

       Mmm, Mmm Good!_________________

       Melts in Your Mouth _________________

       Good to the last drop _________________

These companies have something in common.  They own something that ALL successful brands own... mental real estate.  Mental real estate is just a catchy way to describe "available space in one's mind."  Occupying this “space” is goal numero uno for any brand.  Any good, small business can do exactly what these guys have done, and today, it can be done even faster.

 What words do you “own” in the minds of consumers? 

What Does Success Look Like?

Today, I had lunch with Charlie Turner.  We were discussing his latest project, a brilliant, nation-wide venture that he is launching very soon.  We talked for a while and then I asked Charlie…What is Success?  He looked at me and thought for a minute and said, “no one has ever asked me that?” He was surprised by this, I was not.  I hear that more often than I can tell you. 

I have a golden rule and I never break it.  I highly suggest you adopt it.

 Never spend one red cent on any advertising until you first define what success looks like.

 You have to have something to measure to know if you are getting a return on your investment.               

 So, what are you going to measure? That will depend largely on your goal. Do you want…

        •   more customers?             

•     better cases?

•     more turns?

•     higher rates?                     

•     new customers?

·    more referrals?                

·    more listings?

You must decide, up front, your goals AND this is crucial…they have to be measurable goals.  Let me repeat that, they have to be measurable goals.  Clearly defined and measurable goals are key to measuring return on your investment.  How will you know what success is, if you don't know what it looks like?

Remember…not one red cent until you have defined the goal(s) and how you will measure results.

What are Consumers Buying?

I posted a blog last week called Who Are You?  In it, I talked about what consumers are REALLY buying:  consumers aren’t buying a mattress, they are buying a good night’s sleep; they aren’t buying home owners insurance, they are buying peace of mind in the event of damage or loss to their property. Smart business owners understand they are not selling a commodity (mattress or insurance) as much as they are solving a problem or enhancing our lifestyle in some way.  I ran onto a couple more examples this weekend 

1)      Shake Shack is the newest jewel in the crown of Restaurateur, Danny Meyer.  A casual, burger joint he placed, roughly seven years ago, in busy Manhattan.  When asked about the big success of Shake Shack, Meyer said he believes that restaurants are as much about creating a gathering place “to make people happy” as about serving food.  Shake Shack is opening another half-dozen restaurants in this year.

2)      Nestle Hot Cocoa Mix is another.  I picked up the box to find a couple of pictures of a young family ice skating and then having hot chocolate together.  The caption beside the pictures read:  “The pond finally froze…we skated until dark, nobody forgets those days.”  And then, in large letters it reads:  Over 100 years of making chocolaty memories.

Think about the product(s) and services you offer from the consumer’s point of view.   What does that product or service DO for the consumer?  Successful brands don’t sell products or services, they sell what that product or service does for the consumer. 

One final thought I’d like to share from successful business owner and restaurateur, Danny Meyer, because it really sums this up nicely, he said  “the burger is only the starting point, the magic is how we make people feel.”

What are you doing to make your customers feel “happy?”

Who are you?

In 1978, the first test tube baby was born, Jimmy Carter was president and one of the greatest rock bands of all time, The Who, asked us a very important question:

Who are you? Who, Who, Who, Who?

Who cares, you ask?  If you are a small business owner -you do!  Let me ask you another question -   You may the best at what you do and you may have an unbelievable story to tell, but if no one knows it but you and your Mom, what good is it?  I learned early on in my career that its not a question of  “How good is your business?” It’s a question of “How good is your marketing?”

The goal is to make an emotional connection with consumers….to be the business that people think of first when they need a product or service you offer.  The big guys (Nike, Geico, Coca Cola, Strabucks) understand that other companies sell running shoes, coffee, soft drinks and insurance so, they needed to make an emotional connection with consumers to become the killer brands they are today.  You can do this too in your local market.  To begin this process, answer these two questions:

1)      Who are you?  and 2)  Why should I do business with you over your competitors?                                                                                                                            

      Remember, People do not buy products or services. They buy what products or services DO FOR THEM!  Ask yourself these questions. Would you rather buy:

·         A mattress  - or - a good night’s sleep? 

·         A camera – or – a captured memory?  

·         A dental appointment - or - a great smile?          

·         A chiropractic adjustment  - or - relief from pain?

Once it’s asked, the answers become obvious.   People always buy the benefit that comes from a product or service.  So now, I ask you again…Who are you and why should I do business with you?   When answering, look through the eyes of your consumers.  An interesting and insightful exercise is to ask your current customers who they think you are and what you do. 

Once you have nailed down the answers to these two questions, you are on the road to uncovering your story..the thing (or things) that set you apart from your competitors…your differentiating idea.  This is the foundation to your strategy and making an emotional connection to consumers in your market. 

Who are you who, who, who, who…I really want to know!