Last Saturday, the Telegraph published a great article, Are you a Coke or a Pepsi?
You probably know the Pepsi Challenge story - in a blind test, most people prefer Pepsi, but when it comes to handing their money over, they choose Coke.
The article was actually targeted at job hunters looking to stand out, but the basic theme is just about branding.
The buying decision is generally an emotional one. Logic plays its part, but deep down, your preferences and perceptions are steering you. You choose the supplier that gave you the right feeling. Perhaps you use your other options to negotiate a bit on price with them, but you're going to choose them anyway.
There are lessons for estate agents in this.
The first is to correctly identify the potential customers that have already bought emotionally before they sign on the dotted line. You don't need to price match to win these instructions, just encourage the decision.
The second is to spot when buyers have emotionally bought into other agents. Here, you have to comprehensively beat the other offer to turn the buyer's head and have them switch alligence.
The final lesson is the strategic one. It's about understanding what makes your target market tick and using that to define and communicate a brand that is attractive to them.
Buying signals are powerful things - make sure your staff are trained to spot and act on them!
How many times have agents actually asked their customers or their target audience what they want/why they choose/how much would they pay/would do they expect from an estate agent?
If they knew, and I mean really knew and understood what their customers want and why people choose one agent over another it would enable them target their marketing more effectively
Martin