While this year may test our fortitude and our bank accounts following is an update on what the Private Label team have been working on and possibly food for thought.
We are fortunate that we have been busy this year. One of projects we are working on is for an up-scale master plan developer. This developer, like many, is faced with the challenge of a product that is not selling. In this case, our client brought a single family detached product to market back in June of ‘08 at 5 million, a price that was not well received do to the sudden market decline. We were contracted to work in conjunction with the contractor, architect and engineers to reverse engineer the product to have a market reentry point of 2.9 million in hopes to build interest and ultimately sales.
We have all heard a definition of insanity as being the exercise of doing the same things over and over the same way and expecting different results. Another angle is Einstein’s take … "The significant problems we have cannot be solved at the same level of thinking with which we created them." Thus coupled with a modified product and the fluid of resale’s hitting the marketing daily we are addressing the current sales environment. More than ever the need to adjust the sales presentation to meet new market demands to stay fresh, current and most importantly to create a sense of demand and urgency to buy.
Some of the most successful and recognizable branding strategies have come out of tough economic times. For example, in the mid 70's BMW began using the "The Ultimate Driving Machine," slogan that helped turn the American opinion of the BMW from a sports sedan to a full service luxury brand. "I love bad times," said Martin Puris, the head of the advertising campaign, "In good times, people are less apt to try new things. In bad times, they have to start to do things better."
Even though your product is well thought-out and is a value to your demographic, those facts won’t matter very much to the public if you don’t have a powerful, distinct brand in your marketplace. If the public doesn’t know who you are, if your public image doesn’t have a unique personality, then you will find yourself in the trenches with everybody else.
