Visionary thinking is one of the most important components of luxury real estate marketing. If market leadership is your pursuit, it’s essential. A championship mentality is what will set you apart from the rest. When asked about his mental preparation for the Olympics, champion swimmer Michael Phelps replied that he trained not only his body but also his imagination. He constantly imagined himself winning gold!
What is visionary thinking in luxury real estate marketing? It’s challenging traditional marketing practices, examining and re-examining your beliefs. What worked in 2004 in a hyperactive market may not apply today. It’s knowing that, in deconstructing your ideas, you can keep all, part, or none of your current marketing methods.
Here is an example of visionary thinking in luxury real estate marketing. One of our clients is the market leader in Napa Valley, California. He needed a different approach to selling a particular high-end listing. He noted that the seller was a car collector and often displayed his prized possessions at the Concours d’Elegance. This is where owners of the most beautiful and rare automobiles are invited to show off their cars on the famous 18th fairway of California’s Pebble Beach Golf Links. Connoisseurs of art and technology flock to behold these magnificent driving machines. How did she know about this? He takes the time to really understand his customers, learning what they value most and what they like.
Instead of advertising this property in a glossy magazine (the usual fare), he had the property on a billboard at the Concours. And he had a flyer with the giveaways from the event. This was a great strategy. She knew that the demographic gathered there could afford the house. He did it without the vendor knowing and he was supposed to be out of town during the event. But, his schedule cleared up. Imagine their surprise to see their house advertised right where it should be seen! The house sold, our client was hailed as a genius, provided references, and was contacted by other car enthusiasts as well.
It is exploring new possibilities. It is being willing to make the impossible possible. It is fluidity in movement without brake; is to allow maximum freedom of creativity. It’s exploring the edge as in the opening monologue of Star Trek, “to go boldly where no man has gone before.” Star Trek accomplished this on the show itself by featuring a multiracial cast, the first on television, in 1966. Equality was the norm on this show.
Our client’s example illustrates the importance of innovative thinking as a luxury real estate professional. Every home is unique and may require a unique marketing strategy. Studying what has already been done in luxury real estate marketing may not generate the strategy you are looking for when marketing a multi-million dollar home. Networking with marketers in other fields and getting ideas is now a requirement for leaders in the luxury real estate market. It is important to study innovative marketing in other luxury industries, in particular.
For example, BMW recently introduced a roadster model that was built to illustrate this kind of thinking. They refer to it as the GINA principle. The acronym stands for Geometry and Function in Adaptation. The company is fostering innovative thinking and maximum creativity. This car was not built for production. It was built to challenge previous solutions in car design. The BMW Gina Light Visionary model is made of engineered fabric composed of a mesh net. This net is spread over an aluminum wire substructure. The structure moves, stretching the fabric and changing the shape of the car. It even adjusts for the passenger. What’s important here is that this exercise in innovative thinking may one day lead to a fabric that is impact resistant, safe, and environmentally friendly. It opens the door for more innovations and more solutions to emerge. It draws on the creativity of more people in the process and creates new industries.
Studying innovative marketing strategies in other fields can spark innovative ideas in your luxury real estate marketing practice. Market leadership is all about standing out.