There’s no better time than an economic downturn for lesser known brands to take big steps forward against established brands. This happens mainly because the things that made top brands valuable in the “old” market are somewhat less valuable in the “new” market.
My favourite example is the real estate business.
As the real estate market cools, everything will change for local agents.
Nobody will care how many sales awards you won two years ago, because two years ago might as well have been 20 years ago given the speed at which the market has changed in some cities.
Nobody will be impressed that you got over asking price for your listings last year. Because you won’t get it this year.
Essentially, the storylines from recent years – about volume and high prices and managing multiple offers – are less effective when talking to clients because they don’t reflect today’s reality.
As the market changes, clients are open to new storylines, like clever research to find out the right market value for a client’s property, or credible information to help clients make informed choices about when to sell, or even if they should sell at all. An agent weaving their marketing message through these relevant storylines has an immediate opportunity to become a “big” brand in their local market.
It will be interesting to see which of your local agents recognize this, and which still cling to last year’s sales awards as proof of their expertise.
