Ep: 012 Aug 04, 2020
Does Branding Matter in the Land Investing Business
What is a brand? What is the value of branding? Does branding matter in the land business? On today's episode of The Land.MBA Podcast we're going to discuss branding in the context of the land business. Whether you should worry about it, and if so, how to use it to your advantage.
The definition of a brand, according to The American Marketing Association, is a name, term or symbol that identifies your good or service. That's the official definition. I have to say, I am not a fan of the official definition for a lot of reasons, but one reason is that because it basically implies that the company alone creates the brand. But in fact, the company only has so much impact on what that brand means. Actually, it's the consumer that defines more about what the brand means.
If you want to have a brand that emphasizes great customer service, well, you better deliver great customer service. Because it doesn't matter what you say, it only matters what the consumer experiences. And if they experience something different than what you're putting out in your branding, you're just wasting your money.
But why does it matter in the land business? I mean, we're just looking for a piece of land to sell. It's a valid question.
Let me give you a couple examples. Does it really matter whether I go to Exxon or Sunoco? I mean, gas is gas, right? So why would I maybe choose Sunoco over Exxon? Because they built a brand and it means something to me. And so I associate it's part of my family of brands that Identify with. I mean, I can tell you why I don't use Exxon. I've literally bought Exxon gas one time since the Exxon Valdez incident. I didn't like the way they handled it. But honestly, from a product perspective, it doesn't matter.
Look at handbags. You can go buy a Louis Vuitton for a thousand dollars, or you can go to Target and get one for $30. Materially, it's practically the exact same thing. So why am I spending $970 more for Louis Vuitton is because of the brand.
Most of the land business is conducted through the internet with somebody that you’ve never met. That transaction requires trust and a relationship. Now, you must build that trust and relationship in your sales process, but it's a whole lot easier if you've already built credibility with your brand.
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