Recession proof your real estate business: Edwin Almeida
Mike Tyson is quoted as saying, "everyone has a game-plan until you get punched in the face”.
So, how do we take this true to life and memorable analogy and personalize it to our business? I spilled my coffee due to convulsive laughter, when I first heard this.
Like many sides of our personal makeup we, as human beings, personalize or internalize and emotionally invest in what we create and believe in.
In this particular post, I will look at how we can recession proof “protect” our brand as we move into 2016 - a year with many unknowns when it comes to the survival of real estate agents and their offices, independent or mainstream.
I'm talking about building a defensive wall that won’t allow adversaries an inch of space but don’t forget, your inner voice can also work against you.
Yes, you too can punch yourself in the nose and sabotage your business.
I’m no expert, to say the least; so I called on the experience and expertise of my good friend and brand mentor, Anthony Carroll, from Yellowsneakers to help explore the idea of recession proofing my brand.
Anthony best explains the relevance and relationship between recession proofing our business and branding with a simple question:
- How relevant is your brand when it comes to your purpose and your customers needs? All the elements of your brand should radiate out from your “purpose”.
Unravelling purpose is not just about having an idea, it is about solving a problem and engaging an audience.
A purpose is a solution to a problem that your target audience can't solve on their own. Your solution should therefore fit the problem but also be delivered in a way that is unique and different to what your competitors offer.
Staying true to your purpose is KEY to surviving and recession proofing your business.
The basic principles, on how we build a strong defensive wall, is sometimes forgotten. Most brands with no essence or belief, in other words purpose, will fail. Fail to be noticed and fail to engage the audience it needs to survive.
A strong brand on the other hand, can weather many storms:
- Product failure
- PR fallouts
- Corporate scandal
- Dips in market share
Therefore, the strength of your brand can be gaged by your commitment to its purpose. The purpose that underlines your daily and constant decision making and reason to stay motivated and focused.
A good example of a brand weathering a PR fallout is the LiveStrong brand started by Lance Armstrong.
Because of its strong underlying purpose: Lifestyle choices, healthier eating and so on, the brand continues flourish despite the Tour-de-France doping scandal that Lance Armstrong was at the centre of.
Lance had to step down from the organization he founded and distance himself completely. However, as a result the brand remains relevant in the eyes of its audience.
People will forgive human frailty and it’s been shown that the more human or personable the brand is, the more supportive people become of the brand.
More recently, we can look at the VW emissions scandal. Sales for VW and Audi have actually increased. While it might be too early for sales to be affect, yet it will be interesting to see how VW survives this scandal.
So what happens when we have a kick-ass brand? More people engage with the brand as soon as they understand its core purpose.
Reflecting on the industry I’m presently engaged in and as I re-read this post, I find myself asking the following questions:
- Will the main real estate brands remain true to the nature, the purpose of their founders? or Will they continue to lose the respect of both employees and clients?
- Will the New Year 2016, usher in new real estate brands created by disillusioned employees of some of the more established brands?
No matter what industry you are in and particularly if you are about to launch with a new brand; I do hope these thoughts have been of help.
I leave you with this thought: never underestimate small beginnings, remain true to your purpose and your brand will make the impact you aimed for.
EDWIN ALMEIDA is licensee in charge of Just Think Real Estate.
He is also the creator of Oz Real Estate.TV and a presenter for propertyinvestingvault.com.
