Rightmove published a helpful guide that identifies the breakdown of UK agency types and their share of market- and it was certainly food for thought!
Where do you sit?
And where would you like to be?
Surely it’s best to be a market-leading brand?
Not always! According to research by professors at the University of Alberta, brands that dominate in a sector with little or no natural competitors are at a real risk of competitors with an alternative that rivals their own.
Being a leader means coming to represent that industry in the minds of consumers -and so it has to shoulder the misgivings about the industry as a whole. That being said, market leaders have the budget, time and resources to stay at the top – as long as they innovate.
What’s it like being a challenger brand?
These brands can solve customers’ problems with new and innovative solutions and are often nimble and quick to move. Apple was a challenger brand, moving to be a market leader. They challenged the dominance of Microsoft – and won. How? Offering something different. Apple did this with both computers and with their Mp3 players. When the iPod was launched, there were already 6 in the market, but people could use the iPod easily. Their campaign? 1000 songs in your pocket. The typical campaign of the day? A much less inspiring promise such as ‘The ultimate media player.’ With engraving and other customer-friendly perks, the brand felt fresh and modern, focused on offering something new – despite the technology already being cheaper on the market.
Apple challenged how things were said and done – and won.
Are you a rising star?
Rising stars go beyond what others are doing and differentiate themselves. Take Amazon – originally a bookseller – who now does everything from online shopping, to music and video services, restaurant delivery, home services, Prime membership, Alexa and more. Amazon’s offering resolves pain points for consumers, finding opportunities to enhance their customers’ day-to-day lives. This leads them to the top, fast.
Rising brands are also distinctively different. Consider Salesforce. While there are 100’s of CRM software, Salesforce have spent time developing a strong brand identity, both visual and verbal, that stands out and takes mindshare from competitors. Ranked as a most valuable brand and the best global brand regularly in round-ups, the company started with 3 men in a one-bed apartment in 1999.
Established? Watch out!
Complacency is the silent killer of brands, and established companies can fall victim to it when it gets too confident – and stops paying attention to the trends and changes in the market and underestimate their competitors. Those rising stars and challengers will always be coming!
Consider Kodak, which once led the global market for photography. Kodak had a successful business model that relied on selling low-priced cameras and increasing margins on a wide range of accessories. Unfortunately, Kodak failed to change, did not address the threat of digital cameras, and refused to move into the market. It went bankrupt in 2012.
We aren’t looking to work with established agencies with limited growth ambition- and most prop-tech companies wouldn’t be either!
The attitude of Acaboom customers is that they are very much focused on being the best they can be. They are the ones who know things have to be done correctly every time. They are often on a mission to get fees up or win more instructions…Likely because they are number 1 and want to keep that position, or they have it in their sights. Adopting the latest tools that help them get there is a no-brainer!
How we can help you
- Save time with a more structured approach to client and property research before the market appraisal, and faster ways to deliver your proposal and agency agreement after
- Win more instructions – with customised designs and templates built to differentiate you and make you more memorable
- Innovate – stay ahead of every other agent by using video, animation, and personalization tools while they stick to the same old tricks
- Build your brand – from incredible market and property data to build a reputation of expertise to market update reports that convert leads from your database
If this sounds like you, get in touch today.