You’ve already been successful. Built a community. Built a following. Built a reputation. Built a brand. Now you want to build another community; should you use the same brand or create a new one?
Building a brand is expensive; it takes money and time. Once you’ve spent all that time, budget and energy creating a great brand, shouldn’t you just use it again, leverage its power and your spend and name your new community with the same branding?
It’s a question many real estate marketers are constantly trying to answer because the truth is, it depends.
Is your newer product comparable to your older product? Will this new product sell for a lower price, thus lowering the perceived value of the brand you’ve built? Are the markets overlapping? Will your new target audience appreciate or realize the upstanding value your brand brings to the table? Are you able to implement the brand for this new project without altering its essence or meaning? Will introducing another product line with the same name brand cause confusion in the marketplace for brokers or prospects? Is using the same brand going to help or hinder your sales conversation with a potential buyer?
Most importantly, are you using this brand because it helps your product and your business or are you using this brand to feel proud about the depth of your own portfolio?