I have some hero worship going on with a variety of marketing types, including Aaron Strout, mentioned in a previous post.
Another marketer I respect, David Armano, recently published “Marketing In A Post-Consumer Era“, which I found very compelling. With his permission, I’ve included quotes from David, along with his famous graphics, and offered my point of view on how it applies to the real estate industry. [Fingers crossed I don’t disappoint him].
Once upon a time …
Check David’s diagram on Pre-Consumer attitudes below. What I keyed in on is the “modest consumption” behavior. At one time people bought a home with intent to one day host a Mortgage Burning Party. It was where they would raise family, retire, enjoy their twilight then leave the house as a legacy for their children. And, the thought of taking a Second Mortgage was considered a desperate act [clever banks would later rebrand 2nds as HELOCs – “a wise use of equity” – but, I digress].
A good example of this behavior is my father – who has had the same car for years. He balks at my suggestions to replace it, as “it runs just fine”. After all, he’s retired, so why would he spend money on a car, when he can travel? He simply buys what he needs.
We like the boom!
Now, let’s consider the Consumer Era or recent “boom” years created by easy access to credit, and how this applies to real estate. I remember a statistic that people lived in their homes an average of 5 years [will be interesting to re-measure that trend in 2012]. Granted, we are a more transient society than in previous generations – jobs change, lives change, etc. But, in essence real estate during these years was almost considered disposable, as it was an easy-to-get asset which could be easily replaced.
“Credit lines have ensured that we can purchase beyond our means and advertising has had years to perfect its craft making us believe that we don’t want the latest and greatest product-but that we actually NEED it.” – David Armano
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