| Lessons from Local Motors- Part 1-Find an | | | | company, Local Motors,accomplishes. |
| Underserved Market Space | | | | After receiving an MBA from Harvard Business |
| We are often asked by luxury real estate marketing | | | | School and raising $4 million in seed money Jay did |
| professionals, "What does it take to become the | | | | something that had never been done before in the car |
| break-away brand in my marketplace?" Our answer is: | | | | industry. Rather than dictating the design of the |
| Find an uncontested, underserved market space that | | | | vehicles, he reached out to the design community and |
| you can dominate with passion, one that makes | | | | offered a cash reward for the best design. Local |
| economic sense. Make sure you select something that | | | | Motor's first "crowd-sourced" vehicle was born: a |
| you can do better than anyone else. | | | | rugged off-road vehicle that could also drive |
| For inspiration, look outside of real estate for examples | | | | comfortably on the open road. |
| of how other entrepreneurs are doing it. There is an | | | | The Rally Fighter was created based on the needs of |
| extremely exciting news story emerging in 2010 about | | | | an underserved market niche: the need for a vehicle |
| a new American car company that is re-thinking just | | | | that can easily traverse desert terrain and also double |
| about every rule in the automotive industry by | | | | as a family car that comfortably handles the open |
| identifying and masterfully serving underserved market | | | | road. The winning design provides manually adjustable |
| niches. | | | | dual height suspension. It seats 4 adults or 2 adults and |
| We are delighted to be covering this story in the | | | | 3 children. The Rally Fighter goes into production this |
| Language of Luxury blog as we believe that this | | | | summer. The cost is $50,000. |
| ground-breaking story will yield tremendous insights for | | | | But, the best part of the story is that Local Motors |
| luxury real estate marketing professionals who have | | | | plans to produce their cars only on demand at local |
| set their sights on market leadership. If you have any | | | | "micro-factories" (that also serve as showrooms and |
| questions about the future of "Yankee Ingenuity", which | | | | service departments) where you, the buyer can watch |
| is at the heart of the brand we know as American, | | | | and even participate in making your own car. With "just |
| you can rest assured that it is alive and well at Local | | | | in time" delivery of parts and components there is no |
| Motors! | | | | wasted resources, no inventories languishing on car |
| When Jay Rogers returned from active duty as a | | | | lots, and no unnecessary shipping. |
| Marine in Iraq in 2004, he came home with the brilliant | | | | And, there is much more to this exciting story that we |
| idea of bringing cars to market in a sustainable manner. | | | | will cover in subsequent posts. But, it all started by |
| That is, a way to produce and sell automobiles that is | | | | identifying an uncontested, underserved market niche. |
| economically, environmentally and socially beneficial. In | | | | What aspect of your local luxury real estate |
| Jay's words:"the cars people want, where they want | | | | marketplace is underserved? That is the first place to |
| them, when they want them". This is what his new car | | | | look for your new niche. |