How To Steal The Market From Your Bigger, Richer Competitors
She didn't have much to work with, but knew she needed to make herself known as an expert in the industry. Corcoran took the total sales her company had closed in the past six months, came up with an "average New York City apartment price," and named the report the "Corcoran Report."
The "Shark Tank" investor writes on LinkedIn that she received so much media attention from the report that, within a week of publication, The Corcoran Group no longer had to introduce themselves to prospective clients.
"The easiest way to steal market share from your competitors is to steal the limelight, and nothing can make you the industry leader faster than being quoted regularly in the press," says Corcoran. "The Corcoran Group had instant credibility!"
It worked so well during its debut that Corcoran decided to publish a new "Corcoran Report" every six months for the next 20 years. In doing so, she generated tens of millions of dollars for her company.
But Corcoran didn't stop here. When she found out Madonna was pregnant, the real estate broker decided to publish "The Madonna Report," which simply listed amenities that Corcoran believed Madonna would want in an apartment were she was looking. It generated so much press that even though she never got Madonna as a client, she did get Richard Gere. Over the next dozen years, Corcoran became the go-to person for celebrities moving to New York City.
"Here's what I learned. Reporters always need good stories and the statistics to back them up. The best way to get media attention is to provide them with a report chock full of statistics," says Corcoran. "You'll be surprised how much you actually know about your industry and take for granted once you start putting the statistical details down on paper."
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