In a very crowded and confusing marketplace, defining who you are and what you represent to your customers has to be summed up with a single thought -- by them, not you. This is your "position" in the marketplace. The way you outwardly portray yourself is your image, and how the market perceives you through your actions is your identity. The congruency or disparity between these two makes or breaks you in a competitive environment. In light of Zillow’s recent “USDA seal of approval” from the Consumer Finance Protection Bureau (CFPB), let’s consider how consumers, competitors and regulators view it relative to market alternatives and compare its image against its identity in each case to understand how it became the face of real estate. Zillow's market share Although statistics vary by research provider, consumers have apparently “voted” Zillow as the face of real estate based on its percentage of market share captured. Zillow Group commands 59 million unique monthly...
- Zillow has become the face of real estate to consumers, its competitors and regulators.
- Through its actions, each of these groups has “voted in” Zillow as the face of real estate regardless of their statements.
- Zillow solidified its place in the market with hard work and innovation, while the lethargy and inept positioning of the industry incumbents did nothing to stop it.