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Create Success in The Changing Marketplace
by Joeann Fossland
We face the challenge of dealing with rapid change in an industry that is evolving and reinventing itself almost daily. Change is the only constant, and it is often uncomfortable and unsettling. Futurist Alvin Toffler says, "The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn." Just when we think we have a system that works, customer needs and expectations shift and we find our returns are diminished. Author Rita Mae Brown’s reminder, "Insanity is doing the same thing over and over expecting different results" gives us a reason to reevaluate our strategies often to see how we can best match the latest marketplace needs. Spencer Johnson, author of The One Minute Manager, has written a new book, Who Moved My Cheese? This simple parable involves four characters living in a "maze" who depend on the "cheese" to make them happy. It describes what happens to them and their lives when the cheese is moved. The maze is our life or work envirnoment and the cheese represents what we desire to be happy in life. The book is a quick, easy read, profoundly dealing with many truths regarding change. One particularly powerful question, "What would you do if you weren’t afraid?" served to expand my thinking around some areas that I’d been playing it safe. Other questions show how taking action is better than waiting. While there may not be any messages you don’t know, I bet it will cause you to think about where you haven’t made a paradigm shift and what wonderful things could happen if you were proactive about them. So now, put on your "change" thinking cap". How have you transitioned your business to fit the marketplace needs? Review how you measure up in some of the important marketplace shifts and ask yourself the following questions to discover what you can do to implement changes that strengthen your business. Change #1: Buyer Needs and Expectations Today’s buyers are more sophisticated and better informed with higher expectations. The questions to ask: How does my buyer program address these changes and offer services that are unique and differentiate me from other agents? Do I make it easy for buyers to do business with me? Change #2: Listing The Buyer As information is more widely available, buyers can do much more for themselves and may not understand the need for and value of representation. If you don’t take open listings, why would you work with buyers with no agreement? The questions to ask: Do I use a buyer-broker agreement and/or ask for a retainer when working with a buyer? Do my buyers understand why it is to their benefit to actually employ me? Are they going to be loyal to me exclusively? And, if not, do I want to work with them? Change #3: Target Marketing The more specific niche or defined market you work, the easier it is to become known as the expert. As the expert, your credibility is enhanced and your marketing costs decrease. The questions to ask: What niche or niches am I best suited for, taking into consideration my spheres of influence, experience and natural strengths? What new niches should I focus on, given the coming years in my marketplace? Are there new niches no one has focused on yet (Home office specialist, for instance)? Change #4: Leveraging The Exposure After you have a clear focus of your best niches, develop a comprehensive program to leverage your visibility and worth. The question to ask: What are the important needs that are unique to my niche and what added-value services can I design to anticipate those needs? Change #5: Go Deep Focus on those who already know and love you and who are familiar with the benefits of doing business with you. The questions to ask: How can I increase the value or perception of value that I offer to the people who are most likely to refer business to me? What one new service can I add to delight these people? When was the last time they heard from me? Change #6: E- mail for Marketing Over 30% of Americans now have access to e-mail. It is increasing rapidly and exceeded the number of pieces of mail sent. Sending e-mail is the least expensive and time consuming way of farming. The questions to ask: Do I have an e-mail database of my potential and current client base? What am I mailing now that could be more effectively sent by e-mail? Change #7: The Graying of America Older Americans are a fast growing segment of the population and have needs that are different than the average homebuyer. A new designation, SRES (Hyperllink to www.seniorsrealestate.com) focuses exclusively on serving these needs The questions to ask: How do the services I offer meet the needs of this population? Or, if this is not a niche for you". Who do I know who is an expert or an SRES that I can refer these folks to? Change #8: Marketing On The Internet Just putting up a page does not mean clients will find you. Getting a high rating on the search engines is getting increasingly more difficult. The questions to ask: Am I putting my URL number on every piece of marketing? Am I regularly updating the information on my site? Am I utilizing links and relationships with other Realtors to increase traffic to my site? Change #9: It’s What You Learn After You Know Everything That Counts Lifelong learning is imperative to stay on top. Update your knowledge, your skills and your way of doing business regularly. Read not only industry related magazines but at least one publication to "stretch your thinking" on a monthly basis. Something like FAST COMPANY or Wired gives a very interesting perspective and is guaranteed to stimulate some creative ideas. The questions to ask: What skill do I need to update this year to compete? What new skill is going to be the NEXT one I’ll need? Change #10: Working on your business, instead of in it Are you your business or do you have a business? In Michael Gerber’s classic book on being a successful entrepreneur, E-myth Revisted it is clearly demonstrated how to design a business that is run by systems and is replicable. Most agents work as the technician in their business instead of as the owner of a business. The questions to ask: Am I spending time on a weekly basis to upgrade my systems and make my business more effective? What support do I need to be more effective? Who else do I need to be most effective (a coach, an assistant, a mastermind group) ? How can I increase my hourly worth? Undoubtedly, you are on top of some of these changes. Anne Morrow Lindbergh said," Only in growth, reform, and change, paradoxically enough, is true security to be found." Secure your future.Change today by reviewing where you’ve had your head in the sand or have been unaware of the changes. Spencer Johnson refers to as the "handwriting on the wall." Those adept at reading the handwriting will have the edge in the coming years! Published: February 23, 1999 Use of this article without permission is a violation of federal copyright laws. Editor's Note: This article reflects the opinions of Joeann Fossland only and not necessarily the views of this or any other publication, organization or Website owner.
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Today's Headlines 02/23/1999 12:00:00 AM
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