Adapting To Your Market
Okay. Let’s get realistic. We all know that not everyone is going to buy a product or service. We all know that the possibilities of that happening are slim to none. So, how is it possible that some people are making loads of money and others are failing miserably? One aspect is the 80/20 rule: 20 percent of the people make 80 percent of the money. Why? Because 20 percent of the people are doing things that 80 percent of the people are NOT: they are swatting the flies in the market who are still alive.
That small percentage of people are going after a market that actually wants their product. They are going after a market that actually wants to listen to how the seller of that product or service can provide the solution they’re looking for! Just blindly putting up a web site and hoping the sales roll in is like playing russian roullette, but with even worse odds. You have to be able to perform a basic market analysis at any stage of the game (not just the beginning) and adapt your business to that market model when things go bad for your existing business model. Let me explain.
One of the most volatile markets in the economy right now is the real estate industry. It’s basically dead, and many participants in the industry are reporting exceedingly slow sales because of it. I’ve seen reports of people making a ton of money in the market anyway. Why is this? This is because they are going after the market that almost no one wants to touch: foreclosures and bad credit, which are extremely hot right now. These areas are big right now, and if you can adapt your real estate business model to target these kinds of buyers, sellers, and investors, you won’t have to worry about going after Little Miss Buyer that has absolutely no interest in selling her house right now!
It’s all about being adaptable. Don’t stick to your old ways when things aren’t working. That’s death already and you’ve basically sealed your fate to the market. Adapt your business plan to changing market conditions, and go after the ones who are willing to help you make money. Don’t just put a web site up on the internet to sell a product without putting some thought into your business plan and marketing strategy. You have already ensured certain product suicide by not taking those last two items into serious consideration.