Monday, August 09, 2010
Let's Talk About Trends
One I noticed recently has to do with real estate. I don't know what it's like where you are but in California, to get a house you often wind up in bidding wars. It's crazy but true. Houses in the mid price range (500,000 to 600,000) are in high demand.
This new trend has to do with the real estate signs they put in the yard. The new trend is to put a "Coming Soon" sign on top of that traditional Realtor sign. The first time I saw this, I had to laugh, then appreciate the strategy to build buyer interest. Now this new trend is taking off and I'm seeing it across the country.
The lesson here is the industry adapted. They found a way to maximize a changing market to work for them. That's not always easy but adaptability is crucial to ongoing success. Instead of trying to make a massive market conform to you, you have to find a niche to bring your product and services in to uniquely fit that crevice. Then you can grow it from there.
So, whatever your product or service, look at your market, and identify a gap you can fill. Trying to hit a market in a broad sense waters down your product and has no appeal.
That's also why it's so crucial to be clear about what your product and services are. But that's a discussion for another day.