How Do You Thrive in a Shifting Market?
In a shifting market, refocus on the fundamental activities that drive growth, satisfy customers, and keep everyone well informed.
Every industry at some point experiences a shift in the market, and right now, the real estate market is experiencing an interesting period that’s leaving many feeling uncertain about the future. But we’ve been here before, and as is often the case, those who are best prepared to adjust end up not just surviving but also thriving.
In this Silver Dollar episode of Stay Paid, we’re offering four principles that have proven time and again to help proactive business stay on track and to even grow where others fail. They represent the collective wisdom of successful entrepreneurs, respected authors, lessons learned from the 2008 real estate market, and our own experiences.
- Lead with revenue. It’s imperative that you know what activities are bringing in revenue so you can put the full force of your organization behind doing more of those activities. Review your entire sales cycle, and if there is a sticking point, work to fix it.
- Communicate often. You need to stay ahead of the narrative because in times of uncertainty, it’s human nature to focus on the negative. We offer suggestions for how to ensure that your clients and your employees are all on the same page.
- Leverage technology and automation. You always need to invest in your business, but especially in a market shifting like this one is, you should invest in what will grow revenue. It’s important to be fiscally responsible and take a hard look at what, where, and why you’re spending funds. The right technology and automation can help you do more with less.
- Get back to basics. We like to say that sales aren’t everything—they’re the only thing. Ensure that everyone in your organization understands your customers’ needs, wants, and pain points and that your value proposition and marketing make it clear how your services and products address them.
We hope you enjoy this episode and act on the advice Luke offers at the end. We’d also appreciate it if you took a moment to leave us a 5-star review and comment on Apple Podcasts. (We read them on air!) Thanks for listening!
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