Try Before You Buy

Every year, my town hosts a festival called Depot Days. Businesses rent booths to advertise and sell their wares. Some businesses handout pamphlets and cards while others give away random paraphernalia. One of the most popular booths was the local gym's. They were giving away free seven day passes and a chance to win a three month family membership. These passes cost very little to give away, but they had a big impact. This business not only had a wonderful opportunity to show consumers around their gym, they also gained customer approval. Who doesn't like free stuff? Giving away products is a great way to interest potential customers.  

Test the Waters

Test the Waters

   Tom decided to open a rental business. His store offered the finest table linens, chairs, and various items necessary for large parties. After two months, Tom had lost several thousand dollars. He racked his brain trying to figure out what he had done wrong. He asked several people who lived in his town, why they didn't take advantage of his quality products and reasonable prices. Everyone said the same thing, "We live in a farming community. We don't have time to have many parties because we are always working."

   Tom had an idea. He decided to take a risk and invest more money into his business. He bought expensive time-saving equipment that most farmers couldn't afford to purchase. A month later, he not only recovered the money he had lost in the first two months, he made a profit.

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    To run a successful business, you must research the market before you invest time and money. Searching existing data, setting up focus groups, and observing your would-be-competition are excellent ways to discover if your business will be successful. If you do not research your business before you embark on an entrepreneurial journey, you are risking countless hours and dollars. 

                                                           
 I Want What You Have

     In Gone With the Wind, Scarlett O'Hara tries relentlessly to win Ashley Wilkes' heart. Scarlett could have had any man she wanted, but she only desired the man who she could never have. Have you ever thought about how the "Scarlett O'Hara" mentality follows us into the marketplace? For example, LL Bean's famous Bean Boots. They are crafted in Maine by hand. Every winter, these boots are on back order for months. If LL Bean desired they could make enough of these boots to shoe every person in America and their dog; however, they use the limited supply to make consumers feel like they are buying something special. When companies do this they are able to sell their products for a higher price with less effort.

Going with the Flow

Keeping up with trends is critical in the real estate market. You must know what your consumers want.

 For example:

You just bought a house to resell in an area, in which thirty years ago only wealthier people lived in. When you arrive at the house you see all the houses in the area are in disrepair and the neighbors have police cars circling their house. Obviously, the upper class people (who you want to sell your home to) stopped buying houses here. Why? Well if you had done research you would have seen that nearby a lake was developed ten years ago and now everyone wants to live by the lake. 

GIVE THE PEOPLE WHAT THEY WANT

EVEN WHEN THEY DON'T KNOW 

WHAT THEY WANT

Before we bought this house, the neighbors wanted to tear it down. They were sure it would never look decent again.

Six months later, we had completely redone this home and sold it to a newly-wed couple. We took something nobody wanted and turned into something people loved.