ANSWER 5 QUESTIONS TO HELP YOU IDENTIFY OPPORTUNITIES FOR GROWTH AND NEW REVENUE
Reading news headlines today it certainly feels like there is some good optimism in the air for the economy. It’s unbelievable to comprehend how the world as we knew it was turned on it’s head just over a year ago.
It lead me to reflect on what I was posting about last April when we were just a few weeks into lockdown. In doing so, one of my posts in particular stood out because it ran through 5 great questions and it got me brainstorming again. I felt that now is just as valuable to share these questions.
Whilst the last year has thrown up a load of problems, it also means there are a new problems just waiting for entrepreneurs to show up and solve (or do a better job of solving).
In my March post called “TRAIN YOUR PROPERTY ENTREPRENEUR BRAIN AND GET BETTER RESULTS” [link at the bottom if you missed it] I shared the basic backbone concept of a business – that being a CUSTOMER using a MECHANISM of some kind to get a desired end RESULT. In other words start with finding what end result that customer needs. The last year has created many new needs and pain points and that is opening up incredible opportunities for innovative property people and entrepreneurial thinkers.
Last April I sat in on a brilliant one off live presentation that Darren Hardy broadcast this which focused on a specific set of questions business leaders need to ask themselves (and find answers to) to prepare their comeback. He shared a great Peter Drucker quote which went something like this,
“Great ideas are birthed through the labour of asking great questions, and finding the answers.”
Discovering answers to questions like the ones I’ll share below are what will help you adapt, possibly pivot but either way fuel the next level for your business.
I’ve selected FIVE questions, from the many Darren walked through, that I felt would be most relevant for those with property businesses. On one hand, these questions are designed to guide us through creative thinking and strategic analysis to help minimise potential risks; and on the other hand, they will help discover the incredible opportunities that are emerging in our new reality.
QUESTION #1
WHAT CAN WE DECONSTRUCT AND REINVENT?
To arrive at your answer, start by thinking along the lines of what result(s) your property business is already good at delivering. Ask yourself, despite the events of this last year, what hasn’t changed? ie the population still need housing/accommodation, but your audience may have shifted. Then ask yourself – What would our business look like if we started from scratch right now?
Where can you take your core areas of expertise in adding value and now meet a new high demand market? Is it the staycation market? Is it the commercial sector in some way? Is it playing cupid between landlords and new tenant buyers?
QUESTION #2
CAN WE REDEPLOY OUR KEY SKILL SETS?
The skills that you/your company excels at may be a source of growth or new business if applied to a different set of problems.
What are those key skills and where might they be redeployed for essential services or current high-demand markets?
Have a go at listing out what you see as essential services and high demand markets and see where your skills may link in.
It’s fair to say that residential property remains in high demand and there will be many with investment pots looking to access property but perhaps don’t know how to go about doing it. How can they be identified and served for a win win outcome?
QUESTION #3
WHAT ELSE DO OUR CLIENTS NEED THAT WE CAN HELP THEM WITH?
Darren reminds us that we are not in the “product or service-selling business. We are in the problem-solving business for our target client.”
Ask yourself, what else does my target client want or need that I might not currently offer, but could?
Then take this a level further and validate any ideas by testing it/offering the idea to your client base.
QUESTION #4
CAN WE PRE-SELL OR BULK SELL OUR PRODUCT/SERVICE?
This one might be particularly relevant to those in the serviced accommodation space, especially if an injection of cash flow is needed to sustain things.
Ask yourself – can we pre-sell or bulk sell our accommodation? What kind of incentive can we offer to pre-sell/bulk sell our accommodation to advance cash collection?
During the early part of the lockdown our strategic choice to pivot the majority of our SA properties towards serving our local council’s emergency accommodation needs was one of the best things we did.
Just this week I met our key council clients to discuss further refinements and how we can position ourselves as a key provider long into the future.
If you serve contractors, that will be another audience where you may be able to pre-sell longer stays as they will need to book early so as not to be pushed out by the staycation audience. You will know the right blend for your business. The key thing is to think through these questions and then act on it.
QUESTION #5
HOW CAN WE MAKE IT EASIER TO DO BUSINESS WITH US IN THIS NEW REALITY?
Over the last year we have been forced to adopt digital solutions and virtual interactions it’s opened up an incredible number of ways to reach and engage with new customers.
Darren posed this question which may help your thinking,
“Using digital solutions and virtual interactions, how can we adjust our business model or work practices to radically reduce costs or rapidly scale our market penetration?”
We already know that property agents are doing virtual house tours, what else could be done along these lines?
No matter what realm of property you are in there will no doubt be ways and means to reduce friction and make it even easier to do business with you, even if that means a reminder to self to respond faster to messages 🙂
I hope re-visiting these 5 questions get you thinking creatively and help to unearth ideas and solutions, whether for new beginnings or for growth
Hi Tsen
I loved the quote “we are not in the product or service-selling business. We are in the problem-solving business for our target client.”
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We always try to keep front and centre that we are looking to provide a transformation for our client – not selling them what we want to teach. They are looking for an answer to their problems – you need to understand what they are – and tailor your products to take them where they need/want to go.
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Great post. Thanks.