Purchasing decisions change all the time and I think it is imperative for a business to constantly remain flexible and in tune with consumer behavior. In my opinion, I think that a business should constantly engage in research, whilst watching out for competition. At the end of the day, the prospective client should feel like they have the upper hand and that choosing your product will be the right choice.
Market dynamics change all the time, so a business that just sticks to one strategy will struggle to close deals at some point. I think research is important because you want to understand what the client expects and what the competition is offering. It is always better when it is a win-win situation.
This is especially true when it comes to the housing market. There are so many ups and downs, that you need to stay on top of it. There tends to be a slow down during the colder season, which means we need to spend a little more on advertising and trying to pull clients in.
That’s true Stanley and I think this is why it is important to concentrate on analytics so as to have an idea of how to allocate resources, based on need. Competition is so stiff and coming up with creative modalities is actually the way to go. An entity cannot afford to remain static in terms of creativity; it will definitely lag behind.
In my view, strategies come about as a result of risks and that is why a company or business has to remain robust and alive to the external factors that may hurt a business. Market dynamics are always changing and there will always be a fluctuation of demand and supply. In essence, a business will be trying to woo customers all the time, irrespective of how long it has been in existence.
Would you guys recommend a specific time period for the reevaluation, or should I just do it by the time I notice a change in the market? With the latter, it’s possible that I’m too late to notice. At the other side, inconsistency in our approach is also not a good idea.