The Four P’s of Adaptability
5 June 2020
Written by Acme Mag
In an ever changing economy and fast paced world, it’s important that your business is adaptable and versatile. The following four points outline what parts of a business need to be adaptable.
PRODUCT
This refers to the service that you offer to homeowners. Ideally, your service should not only fulfill consumer demand (real estate expertise) but should also be compelling so that consumers believe they need to use your real estate services.
Ask yourself: “How has uncertainty changed the way you deliver your service?”
PRICE
Price is the cost consumers pay for access to your knowledge and services. This is linked to a service’s real and perceived value, which is why we see ‘in-demand’ agents being able to charge higher commission and fees. Price also considers supply costs and competitor prices.
Ask yourself: “How has uncertainty changed what you can charge for your knowledge and service?”
PLACE
This section outlines your decisions around where you deliver your services. This naturally refers to physical locations such as an agency premise, but also relates to your digital presence.
Ask yourself: “Do I need to alter where I offer and deliver real estate knowledge and services?”
PROMOTION
Promotion is the culmination of the above facets and works to communicate them through advertising, public relations, and promotional strategy. In essence, good promotion shows consumers why they need your services and why they should pay a certain price for it.
Ask yourself: “Is the way that I promote myself fitting for the current climate?”
