will be your response when competition shows up in your luxury real
estate marketplace? Do you take it as an opportunity to sharpen your
focus and confirm your competitive edge, which would be a win for you?
Or, do you complain and embark on a whining campaigIf you
follow business news, you probably heard about Uber (valued at $50
billion) threatening to dominate the taxi industry because of their
great service and reliability. Who would have thought that taxi
customers were an under served market niche? In the hotel
business, a similar scenario is happening with Airbnb, Inc (home-rental
service). Their value, $25.5 million, is now on par with Hilton Hotels
valued at $27.6 million. Who would have dreamed that there was a need
for travelers beyond the traditional hotel model?
taxi business has begun the whining cycle by looking to the government
to help them out, instead of taking the opportunity to better or best
the new entries in their market. Likewise, Airbnb is facing opposition
from local governments whose revenues are enriched with a hotel city
tax. Hotel chains are also looking to the government for regulations to
stop this upstart.We have long emphasized that by finding an
underserved or uncontested market niche (like taxis and home-rental
service) you can become a dominant player in a new market category.
This is exactly what Uber and Airbnb have done.
What will you do when new competition comes to town, whine or win?
Napa Consultants, International is the leader in brand strategy for the
luxury real estate industry. They work exclusively with professionals
who are passionate about gaining or sustaining market leadership. With
an expertise in personal branding, company branding, luxury real estate
website design and social media marketing they help their clients become
the breakaway brand in their marketplace.