I've been going through the MBA program through the University of La Verne. I'm almost done and have enjoyed my experience there. As most people I've been through some classes that have completely changed the way I conduct business in the day to day scheme of things and my current class is no exception. I'm taking a Strategic Marketing Management class and my professor has recommended some very good books that I feel are worth the time reading. The most recent one is "Blue Ocean Strategy" and to put a brief overview of what the book is about the subtitle does this perfectly "How to Create Uncontested Market Space and Make the Competition Irrelevant".
I'm almost done with the book and really it's about taking the known parameters and limits of an industry and completely tearing them down. Looking at the industry with no limitations and creating new clientele in order to pursue zero competition. Many companies have done this. If you think of the most innovative and successful companies they have no doubt created a market that once was not there.
While reading the book I have been thinking about my industry of real estate and how I could change what has already been done. I thought about my approach in selling a house and how a little technique of knocking door to door to inform neighbors of an open house has been successful for me. Small approach, I know, but I'm actually closing on a purchase and listing from the same client this week because of my efforts in knocking doors. I created a blue ocean by going back to the basics. What did agents do before technology changed the industry? This brought in a whole flood of ideas that agents were not doing and is helping me penetrate different market groups in order to succeed. While reading the book and thinking about my industry I've thought of a handful of different ideas that I want to test out to try and create another sub-market within the real estate world.
