A confession: I truly enjoy and value Joel Osteen’s motivational speeches. I appreciate not only his style and passion but also his messages of encouragement and tenacity. Recently, he imparted this nugget of wisdom that I enjoyed tremendously:
A young man was telling Joel how he was the leading drug dealer in his neighborhood. He said that although he didn’t like the business, it was the only thing he was good at. Joel thought otherwise, and told him that if he could sell drugs, he could sell anything.
"Think about it," Joel said.
“To sell drugs, you have to get the word out – that’s advertising.
You have to manage your inventory – that’s administration.
You have to take care of your clients – that’s customer service.
You see, all you have to do is change your label, and the things you considered limitations will suddenly reveal themselves as benefits.”
Joel’s lesson about taking a negative habit and turning into a positive habit by simply reframing it lends itself beautifully to our recent market activity and potential solutions.
No Rest for the Weary
Although we expected the Russian market to provide some comfort, as it has done before, this time it tricked us. At the last sight, some reported a price reduction of 3-5% and this non-cooperative market only confused everybody. The weak sales and lack of buyers instilled fear, since obviously we can no longer rely on the Russian sight to provide any pricing relief. The breath of optimism which lingered is now on hold.
There are many ways to view the price situation, however. Perhaps we can change its label.
Consider this: multi-sight holders can juggle and come out on top. If purchasing at five different sights, for example, while some may fail to turn a profit, others produce significant earnings. All in all, as long as the larger scheme of things is profiting, the juggler wins. It’s a matter of considering the big picture rather than the individual sales.
But we’re not all sightholders, are we? Those of us who purchase at the secondary market do not have the luxury of looking at the larger picture. Many are simply sitting on the sidelines, unable to make a purchase, waiting to see which way the wind is blowing. Since the market doesn’t make sense at the moment, many are simply lost.
Join my 1,800+ subscribers
to get exclusive access to Market Watch Reports
and never miss an update. Free sign up!
Mix it Up
An alternate point of view to consider is that perhaps the game is not in the price at all. Rather, maybe it’s in the assortment.
Since I’ve had the honor of interviewing many sightholders, manufacturers and others well versed in the industry, I’ve been fortunate enough to receive both suggestions and insights. Some say that if you’re attempting to sell certain parcels, and you find no market for them, you might want to consider assembling an alternate parcel that includes a mixed selection. The new combination, they say, might have the potential to be more attractive and therefore sell more easily. It’s important to keep in mind that creativity will be the game-changer.
Another example of utilizing the same skill set in a new way is in manufacturing. Creative manufacturers are able to manufacture what’s most popular, rather that simply churning out the same goods year after year regardless of what the market demands.
The key, as I understand it, is to get creative, change the label, and find out what’s possible.
Ultimately, do we really have to sit and wait for those who are pulling the strings of the market to change things more favorably? Or can we simply take the reins and alter the trajectory of our destiny ourselves, just as the brave Indian group recently did in the Polished market?
Since we cannot control the prices, we need to find other factors which we can indeed influence. Maybe sometimes all you need to do is just change the label.
Market Watch Report
Use the report below to prepare you for the upcoming sight.
It’s important to view the last sight’s pricing when going into the next sight so strategic decisions can be made.
Keep in mind that normally, my Market Watch Reports are available exclusively to blog subscribers but I am offering it to everyone this month as a bonus. Enjoy!