In the real estate industry, we pay very close attention to the statistics.
I’m certain that virtually everyone else out in there in every other industry does the same (whether they want to admit it or not). Most folks profess a dislike for statistics, but acknowledge that stats certainly ARE useful as a way of getting the pulse of “What’s really going on out there.”
Things we can learn from studying Statistics:
- A notion as to where we are in the Economic Cycle – (Growth, Prosperity, Contraction, Recession)
- Identifying niche’s so we can innovate to fill in gaps with creatively diversifying (or not) our products and services
- Measuring our performance against competitors (and the market as a whole)
- Identifying trends, so we can fine tune our processes
- Train our “Peeps” (Sales Force and Client Base) – Better educated people make informed decisions
- What else?
- Today’s statistics reflect yesterday’s (Last month’s, 3 months’, or year’s) performance
- Statistics are one dimensional and seldom tell the whole story – Mostly serve as “clues”
- Statistical analysis is only as useful as the “User” allows – We must be careful about falling into the trap of having preconceived notions as to what we WANT them to tell us.
- LOCAL is BETTER! The tighter the “Subject” the more appropriate . . . BUT . . . Keep an ear to the ground for “outside spanners” – Space Invaders lurking with intentions to spoil the brew