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Focus Research Insight: What 'macro' or outside influence affects your business MOST profoundly?
Throughout our research, we find that businesses across the board are affected by 'external' or 'macro' variables: economic, political, social and technological, among others. What, for your business, has had the most profound effect? What motivates the changes your company has (or hasn't) made to maintain or become competitive? What's prompted (or even forced) you to make shifts to comply? Economic uncertainty; a change in tax regulations; industry mandates; unprecedented technological capabilities; a shift in your customer base's interests? What else?
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Jessica,
I advise a friend that has a business that provides resources for babyboomers looking to purchase 2nd (vacation) or retirement home in an international resort locale (i.e. Mexico, Costa Rica, the Caribbean, etc). When he first came up with the idea (2007), the demand was high for high end properties (500k+ properties). The economy was booming, babyboomers were buying up properties (primarily 2nd homes) and developers were building to meet the demand. Well, guess what? Over the last 3 years with the economy's recession, this demand has shifted significantly from these higher end properties (as 2nd homes) to lower cost properties (as the residence their moving to for retirement). This affected the business in terms of how he messages his content, who we partners with on the broker and development side and the overall revenue model. Being able to understand the economy and how it affected his customer base (both on the demand and supply side) allowed him to take advantage of those changes in the economy.
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