What do these companies have in common?
Each one is penetrating new markets and stealing share from name brands that have dominated their categories for decades. Each come from an unlikely place in the world. Each are creating innovative products and systems built better, smarter and cheaper than their name brand competition. Each have prevailed despite their seemingly low price points and thin profit margins.
Boston Consulting Group recently issued a case study titled the New Global Challengers, a 28-page slide deck detailing how these companies did it and how rapidly developing economies are changing the world. It’s worth an afternoon read.
In the coming years, the real estate industry needs to keep the eyes on the back of its head focused. There are new real estate models in Europe that could be heading this way. There are social networks exploding overseas that you many not have caught wind of. There are new technologies, applications and vendors emerging now looking to gain traction in U.S. real estate.
They aren’t just going to go away.
This industry must start believing. Accepting. Seeking. Trying. Attempting. Embracing. Joining. Learning.
There was a time, back in 1968, when no one believed Japanese automakers had a shot at the American auto business. There are way too many today still betting Zillow will tank, Trulia will fold and Redfin will sink.
Surviving real estate today offers no room for these limiting beliefs.