When coaching or teaching business people and real estate investors and professionals I often use the term "indirect competition" within marketing strategies. One example of indirect competition is hair salons and skin care products because both are expenses regarding personal appearance.
In real estate, alternative solutions are often indirect competition, such as hard money lending vs. conventional funding. There are times it is as much about a faster or more efficient solution than extra costs involved. Perks or advantages can make a big difference when it comes to important decisions.
The story about a woman finding a way to make living on a cruise ship work is one such example. Her decision eliminated maintenance, grocery shopping, and having to do her own laundry, which decreases stress and frees up more time to enjoy life. Instead of looking at the same few blocks, she sees the world and meets people from all over. In this case, it is not about saving money.
While the subject woman's solutions may not be for everybody, I draw a lot from what she is able to do, which boils down to creating a new set of advantages for the amount she is used to spending. For real estate investors and professionals, creating advantages might be the difference for getting a deal done that would not have happened otherwise.
Let's connect and find some advantages!
https://www.msn.com/en-us/travel/news/woman-77-moves-onto-cruise-ship-permanently-says-it-s-cheaper-than-living-in-california/ar-AA1HIojk
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