Business Development

The Characteristics Of A Successful Business

Published on: July 27, 2022

Last Updated on: July 28, 2022

Successful Business

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Everybody has their own path in life. Business leaders tend to be stubborn, independently-minded people and no two go about things the same way.

If there were one blueprint companies could follow to achieve their goals automatically, every business would operate identically. While executives always put their signature on their business, successful businesses have a lot in common.

Let’s explore disruption in real estate technology to appreciate the characteristics of a successful business fully.

1. Data Serving People

There’s a difference between obtaining user data for murky, commercial purposes and leveraging it to help satisfy users. Take for example Regan McGee who built the real estate technology platform Nobul.

Nobul has analyzed millions of real estate transactions, so buyers can connect effortlessly with the agent who is right for them.

Prospective homebuyers aren’t looking for the same types of properties, and they need agents who meet specific criteria. For instance, Millennials and first-time homebuyers are likely to want an agent offering competitive pricing. Those looking to buy exclusive properties need an agent experienced in high-end real estate.

Nobul tilts things in the buyers’ favor by incentivizing agents to compete with each other to the point they offer free additional services or cash back.

The algorithm should churn through troves of data to help users get what they’re looking for. While this may seem obvious, some companies collect data for different purposes altogether that can be short-sighted and backfire considerably.

2. Transparency

The digital era is full of claims that are, shall we say, exaggerated. User reviews were initially the most reliable way for real people to understand whether a product was trustworthy, so companies began faking user reviews.

The leading tech platforms verify user reviews. For example, Nobul doesn’t accept money from agents to get listed or ranked higher. Never mislead customers! It’s unethical, and it will probably backfire in the long term.

3. Privacy And Security

As newspapers carry yet more headlines about the latest company responsible for a data breach, people are rightly concerned. Some businesses deliberately obtain excessive personal data for commercial purposes and leverage it without the user ever knowing.

Other businesses may collect the data for strategic internal reasons, only to store it recklessly, where a hacker can steal it.

Web 3.0 is nearly upon us. By now, companies should understand that guaranteeing their users’ privacy and security is the foundation of trust upon which all future business rests.

Whether the violation is deliberate or unintentional is a distinction without much of a difference to the customer.

Repairing a badly damaged reputation is challenging and can take years. Winning back customers is hard. Lawsuits over privacy violations can also drain time, resources, and energy.

Nobul never gives homebuyers’ data to the agents. Instead, all communication is through the app itself, so there’s no opportunity for people’s contact information to get into the wrong hands.

Successful executives have unique insights, reactions, and reads on their industry, making them indispensable business leaders.

There’s no universal approach in business, especially in the ever-evolving digital world. But if you apply the three above principles to your business, it should help moving forward.

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Arnab Dey

Arnab is a passionate blogger. He shares sentient blogs on topics like current affairs, business, lifestyle, health, etc. To get more of his contributions, follow Smart Business Daily.

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