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Leeds Real Estate Business Faces Tough times

August 11th, 2009

Occupancy levels of office spaces in the Leeds city centre have not seen any significant rise in the second quarter of 2009. The lettings have been limited to less than 10,000 sq ft, which point towards the typical market behaviour during recession.

Developers have been desperate to keep the cash flowing and the occupants have been happy to stay put, and as a result, most of the reported lettings had more to do with either contract renewal or changes in existing agreements.

Jones Lang LaSalle, a development company, reported that the office space demand in Leeds went downhill through the 2nd quarter as indicated by the fact that office space enquiries of 128,500 sq ft in this quarter was lower by 40% as compared to the average demand of the last five years in the same period. All the future demand for office spaces now hinge mostly on the public sector as they have been driving up the demand for shared office space in recent times.

The company has also reported that vacancies in office space are likely to remain constant in the wake of lack of any new constructions. The vacancy rate currently stands at 12.9%, which is accompanied by a steady fall in demand. A 40,000 sq ft refurbishing project at the Crusader House will be the only new construction in the Leeds area, which is likely to be ready by the end of 2010. Grade A spaces might see a shortage as the demand is likely to increase with limited available supply.

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Advertising? Consider Product Life Cycle and Customer Buying Habits

June 11th, 2008

When you create advertising for small businesses, consider both the life cycle of
your product or service along with customer buying habits.

Today, both sellers and buyers alike want fast results. You should recognize that the
actual process of turning your prospects into customers still takes time. Buying
cycle times may be shorter today, but the process still exists. People often buy
according to their past purchasing habits and patterns. These habits can be hard to
change.

Classic marketing theory details the life cycle of a product or service as

(1) introduction,

(2) growth,

(3) maturity,

(4) decline, and

(5) phase-out.

In other words:
when it’s

(1) New,

(2) Rapidly Accepted,

(3) The Industry Standard,

(4) Fading, and

(5) Hard to Find.

Furthermore, the people who buy those products/services can be profiled in
different stages as (a) innovative adapters, (b) majority adapters, or (c) stragglers.

Profiles of these three buyer categories (a) (b) (c) are helpful in creating advertising
tailored to each phase of the five life cycles of the product or service. Judge
accordingly.

For example, when you introduce a new product or service, one of your prime target
markets should be the early adapters, the innovators. It has been estimated
somewhere around 10 to 20 percent of people do their own research and
experimentation about their purchases. (An ever-increasing number do their
research on the web – before they contact anyone.)

The other 80 percent or so are followers (b) (c). They read, listen to, or watch ads;
try recommendations from their friends, neighbors or co-workers; or use coupons,
etc.

It is advertising that educates and entices prospects at these different purchasing
stages to try something new for them. Most importantly, it happens person-by-
person. Over time, good advertising can remind, motivate and change buying habits
for those in each type of profile.

So it is important to let each group know your product or service is there and ready
for them when they want to buy. Plan to have your advertising message repeated
often enough where it will be available to them when they are ready to explore and
make a buying decision.

It only takes money and time. Be patient. Keep chipping away at it. Soon, your
targeted advertising message will be part of your product life cycle and customer
buying habits.

© 2006 Jon Sinish

This article may be reprinted and distributed as long as the resource information
remains intact.

Jon Sinish is a 30-year champion of advertising for small businesses, whose clients
range from international corporations to private professional practices.

Now, at his web site, you can discover more exciting articles that reveal practical
tips, tactics and strategies to help the small businessperson manage and improve
their advertising and marketing programs. Please visit
http://www.advertising-for-small-businesses.com