Business May 7, 2021 Last updated May 7th, 2021 714 Reads share

Sense of urgency is out – sense of competition is in

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The Hot SALE, only today! GET IT NOW!

You probably should have this kind of titles and promotions all over the internet, in the shops or on the brochures. This is the most common method of advertisement and selling a product. Well, it definitely was the most common practice for sure. It definitely worked very well, for a significant period of time. The reason why it worked is also quite simple.

We, people, have a tendency to hurry in everything. We want to have everything at once and everything at the best opportunity. While naturally and organically this might not be working, many promotional companies make it work for you. The appealing and fascinating words on the glazing covers, catch our eyes, and boom, we want it here and now.

The sense of urgency is one of the biggest powers to shift and keep you moving. The emergency happens every time we need something. Big companies and retail businesses have used this characteristic in their own favor. Thus, the offers are often based on the very short time limit, and while in some cases even the limit is not fully true, we still don’t want to risk our extra discount.

The matter of urgency has made many people invest in the assets and in the things they actually did not need or did not need urgently. The sense of urgency is the one that keeps whispering to our year “Let’s do it now, let’s buy it now”. The companies offer us discounts and tell us unless we make the purchase at the very moment, the discount may not apply to the item or service anymore. This is why the sense of urgency and need turns on right away and makes us contribute to the promotion period.

While the sense of urgency and the tendency connected to that, might be leaving the global market and is not as popular as it used to be, there are still some reasons behind it, which people still take into consideration when making a certain purchase or investment. There are certain cases when the urgency sense works properly and is relative.

The urgency matters

When a crisis that threatens life or property. Individuals for who the threat is serious and consequential will feel the stress of urgency. The person senses that inaction will lead to damage or loss and that some action on their part can avoid, halt or mitigate the threat to such life or property. The sense of urgency and the desire to take action is greater the more urgent and relevant the sense of crisis.

The person’s ego is either directly or indirectly linked to the need for something else. At stake are such feelings as shame, embarrassment, prestige or status, sexual attractiveness, etc. To the extent that the desires in these “ego areas” are strong, impatience will drive the person to take actions that they perceive to satisfy them. The stress of impatience creates a sense of urgency.

If the urgency matter is really a case, then make sure to act in proportion to the urgency. The leaders communicate by example. And if you want to lead the situation and lead the case, you have to take this responsibility on yourself. React to the problem on time and offer a clear and perfect solution straight away. This is how the sense of urgency and competition can work simultaneously with the same importance and distribution of the power. And remember, the intensity of your reaction is proportional to the importance of the stake.

Reacting out of proportion to even the smallest of items whiplashes a team. Emotional exhaustion often yields a quiet cynicism – there he goes again! Alternatively, leaders who frequently show very little emotion may cause their respective teams to wonder what the leader is thinking. As a result, the team is left guessing as to what is at stake in the situation.

Contest on competition

The tendencies are changing and people have come up with different decisions. With time passing, it becomes clearer and clearer that only the urgency does not attract and assure customers. The bigger driving power is the need and the demand. Though the time has not gone anywhere and still remains an important part of every promotion or offer. Thus the best option is obviously combining the urgency and the competition both together.

Before outlining the perfect scenario, let’s talk about the competition and the need for it. While the urgency matters, might not work for everyone, and not every customer will be fascinated by the instant promotion, the competition, and the delivering the sense of being the best will definitely work out.

Throughout the past several years, Forex trading has become extremely popular among people of the whole world. Thus, many brokerage companies have been created, and while not all of them are able to survive for long, the competition in the market is quite high. Up until the moment, the competition would be this high, the brokerage companies would be satisfied with offering one-time promotions and bonuses. With the increased competition, some new techniques were implemented.

The forex trading industry is huge, and the customers are free in choice. They can find the best suitable broker without any problem, though among hundreds of others, you have to convince the customer to choose you. Thus, a number of brokers now are actively offering no deposit bonuses, demo accounts, and many more features, in order to show the customer good quality of services. Moreover, participating in a contest in Forex trading every year can definitely help one boost and sharpen skills in different aspects of trading. While accepting challenges, you automatically take the responsibility to have an eye on the quality and are ready to compete with many other brokers who seem to have almost as equal chances as you.

The competition has become a thing especially since the moment that more and more companies have been popping up in the global market. There are many similar services offered by many different providers. It is hard to choose from them, but it is even harder to stand out from the crowd. The constant and very hardcore competition constantly moves the market and makes it more dynamic.

Thus companies of every sphere have to follow the flow or even go beyond, in order to get the best possible outcome. The competition has especially affected the financial industry. The banks and other financial institutions or providers are having a hard time in the constant rally of the competition. Not only it concerns banks or financial companies, but also brokerage firms as well.

Two rivers flow in one

The competition can not be won without any effort, it can not be won without the constant contribution. Though the outcome can definitely be more effective and more beneficial if done correctly. By this, we mean the perfect coalition of the competitiveness and the urgent matter,

One of the best examples can be the clarification of the consequences you might get unless you complete or address the offer or promotion. Fostering a sense of urgency is more difficult when people fail to fully grasp the real consequences of poor performance. Consequences have to be real and they have to be very vivid. When people see the unwanted outcome from their action, most often they at least everything and review their action of direction.

From this point of view, by bringing the consequence as a reason, you give the opportunity to people to choose the right way quickly, or to choose maybe another right way, yet with more irrelevant and unwanted outcomes. According to the observations, the sense of urgency required in response to the competitive challenges increases the effectiveness of the business by 40%.

Humans are naturally competitive – competitiveness, like survival, is a constant threat and has its own built-in urgency. Situations linked to competitiveness, therefore, have built-in urgency. The greater the competitive threat, the more pronounced the feeling of urgency.

The bottom line would be that regardless of urgency or competitiveness, the sense is the most important of them all. While the tendencies might be changing over time, the markets and the industries remain to be competitive. It also says that everything that might work for one, might not work for another. Though one thing is for sure, every company and every individual has his or her personal approach. Those approaches are often based on research or feedback. Certain industries still prefer the old school urgency call-ups, while others have chosen a different path.

The globalization process is effectively contributing to the enhancement of the market overall and makes the competition even harder. Just like the competition is in our bool, the market is also meant to be won or to be lost. You might be lucky or you might be not, yet fighting for surviving the competition is worth the final outcome.

Giorgi Mikhelidze

Giorgi Mikhelidze

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