- Airplane Mode: More Signal, Less Noise
- Posts
- Beat the Odds
Welcome to the sixth edition of Airplane Mode, I’m grateful you’re here! There’s a lot going on in the world, from interest rates and macroeconomics to the M&A market, and the trickle-down effects into charter and aircraft sales. There’s a lot of speculation about a lot of things right now, not the least of which is the housing market, interest rates, and more - but the outlook for aviation is strong. Besides aviation, the outlook on life is strong, everything is an opportunity. Practical & rational optimism is the only way forward. I hope the below adds value to your life, saves you time, and gives curated insights from trusted sources.
👉 It's a high-stakes dinner, you’re hosting Who's sitting across from you? Vote in our 'Aviation Legends' poll. 👈
BizAv Outlook
The pandemic (yes, I know, the dreaded) saw unprecedented levels of charter activity, as well as aircraft sales. A weighty portion of those percentages were first-time jet buyers and flyers. Alongside that high note, it’s no mystery, some churn has been involved due to customer understanding and education levels and the lack thereof, sticker shock, amongst other things. Everyone has seen the transition and the ride downhill into a cooling off period.
According to at least one business aviation Industry source, the market is down %10-12 from pandemic levels. A subjective and anecdotal outlook is that it will level off if it hasn’t done so already, and the further along we go into 2024 and beyond it will slowly pick back up. Why? The biggest wealth transfer in the history of the world is happening. 22 Trillion dollars in assets will have been transferred to a younger generation by the year 2031. With this much wealth changing hands, it’s easy to see how there may be some new faces who have a much greater appreciation for biz jets in the next decade.
My inclination is to say that even despite an economic downturn, business aviation will continue strong, and the most important things that can be done are to focus on solid customer education on the front end of business, and rock solid customer retention on the back end. The front end also helps to sturdy up the back end. Educate a customer into making the right decision for their needs and wants, and they end up staying longer. Who knew?! If interest rates come down or show signs of leveling off, M&A activity will increase, the market will start to show signs of vitality, and jets will fly. Everything is cyclical, act accordingly.
Sources and additional reading on BizAv Outlook:
The Art of The Deal
🎯 The "It" Factor in Negotiation
Ever Met someone that nails it every time? Ask and they receive. Makes you wonder, doesn’t it?
🛠 We're All Negotiators
You’re no rookie. You’ve closed deals, signed charter clients, brokered jets, and bought & sold businesses. You know the stakes.
🏡 Life's Little Negotiations
These are the negotiations that happen on the subconscious level all of the time. Kids bedtime, future plans with the spouse, a friend’s favorite team and why they shouldn’t be. All negotiation.
🌍 The Big Picture
The bottom line is that life is a negotiation, and everything is for sale. My question has always been, why not be the one who knows how to play the game? Even if it’s %10 better than most know how to play, that %10 is compounding every time you make a negotiation.
Shane Ray Martin has completed the prestigious Harvard Negotiation Course and has worked with companies such as Microsoft, NASA, and Cisco. He is hosting a free negotiation class this month.
👇 Sign-up Below, Entirely Free Event👇
Quick Action - Phone a Friend
Action: Reach out to one contact in your professional network. The results of doing this are compounding in a way that’s hard to understand - I’ve seen it!
Why: We all know working in aviation usually keeps you within 3-4 degrees of any other person inside aviation. Relationships are vital and can make or break a deal. How many opportunities have you gotten because the other person knows, likes, and trusts you?
Next Steps: Send a quick text or call or LinkedIn message to catch up and offer value.
The key here is to take the time to provide some real value. The term is cliché, but that doesn’t mean it’s any less important. Value is the cornerstone to everything we do, and everything we are. We are valuable to our creator.
How do you add value to someone in our professional network (or personal life)? I have personally done all of the below, and I think they’ve not only served the person I contacted, but helped me build consistency in my network. The below work, and work very well based on reciprocity and a servants mindset, but they have to be done with a sincere heart. Follow The Golden Rule, do unto others.
Introduce them to a connection that could provide benefit between them. A simple text message “Hey Tom, I have included Robert and he can help you with that Pratt Engine you were looking for..”
Send an article that was helpful to you, and share why it was helpful for you and how it may be helpful for them.
Just send a personalized Check-in. DM or text and offer congrats on the recent promotion, or just tell them why you’ve always appreciated them, or what about them is noteworthy and why you like to do business with them.
Invite for a further phone or Zoom chat and just ask them what they’re excited about lately. THEY WILL TELL YOU. Get excited with them and see if there’s an opportunity to help serve them!
Ace Update
Ace remembers the days when people “just kept scrolling”.
He shot to kill, and no one was offended.
Let us never negotiate out of fear. But let us never fear to negotiate.
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