Keep your Eye on Market Trends at all Times
Be sure to keep your eye on market trends, for the influence they have on small business can be enormous. This is one area where the micro-business owner cannot afford to take his/her eyes off the ball.
This is a core part of the first step of The Marketing Process, the so-called Situation Analysis. Existing and emerging trends can come to dominate the performance of a product or service within its marketplace. Pro-active management is critical here. The business owner who spots the trends also spots the resultant opportunities and/or threats.
That’s pretty fundamental stuff.
Look what has happened to so many pubs around Ireland that didn’t respond to trends in their sector. Look, too, at accommodation providers that didn’t embrace the likes of Booking.com, TripAdvisor or Airbnb.
On the other hand, look at the fabulous growth experienced by businesses like Kenny’s Bookshop in Galway, who quickly moved part of their business online. They saw the trend and adapted. Or all the little businesses providing healthy, more natural food for a more discerning audience. Or indeed other great people, like the early app developers, understanding that a more convenient way to consume and interact with brands was being demanded.
No market stands still for long – and that includes yours. Whether you are in FMCG or B2B, market trends can dictate what will happen next, in terms of product features or service delivery. You don’t want to get left behind. If you’re really good, you’ll even start a trend!
There’s a great business adage that you’ll lose 20% of your customers each year. I think that’s a great stat to keep in your mind at all times. At least eliminate one reason why that might happen, by keeping up with market trends.
Market Trends and Your Future – Evolve or Die
Read this extremely interesting review of what happened to the once king of mobile phones, Nokia. We’re all aware of the story, after all, just look in your pocket. An eye-opening read, nevertheless.
As they say, standing still is not an option.