Keeping up with trends and understanding your market environment is key for any business owner. The last thing that you want is to be letting down your customers or falling behind your competition because you are not current with changes or trends in your business arena.
You need to constantly assess your customers behaviour and track your competition closely to stay ahead of the game.
- Are your customers showing any trends that may make your product or service irrelevant?
- Have your competition developed a killer “widget” that is going to draw customers over to them and away from you?
- Have your competition done something cool that you could “adapt” to suit your own product or service? Don’t be afraid to copy if it works!
Take some time to do a bit of research once in while and don’t get left behind so that you are having to adapt re-actively.
While you won’t be first out of the blocks every time with a new innovation for your industry, you certainly won’t be the last provided you’ve kept up to date. When Dr Evil asked for his one million dollars, he was totally unaware of the irrelevance of such a sum in the new world order. Please don’t be irrelevant!
Have you any tips on how you stay up to date in your industry?
Is your business still relevant?…
Market research is key to ensuring your business stays up to date. Competitor analysis along with an understanding of consumer trends is vital to ensuring your continued business success. Ask Dr Evil what it’s like to be out of touch!…
Love the Dr Evil analogy, Barney – gotta love that guy. And it’s so perfect for the point you’re making here – too many businesses fall into that safe zone where they feel they’ve made it, and the customers will just stick around. We know that’s not the case, and like you say, being relevant has become even more relevant itself than ever.
Love the Dr Evil analogy, Barney – gotta love that guy. And it’s so perfect for the point you’re making here – too many businesses fall into that safe zone where they feel they’ve made it, and the customers will just stick around. We know that’s not the case, and like you say, being relevant has become even more relevant itself than ever.
Thanks for the comment Danny – Dr Evil is one of my favorites! You are quite right , not adapting/evolving = customers leaving – end of!
Thanks for the comment Danny – Dr Evil is one of my favorites! You are quite right , not adapting/evolving = customers leaving – end of!