Stay Relevant When the Marketplace Shifts

Dec 23, 2016

Stay Relevant When the Marketplace ShiftsA marketplace can shift at any time, for almost any reason: a change in the population, the job market, the economy, or technology. Before a marketplace shift takes root and impacts your business negatively, prepare now. This is the easy answer. However, since you cannot predict exactly how future events will effect the relevance of your product or services, what can you do while this shift is occurring? Read on to learn how to stay relevant when the marketplace shifts. 

Stay Relevant When the Marketplace Shifts

Narrow in on your loyal customers.

While you may like to think of your potential clients as any human being, that is not a realistic perspective. You have worked hard to attract and retain members of your target audience. Focus on their needs. Their feedback will help you to remain relevant even as your surroundings change. No individual or company is stagnant. As their needs change, so should your offerings. Lack of flexibility displays an unwillingness to evolve with the times, or a fear of new things.

Look for opportunities.

A shift in the marketplace should be considered an opportunity. Think of it as a window being opened to a brand new audience. If you have been wanting to reinvent your brand, now is the time. Paying attention to your industry and your community will help you to see upcoming shifts on the horizon. You may continue to provide the same services, altering it slightly to cater to trends. Constantly seek the feedback of your clients. If clients continue to make the same requests, you will recognize a pattern. You might want to consider adding that item to your spectrum of services. If you turn a blind eye to trends because you think they are fleeting, you will miss out on a significant portion of the market. Don’t be left behind while your competitors charge ahead.

Stay true to your brand.

Your mission does not have to change. At its core, your business will be the same. Pay attention to trends, but don’t lose yourself within them. Growth is always a positive development – just don’t be so stubborn that you hold yourself back from opportunities in this new environment. Even extensive market research is not the magic answer, as trends often seem to come from nowhere.

Your new mantra is “Keep an open mind.”

Now for some housekeeping. We’ll be back after the Christmas holiday with a new blog post for you. We’re taking Monday off to spend with our families, but we’ve got a great post lined up for Wednesday. It’ll talk you through what to expect in terms of social media trends for 2017. In the meantime, have a very merry Christmas! Best wishes for you and yours this holiday season.