Many businesses are now competing in a global market in this digital age, rather than just a local one. All successful companies need to stay on top of trends, refine their marketing, and better their portfolio. However, if a business yields too much success, sports too much potential, or becomes too big for its boots, simple things can start to slip. A restaurant that might not have changed its winning menu in twenty years may start losing regular customers. Or, a business that continues to use the same marketing strategy it did thirty years ago may lose sales. No business should ever take anything for granted.
With that in mind, consider the following approaches to help refine your outlook and avoid becoming complacent.
Trends Can Come And Go In A Moment
With the advent of social media, it seems as though trends are more fickle than ever. While following trends can be an asset for your business, it’s also wise to view them as the coming and going of the tides. Sometimes it’s better to find stable ground to stand on. Consider all of those who invested in Fidget Spinners two years ago. We can almost be sure that some investors did so on the tail end of that trend. They most likely found themselves with plenty of inventory they had trouble offloading. This is why chasing after trends is sometimes a bad idea, but trends can inform certain decisions.
For example, using a popular meme as a template for a small advertising campaign or perhaps staying ahead of the curve with the cultural conversation in your messaging can turn heads. But remember, if you do this with each fickle trend that comes along, it can seem exploitative. Businesses should never take for granted what is popular today. Instead, they should try to engineer what might be popular tomorrow, or at least try to ride its crest organically. Some businesses might decide to go for the opposite option, sticking to timeless principles that rest true for anyone. For example, you won’t see a corporate law firm dressing their branding in cartoonish colors. They need to continually promote an air of professionalism.
Some important and seasonal trends can often be the best middle ground here. For example, a salon dressing their team in green or as Leprechauns is fun for St. Patrick’s Day and might encourage more customers to stop in before the holidays. But never take trends for granted. They can be over just as soon as they begin. Figure out how you can use them to your advantage and stay true to your brand.
You Can Always Improve
A business can spend a great deal of time refining its processes, analyzing the budget, enhancing its marketing, and building new audiences. But, the moment they decide things are going well, they can begin to rest on their laurels. This is when things often start to stagnate. Of course, “improvement” doesn’t mean you have to change everything day after day.
If you change the way you answer support tickets each week, your support staff would be lost. There would be no actual standard procedures, and everyone would be doing things their way. Not only would the team be confused, but customers would be confused as well. Customers would get different instructions each time they spoke with someone. It would be pure chaos. However, you still want to periodically review existing procedures to continue meeting your customers’ needs. Make sure your goals are being met and projects are being completed on time.
As you review your existing processes, consider what new products or technology you can use to make things run more efficiently. For example, as you learn more about changes you can make in your sales process, you could discover a customer relationship management (CRM) software that could cut your processing time in half. Whitehat SEO, a popular inbound marketing agency, uses the HubSpot CRM Platform. They have written a HubSpot CRM guide which you can find out more about at whitehat-seo.co.uk.
Competition Is Rife
You have to be aware of what’s going on with your top competitors. It’s important to know that even if you have a winning formula now, you can be sure others are working tirelessly to take over your market. It might not be a direct goal of theirs, but through their expansion efforts, it can happen. Does this mean you have to focus on the expansion of your business? Not necessarily. What it does mean you must understand the tides of your industry and your place within it.
For example, think of how butchers, fishmongers, and grocers compete with supermarkets in their area. Instead of visiting three stores in the span of an afternoon, the convenience of visiting one is too good for some to pass up. This is why promotional deals allowing quick and easy sales of ‘packs’ of goods are often given by butchers, why most fresh fish is sold at fishmongers, or why grocers continually focus on cheaper organic produce.
It would be best if you continued to emphasize whatever unique selling proposition (USP) you have when marketing and promoting your business. It’s also essential to build and maintain a strong brand reputation and stay engaged with your audience. If you can do these things, you’ll have more longevity than you thought possible.
Don’t let your business get swept away by the tide!
Never take for granted the success you achieve in your business. Just like the ebb and flow of the tide, if you don’t continue to stay aware and improve, your business can be swept away and forgotten. Here’s to YOUR success!
Carolyn R. Owens has over 25 years of proven experience and serves as a Career Strategist, Leadership, and Life Coach. She is the Chairwoman and CEO of Infinity Coaching, Inc., where they help you up-level your skills so you can up-level your income. Infinity Coaching, Inc. provides one-on-one and group coaching, organizational training, and personality assessments. Carolyn is certified to give both The Energy Leadership Index Assessment and Myers Briggs Type Indicator (MBTI) Assessment. You can find out more about both assessments and other products and services at https://infinitycoaching.net.
