It’s very important for me to know how my business is doing – not just by watching the financial ledger, but also by watching the environment around me. What are our neighboring businesses doing? More importantly, what are our competitors doing? Has their business grown at the same rate as ours or has it accelerated past ours, without my noticing?
Keeping up with the Jones’ does have a relevant place in business. Some of what the Jones’ are doing are simply gimmicks that yield no returns. But if you ignore everything they do, you’ll soon learn that you’ve been left in their dust, wondering why and how it happened.
How Does Your Brand Image Stack Up?
Observation of your competitors might reveal the need for an image makeover – possibly the redesign of a very dated logo, sign, storefront or advertising campaign. Mundane becomes boring; boring becomes unappealing; unappealing leads to slack sales. You have to constantly work to attract customers.
It’s also important to observe noncompeting businesses. Many businesses experience similar or parallel situations to yours when environmental and economic changes occur. Business owners/managers who take notice of and learn from the experience of others are better poised to quickly take action as needed. The more knowledgeable you are about your business and those things affecting your local business climate, the better your chances for success.
New Strategies for the New Marketplace?
Image courtesy of mil8 on flickr.
We see a paradigm shift in the marketing strategies being employed to lure current and future generations. Are you “hip” to these strategies or relying only on “old school” methods to carry you through? What about Facebook, Twitter, blogging – all forms of new media that allow you to reach out to and interact with a local or global customer base?
There are many resources available to help you get up to speed or stay current: Local schools offer classes/programs. Manufacturers’ associations and local business organizations (such as the Chamber of Commerce) offer seminars. Trade publications provide articles to help you understand and cope with the changes and challenges in business. Be sure to take advantage of these resources!
Leave a Reply