Anticipating the Changing Needs of the Marketplace

It is a difficult predicament when the products and services that you successfully sold in the past suddenly become unwanted by your target market.  Many businesses keep doing the same thing but the needs of their customers have somehow changed.  This is a problem if you do not notice what is going on around you.

A booming market can disguise the fact that your share of the market is in fact in decline if you only measure your success by the revenue that your business generates.  If you have a desire to grow your business you must measure how well you are doing compared to your competitors and the size of the market as a whole.

Taking Woolworths as an example.  Most of us have childhood memories about buying something from that store – for me it was the pick and mix.  At its best, Woolworths was kind of the ‘go to’ store where it was possible to buy a range of items for the home or family.

But Woolies lost its way.  Many of its stores were unprofitable and Woolworths as a brand had no point of difference and no definable position in the market. 

Woolworth’s sold the same things as its competitors but was beaten on price by the veracious £1 stores found on every high street.  Products were often priced relatively high but Woolies could not compete with other aspirational brands.

Finally, a lack of specialism in any one area, which was key to the success of Woolies soon became one of the reasons for its failure.  Over time, an insufficient number of customers chose Woolworths as a destination point.

What Can You Do?

Spend a little time finding out what your customers and clients actually want and need and integrate it into your marketing strategy.  Don’t guess or assume – ask them.  Telephone them, send an email, send a questionnaire or use an online survey form.  Use the information that you gather to help to determine your next steps.