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.

Overcoming Barriers to Business Growth

As an entrepreneur, I am sure that you have already realised that success is not a given and that consistent ‘action’ is essential to drive your business forward. It takes more than good luck to acquire new customers, sell more to existing customers, increase your profits or successfully introduce new products or services to the market. 

Growing in a Competitive Economy

There are many businesses relish the challenge of growing businesses in a competitive economy and will capitalise on opportunities that come their way.  However, it stands to reason that a large proportion of entrepreneurs have found the current economy difficult (and in some cases impossible) to trade in.  Some businesses have found the issue of change very unsettling as the rules of the game have changed completely. 

Change can ultimately erode confidence especially with continuing stories of doom and gloom in the media.  You have a choice as a business owner of whether to stand still and hope that everything will be OK or to take action to change your situation.  The key issue is not that challenges are there but really that we have knowledge, strategies and tools to overcome them. 

Free Tutorial Video Series

Sign up for the ‘Overcoming Barriers to Business Growth’  tutorial series which highlights key issues that can prevent you from achieving your business goals. This is an interactive process where remedies will be provided in the form of action points.  You will be able to see how each issue affects your business.  You will also be given prompts to make immediate changes as they apply to your business today.

The five part tutorial video presentation series is divided as follows:

1. Overcome Fears of Change
2. The importance of having a vision and being open to new ideas
3. Time Management & Planning
4. Customers & Clients as the lifeblood of your business
5. Marketing your products & services

The Web - A First Point of Call

If you have a particular need that you think can be fulfilled by a product or service, the web will most likely be your first port of call.  Where else can you quickly and easily get the information that you need?

Be Visible Online

Even if you provide a local service, your potential customers and clients will often search on the web to find a product or service that provides a solution to a problem.  They will spend time reading up about the services/products that you provide and compare it to other companies using their own specific criteria.  More importantly, they will get an impression of your business and brand that will fill them with confidence and trust to convince them that you are someone to work with.

For retailers, an ecommerce website clearly offers the opportunity to be open 24 hours a day, provide detailed product information and attract an audience that is much larger than a typical bricks and mortar establishment. 

A good example is when a consumer considers buying an electrical item and researches the technical information online before visiting a retail outlet to help with a purchasing decision.   Unfortunately some retailers still manage to lose the sale at the point of purchase but that is beyond the realm of a website. 

Online Retailers

For potential customers, your website might be their only point of contact with your brand so first impressions are important.  Include your contact details such as a telephone number and/or email address and adhere to the Distance Selling Regulations for those retailers based in the UK. 

For businesses that only exist online, a website is the sole outlet for selling products/services so it is even more important.  If you have a generic web address e.g. Abc Enterprises, consider purchasing a new domain (web address) that is explains what you do and is more memorable for potential buyers.  In addition to this, search engines will use the keywords in your domain name as another way to target your website.

Guerrilla Marketing Philosophy

The main obstacles to successful marketing include a lack of commitment, a poor understanding of the benefits associated with what is being sold and poor brand positioning.

All entrepreneurs need to know why someone should buy from them and understand the benefits attached to what they are selling.  A business should also have an identity that is aligned with the prospect’s ideals to encourage a sale. 

Guerrilla Marketing Mindset

Guerrilla marketing philosophy emphasises the need to have a plan to get you from where you are now to where you want to be in the most efficient way.  Many of us have encountered a speculative sales call and bought advertising space that produced no results.  The aim is that you do not waste time by following the well worn path of many entrepreneurs i.e. pay for advertising without really having a strategy in mind. 

Guerrilla Marketing Manfesto System

I have created the Guerrilla Marketing Manifesto ‘Breakthrough Planning System’, to allow you to review your marketing, create an efficient guerrilla marketing plan and then implement it – it is all about taking action.  The guerrilla marketing plan model will give you the chance to hit the ground running and not waste money on aimless marketing activity. 
 
You will be able to create an individualised long term marketing strategy and short term marketing plan to suit your needs and budget.  As you well know, in a competitive environment, ‘business’ enemies are out there of all shapes and sizes trying to sell more, advertise more, and take a bigger share of the market.  You need to step up to the plate.

‘ . . .   the two most important things you should know if you‘re to succeed with guerrilla marketing:  (1) Start with a plan and (2) commit to that plan.  If you do those two things, you’re off to the right start, and you’re primed for success.’ by Jay Conrad Levinson

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