“You have to work on the business first before it works for you.” ~ Idowu Koyenikan
With today’s competition, every business, whether you are in the industry for a very long time or you are on the start-up category, everybody needs to stay fresh to be considered competitive. With that said, it means that you should regularly refresh your products or services offered. You should take them to new markets or even coming up with an entirely new offer that would make them want to see more of your products or services offered for them.
In every business today, innovation is at the heart of every viable business idea at first. But later on, it can quickly lose its touch and gloss when you are in a very tight competitive marketplace. Rivals will waste no time improving on your offer, and customer expectations will rise accordingly. When your company, products or services offered and your people don’t keep with the changes and with the market, someone else will instead.
When you know you have a perfectly good product or service to offer to the public but your customers may have become more demanding or there may be new competitors in the market, you need to really step up your game instantly. Always remember that good companies keep an eye on what’s changing in their environment, particularly the existing gaps in the market. Learn them all and study how they work for your business’ benefits. Here are the things you need to do:
1. Listen well to your customers about everything
Any type of businesses should need to look for trends in its customers. They should know what are the customer’s expectations, what are they thinking about the product or the service offered and if you can see that your client is drifting away, be sure to run the risk of waking up and finding they are already gone from your sight. Listen well to your customers and find out whether they may be thinking of leaving and give yourself time to do something about it.
2. Know and understand your competitors
Study and learn your competitors’ strengths and weaknesses too. It will help you identify the market gaps in your offer. Aside from that, it will help you identify the gaps in theirs too. And, you could highlight the needs in the market that are not currently being met to study it furthermore.
3. Keep an eye on the government changing the landscape in the marketing industry
A lot of companies don’t keep up with legislation and this costs them opportunities. They should think about it before they do another tactics in their marketing strategies. They should consider the new laws that are steering the businesses in new directions and they can even open up new markets in the future use. Businesses should think about the environmental regulations as related to their products or services offered. For instance, it may have generated an industry dedicated to helping firms that reduces environmental impact. And, most importantly, they should also learn from the way other sectors in the market how they do business and, if appropriate; they can bring their approach into their own firm as well. Banks learnt a lot about customer service and sales through benchmarking against supermarkets even before. That’s how you should study the competition in a healthy way.
Overall: In identifying the gaps in the market today, all you need to do is learn the competition whole-heartedly and give your very best when striking to achieve success.