Important Tips to Learn in Spotting Gaps in your Market

“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.

Which is Better – Internet Marketing or Print Advertising

Is your company already having the perfect marketing strategies that you think would last long? Do you think your company can afford to skip using online marketing today? Well, think again!

These days, internet marketing is practically the most essential marketing strategies to use to if you are aiming for a successful business today. Aside from that, there is also web marketing that is way better that the traditional advertising that we have used before. Here are the reasons why internet marketing is way better than print advertising when it comes to business success and value:

1. Mobile Users

Practically speaking, as of this moment, there are number of devices that allow users to connect directly to the Internet. As of today, the numbers of device users are growing at a rapid pace. Nearly everywhere you turn people are tuning in and jumping on the technology bandwagon. The beauty of online marketing is that it goes wherever the consumer goes unlike traditional modes of advertisement. People can constantly connect to anyone wherever they go using their mobile devices. Almost everything around us is easier with just a touch of a button.

2. Global Marketing

When you market your products and services through online, your business will surely reach a global audience in no time. Compared to traditional advertising which is the print ads and campaigns, your reach probably is limited to local populations online. Aside from that, it will also reach couple of decline in circulation of local newspapers and you will face significant decline in the number of consumers who will view your advertisement. That’s the power of online/internet marketing today. People all over the world have access to the internet almost anywhere in the world today. With online marketing, you are able to reach a wider audience and also market specifically towards your consumer base, whether it is for product or services offered.

3. Measurable Results

When you use online/internet marketing for your business, you will know and understand that it offers measurable results/outcomes. There are several different types of online marketing to choose from making it easy to pick the option that will best suit your business and advertising needs. When you do internet marketing, you will discover search engine optimisation (SEO). It is made to allow one to measure the effectiveness of online advertising campaigns just for your business.

4. Budget-Friendly

The best part of doing online marketing is that it is much cheaper than the traditional print advertising approaches. Before, when you do newspaper advertisements, it can often fill up a company’s entire marketing budget, right? In contrast, online marketing plans offered through professional Internet marketing companies can start at as little as $260 per month and has the potential to reach an unlimited number of consumers.

5. Offers Precision Marketing

The traditional print advertising campaigns don’t offer precision marketing which is to determine your targeted audience. For example, if your company is in the lawn care service type, your marketing efforts should focus on people who are looking for mowers or landscapers. An Internet marketing firm can place your ads strategically on sites that would attract your desired customers. That’s how effective online/internet marketing these days.

What can you say about it? Comment your thoughts and ideas below!