What Market Trends are Affecting Your Small Business?

November 10, 2008 at 11:00 pm Leave a comment

This post is in two parts; today we will look at different market trends that could affect your business and the next post will examine ways to plan to take advantage of opportunities or protect your business against adverse trends.

Earlier this year your small business may have been experiencing great sales and profit and the year looked like being one of the best for your business. Then all of a sudden there are problems with worldwide credit and even then you may think, well I have a local business so it doesn’t really affect me. As time goes on and the problem spreads, it then becomes obvious that this problem actually could affect your market and business. What do you do…panic or calmly put in place a plan you had developed for your small business marketing to handle this kind of problem market trend.

One of the key aspects of successful marketing is actually knowing what market trends could impact your market and therefore your business in the future. If you identify the market trends that could have a positive or negative impact on your market, then it is easier to plan for these changes. Being aware of the market trends also can give you a competitive advantage by identifying potential opportunities before your competitors and it helps you to identify how you can better meet the needs of your key customers. For example, if you work in the building industry and home loans are not being given out because of the credit crisis, then the demand for new homes or renovations are likely to decline and this will could affect your business.

Examples of Market Trends:

  • Changing customer needs, such as increasing or decreasing product or service usage in our market
  • Changing demographics, such as the trend for children to stay at home longer
  • Pricing, such as a market trend to discounting
  • Technology, such as the increasing use of internet usage and online purchasing
  • Economy, such as interest rate changes
  • Global factors, which are changes in the world economy
  • Social factors which are changes in social behaviour such as online networking
  • Communication/Media such as the increased use of social media by certain customers
  • Cyclical such as housing demands will affect the construction market

 Tips

  • Identify the most important trends you think are important to your market as you will find that some are interesting but unlikely to impact your market. This may mean that over the next year only two market trends are worth examining.
  • Look at what is happening overseas as some changes in trends may be a year ahead in another country but could be significant in time to your local market
  • Think about your business partners’ or suppliers market as they may indirectly or directly be affecting your market
  • Keep it simple if you have not looked at this before and don’t over analyse as you are likely to have an instinct about the important market trends

 Share with us what market trends are important to your market.

Post by Susan Oakes

Add to FacebookAdd to NewsvineAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to Ma.gnoliaAdd to TechnoratiAdd to Furl

Advertisements

Entry filed under: Market Trends. Tags: , , , .

Marketing Tips to Keep Your Key Customers What Market Trends are Affecting Your Small Business? Part 2

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed


Susan

_mg_00032

Comments and tips about marketing and customer relationships.

Get Your Updates By RSS

Get Your Updates By Email

Recent Posts

© copyright 2008-2009 Marketing for Business Success Pty Ltd. All rights reserved.


%d bloggers like this: