As a leader, business professional and/or entrepreneur…
you have to know how to SHIFT with the season…
Examples of recent market shifts
Here is a list of recent market shifts:
- Customers that shop and buy in different ways, a new generation of buyers and greater role for the internet and mobile devices
- Adoption and use of cloud-based services
- Digitization, i.e., Internet of Things, Industrial Internet, and Big Data
- Technologies affecting energy production and demand, e.g., fracking, efficiency initiatives, and alternative energy
What to do?
To state the obvious, identify and understand market shifts before your competitors do so that you can truly capitalize on the shift and avoid getting blindsided.
As always, start with the customer (client, consumer):
Key questions are:
- Is the market shift occurring within your company’s core customer base, or does it represent an emerging customer segment?
- Does the shift affect product needs (what they buy) vs. channel needs (how they buy)? Shifts related to product (or service) needs are probably more challenging, and new product or channel needs have implications for pricing and promotion.
- How relevant is your business model for meeting customer needs? Can the business model be modified, or does your company need to develop and acquire a new business model?
As an Associate Professor now at MSJC and the creator of Create and Launch Marketing Program,
I see, more than ever, the SHIFT that is happening within the educational system.
It’s REAL and IF I were unwilling to SHIFT to Distance Education (like many were not),
I would have thrown everything I know out with the baby’s bath water and not opened myself up to GROWTH!
In conclusion, stay relevant by paying attention to the market, the trends, and THE PEOPLE!
FOLK will tell you the TRUTH!
You’re in the BIG LEAGUES NOW!