When you start a company, there is a purpose. People need something, and you provide society the need or want. Every day you look at the news, there is a new start-up, better product, and a different market to sell. Being able to place your business in a better position with a constantly changing world can be challenging.
People take time to adapt
No matter how advanced the innovations are, people take time to adapt. Utilise this time to consider, evaluate, make changes and implement your business model. It may affect your sales briefly, but on proper re-evaluation on where things could have gone wrong, any efficient business can pick up their sales.
Additionally, don’t go ahead because of one specific situation or incident. The target audience is most crucial, their opinions matter. Take feedback, know what could be expected from your company.
Focus on your products
- Regular products
Whenever there is a bar of new chocolate or some other food item in the market, only risk-takers or curious people prefer them. The others opt to choose the product only after reading reviews and considering their tastes. Your product must be good enough for the market.
Kellogg’s corn flakes entry into the Indian market was very challenging. Though the issue was that the company didn’t consider cultural differences at first, later it was found that their product itself was not preferable. Later, Kellogg’s “Froster”, which had lots of sugar as preferred by Indians, had high sales.
2. Luxury items
Products related to clothes, accessories, premium quality products can come under luxury items. These are not the regular items people purchase daily. Keeping up with the trend in luxury products is similar to regular ones. But, the difference is that, as a luxury brand owner, you might have to follow or create trends.
3. Service provider
In businesses involved with services, the method or process of providing service might matter.
For example, Urban Clap, a home service provider. Before the application’s existence, a local maid in metro cities charged about Rs.450- Rs.550 on an average for cleaning one bathroom, which varied depending on the area. Urban Clap charged your fixed rates, and usually at a discounted rate, ranging from Rs. 300- Rs.400, sometimes even less during the discount season.
Furthermore, the application introduced beauty services, where even a 10 min service could be requested at a reasonable price. While no one thought of being able to get a threading service at home, Urban Clap started providing what customers would or might need.
Even a highly reputed company in a different country (Kelloggs) had to change its product for their consumers. The ability to grasp such kind of demand in today’s world needs practice on consistently evaluating the market trends.
Have regular meetings with employees/colleagues
There are times when a transition happens within the company, a new product comes, the “newer” area feels alien and left out. Instead, if you are successfully able to communicate your thought process while developing the product, it would give a new perspective.
As a team in charge or manager or product developer, it is important to have the best product. So is being able to communicate and make everyone feel like they too were part of it is essential for the business. Loosen up your thoughts, create a friendly environment where they are allowed to criticize or talk in a lighter tone.
There are some games suggested by experts, especially for work from home teams. The Freeze game is the simplest of them all, where a person freezes on the screen mid-sentence, acting as the internet connection is lost. Then, when others keep responding, the frozen person unfroze himself, bursting himself into laughs. The other interesting one is, to have a “word of the day” game, where people use the word, again and again, to celebrate the word.
Though work from home is trending, a virtual meeting may or may not be effective. Depending on how you think your team is comfortable, communicate in some form. If your team gets along well enough to have casual meet-ups, it would be great. If not, these days people prefer text messages. Everything depends on your locality, culture, where you come from, etc.
Selling yourself after keeping up with the trends
The difficult part always lies outside of the company zone. We never precisely know what could be successful and what wouldn’t. Just because the world is moving at a fast pace, you created a product and you are trying to sell it, doesn’t mean a buyer should buy.
Know where you stand
Know your competitor, know how different you are from your competitors. Explore what kind of customers would like your product, and how choosing your brand or company can be beneficial. It could be anything, a little details like packaging, taste, color, size, ease of usage, storage, and the list goes on.
Sometimes, you might need to be present as a person, someone not representing your company. It would give a realistic picture of whether your company can survive, if not, how to make things work.
Work on the most important
Sometimes while searching for a better strategy to sell you the product, an interesting marketing idea from another product can seem workable. However, such kind of mix-up is risky. A clothing retailer cannot afford to give giveaways or freebies. While a chocolate brand of Rs.20 cannot have discount offers.
However, that does not mean you can’t try out modern advertising strategies. There is always a place for experimentation, with a logical explanation. Expertise in the subject also matters. One’s instinct after observing years of marketing strategies can be correct. It is always better to get suggestions or opinions from such kind of observer rather than following stringent rules. The observer can be a teenager who always sits over a phone screen for long hours or a retired marketing specialist. Hence, it is your responsibility to find who the expertise is.
The Importance of Research
“No research without action, no action without research”
– Kurt Lewin
Any decision taken for your business must be based on some research. From hiring someone, buying raw material, posting a picture on social media, to changing rules within the company. Implementing any strategy can be fruitful, but evaluating a change should purely be based on research and analysis for the best result. If someone within your organization has something to suggest ask them to do a small research prior hand and then come up with the solutions.
Anyone can make changes as they please, but only a true businessman would rely on statistics, past experiences, and related information. In case your company is working on something that is entirely new to the market, then focus on the related products or services. Getting information on the problems faced by people without your products, qualities which consumers feel are important, are some of the plausible ways on how to start gathering information.