Wednesday, August 17, 2016

Make Sure Your Business Doesn't Go Underwater by Watching 20 Somethings!

Businesses must continually renew themselves or face the risk of decline. Every business has their ups and downs but when the down is no longer part of a natural cycle it is necessary to adjust your business propositions and approach. Making sure your business doesn't go underwater means watching market trends. In this case, watching the 20 somethings is a good place to point your efforts!

Evaluating your business from a market standpoint can help in creating stronger approaches to understand what precisely must change in order to gain market share. For example, if house phones are going out of style it is necessary to think of new tools that houses can use to find alternatives to a shrinking market.

Sometimes it is best to look at the purchasing habits of the younger generation to determine what will and will not have market relevance. The early 20's are in the process of formulating their purchasing strategies that will last them throughout their lives. If they like bright clothes when they are young they are likely to continue to buy bright clothes throughout their lives.

Branding, style, and loyalty are often associated with our memories of the products. Therefore, we must continually look at what is coming down the line when these 20 somethings start to maximize their earning and buying power. That will give you a 5 to 10 year leeway to adjust. The process should then start all over......

No comments:

Post a Comment