Setting Up a Business? Remember the Importance of Being Ahead of the Curve!
Most of us believe we don’t need to be ahead of the curve because we already see what is out there when we are using social media to spy on the competition. Arguably, the most important aspect of running a business in the modern world is about being aware of what is around the corner. Small business owners make the mistake of looking at what’s always in their immediate sphere, rather than into the future. When it comes to establishing long-term benefits, you’ve got to be aware of emerging trends. But how can you do this effectively?
Look at Industry Influencers
Ensuring you understand what the latest industrial automation products are or how the service industry is implementing new technology is all about finding the right influencers and publications. You can use social media to keep tabs on certain aspects of an industry, but you need to find the right platforms. LinkedIn is always a good place to begin because it will show you who is establishing themselves as a thought leader within industries like automation, but they will also offer their opinions so you have that simple reminder as to whether you should agree or disagree. The problem we can have when keeping track of the right influencers is thinking that what they say is Gospel. We have to be aware of industry developments and these are people who are at the forefront, but it’s about making sure you have the courage to decide whether this will suit the next phase of your business.
Researching Trends With the Right Digital Tools
No doubt you are already using analytics tools to understand your target market, but you can also use analytics to assess the behaviors within an industry. A very good example is Google Trends, which provides long-term overviews of specific trends which can help you create a far more effective marketing strategy. Using this in conjunction with a tool like Google’s keyword planner means that you can build upon what you’ve already done while keeping an eye on what the future will hold.
Analyze Your Competitors
Your competitors are the key to helping you understand where you are going wrong. Observing what your competitors are doing will give you better insight into whether they are reacting to the trends in the market, but observing your competitors is a fine art. You can begin by doing some of the following:
- Looking at their most shared content.
- Find the keywords they are targeting.
- Look at their websites and social media.
These are all very simple practices that will give you a far greater understanding in the long run. Ensuring that we look to the future is critical, which means we also need to listen to our customers. Talking to your customers by giving them the opportunity to provide feedback will help you plan the next phase of your business journey. It is tough to become aware of emerging trends when we look inward all the time, but making sure you have a comprehensive selection of strategies to achieve this will make it easier.
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