As an entrepreneur, change is inevitable. It is an ever-evolving entity that will shape the overall success and direction of your company. While some of us may not like it and may even go as far as to adhere to the, “if it ain’t broke, why fix it,” policy, we need to understand that it is a requirement and necessity for the growth of a business. That being said, one of the biggest hurdles many entrepreneurs face is overcoming trends. When this happens, each individual, no matter what their title, needs to be adaptive and welcoming to the change in all fronts. Things that worked five-months or even five-weeks ago may not be working today. If you are finding that you are having this similar problem, especially on a sales level, maybe it is time for you to review your overall marketing plan.
Below, I have compiled four key areas that you should analyze when creating a new marketing strategy. These areas focus on internalizing your product and understanding the costumer.
1. Review Your Product
How many times have you signed into Facebook and lamented to the world about the layout? How many car commercial do you hear each and every day that is selling x, y, and z model? The main reason this happens is because businesses and companies want to adapt their products and services in the best possible way. What you were doing six-months ago may not be the best practice for the individual buyer. To gain a deeper and more internal understanding of the market, make sure you review you’re product or service. This will allow you to critique and improve the product that is more efficient and effective for the customer.
2. Think about Possible Expansion
When Apple started off, they were just another tech company looking to make a name against Bill Gates. Today, they are one of the biggest tech corporations that have hit the tech, music, and entertainment market in every possible way. Similar to Apple, try and see if your product or services can expand into a new direction. Look for various solutions within your niche and try and leverage any problems or complications to your advantage.
3. Evaluate Your Competitors
No matter what industry you are in, there will always be someone to compete with. Even if you were the only one, give it time. Within a matter of months, you will see various replicas of your business trying to go after your market. To help expand your marketing plan, some of the best possible strategies come from the competitors themselves. The only question to consider is: How are you going to do it better?
4. Listen to Your Customers:
There is no better feedback than the actual customer providing that feedback. Time after time, customers look to see how a device or a service can improve each and every day. If possible, try and compile a survey or a marketing research campaign to hear the thoughts of the fans. This in turn will give you the insight of what you can do to improve your company for the better.