|
|
Is Your Business
Relevant?
By Tim Broadwell
What is your business? Did you start it because you saw a need and
are meeting that vital need? Is it relevant to the market? Is it
capturing a trend that the masses are ready for right now? Asking
the question, “Is my business meeting a relevant need in today’s
market?” is vital to your success.
Trend watching has emerged in both large and small businesses as a
practice of business management and as a popular topic among top
media publications. Timing is essential. But it is far easier to
observe a trend than it is to predict its timing. It is costly to
enter into a growing trend market before the general public is
unaware of it. I remember trying to explain the Internet to a group
of executives at a Fortune 500 corporation. I was excited about how
it could bring the training industry to new levels and how we could
change and modify training curriculum at one source. But the
Internet was new at the time and none of the executives understood
its potential.
The best time to enter the market is when the trend is entering mass
awareness because it is less costly to educating a market at that
moment. The following four trends were selected for longevity,
market awareness, and potential profitability.
Darell Zahorsky identified and selected the following trends for
longevity, market awareness, and potential profitability. First, he
says to realize that the Y generation is a market force to be
reckoned with. In his words, this is why, “a small-town pop
sensation, Avril Lavigne, can go from obscurity to the 5th most
searched word on the Internet and move to the number 2 music spot on
Billboard's Top 200 charts. This power is also why the auto industry
can expect peak numbers from 27 million teen car buyers and 4
million new buyers a year for the next 8 years.”
He also identifies serving the auto teen aftermarket, the power of
“green,” and quality of life in today’s psyche looking toward
wellness and health. His last suggestion is to keep taking advantage
of the Internet. Many people build websites that are merely online
brochures. Very few have taken advantage of search engine
optimization. Many will need website rebuilds.
Gary Barzel in “Business Trends” talks about four areas which show
overlap. He says consumers are much more refined and businesses
which capitalize on these very selective tastes will do well. He
says, “Promising areas of growth include: specialized alcoholic and
non alcoholic beverages (high-end wines, micro-brews, unique
flavors), and upscale food and desserts. Due to a rise in food
allergies, many people are seeking products that are gluten-free,
low-glycemic, and free of allergens.”
He also indicates the importance of taking advantage of the growing
“green” businesses. Gary states, “What was once the exclusive domain
of naturalists and nature enthusiasts is now becoming mainstream.”
Any business that is environmentally friendly or looks toward
alternative energy sources or organic food is moving with the times.
The two other mainstreams in Gary’s observation are catering to the
boomers “coming of age” and integration of IT into our everyday
business practices.
Outsourcing of business processes is a big trend among large
corporations. Tony Jacowski in “New Trends in Business states,
“Simple but labor-intensive jobs are outsourced for increased
production and cheap labor. If someone is looking for opportunities
in this field, he has definitely hit a goldmine!” He also indicates
the need to have a business that takes advantage of downsizing,
restructuring, and business incubators will be strong.
A quick, trend-spotting technique is to take a stroll to your local
magazine rack. You can get a fast take on a market by looking at the
thickness of the publication. Computer & business magazines, Red
Herring and Fast Company, have thinned from an absence of
advertisers. Take a look at the huge size of Muscle Magazine and
Muscle & Fitness as the teenage bodybuilding markets have grown, so
has the advertising.
If you really want to find the most up-to-date, hottest of the hot
trends… go to the Trend Hunter to see “Microtrends” and you can even
see what is hot by the minute. They watch website viewing by the
minute to see what today’s psyche is concerned with this very
minute. I am sure it has changed since writing this article, but at
the time of this paragraph, the hottest trends of the minute were,
1- Hacked Politicians; 2-Emmy Frocks Part; 3-107 Ways to Waste Time;
4- Sarah Palin fever, and 5-Bizarre Eyebrow Tattoos.
I need to slow down.
So how do I make sense and use of all this fast moving information
about trends? The most important thing to take away from all of this
is to simply ask yourself, “Is my business relevant to today’s
market?” Ask that question often. Keeping asking that question as
long as you are in business. Change as often as you need. Never stop
changing.
Opportunities: Serving the teen auto aftermarket with
customization should be hot. Try the Classic Driving School, a
unique, teen driver training experience with a Porsche. Youth sport
supplements should continue growing but with fierce competition.
Look for avenues in fitness mixed with extreme attitudes.
Green Power: The environment trend has been around and been a
struggle for many companies, such as automakers with electric cars
trying to capitalize on the green awareness. The care of Mother
Earth is still a big concern of society. According to a recent
Harris Poll, over 74% of American adults believe in the global
warming theory. Over 73% of U.S. citizens approve of the Kyoto
agreement for countries to limit their carbon monoxide and
greenhouse gas emissions. Although, the United States has not signed
the accord, countries like Canada, that have accepted the accord
will be a watch place for the impact.
Opportunities: This trend will be supported by businesses
reducing reliance on oil & gas with new forms of energy like wind
power. Wind power experienced a 1.7 billion dollar increase in new
equipment during 2001 (American Wind Energy Association). Also, look
to companies helping companies reduce energy consumption with new
forms of energy saving products. For example, one small business is
profiting from installing energy efficient shipping doors for
corporate shipping operations.
Tim Broadwell
is the owner of Broadwell Consulting, an industry leader in
leadership training since 1985. His company has worked with
over half of the Fortune 500 companies. He is the author of
“How To Sell In a Tough Economy – A Guide To Increasing
Revenue”. He is a tremendous asset and friend of The Edge
Connection. Please visit his website at:
http://www.broadwellconsulting.com.
|
|
 |
|
|
