Competitive market analysis
“It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change”
Charles Darwin
This quote from Darwin was not written to apply to businesses, but today it very much does. Does your business put priority on its competitive market analysis? Does it monitor marketplace trends and its understanding of market change? No business attribute is more important today as that of adaptability, as many, many businesses are on the brink of irrelevance – unless they change as fast as change itself. Your strategies do run out of steam, get old and become ineffective … you need to keep refreshing them based on your anticipation of the next change.
Watch for marketplace trends and shifts … look at the fringe of the environment, for that is where trends first appear. Work at developing your anticipation … study how trends start to interact with each other as well as customers and businesses . Draw conclusions and derive new strategies for the opportunities that are being created.
The most successful businesses are the most responsive, the most adaptable … continually reinventing themselves, proactively responding to emerging customer needs and pioneering new markets based on these needs. But you must anticipate and act.
So be like a magnet in attracting lots of observations of events going on around you, and in response and anticipation, generate lots of ideas. Prototype and experiment with the better of these ideas and continue to learn. Don’t fear failures as you learn as much or more from failures as you do your successes. Invest in the changes you anticipate and you will be amazed at your increased competitiveness and resilience.
There are many, many examples of competitive market analysis (or lack thereof) all around us, both past and present. Unfortunately the majority deal with the results of the slowness or absence in adapting and the resulting business demise.
Do you have a adaptability story or example to share with this community?
Read more:
Can Prototyping Help You Experiment With New Ideas?
10 Best Ways to Foster a Sustainable Culture of Creativity and Innovation
Can the Newspaper Industry Be Saved From Digital Disruption?
Digital Spark Marketing will stretch your thinking and your ability to adapt to change. We also provide some fun and inspiration along the way.
Click here to learn more about us.
Mike is available for speaking commitments. For local area business clubs many can be done at no expense to you. To inquire, contact him at 607-725-8240.
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