Yesterday one of the stories highlighted how millennials are now the largest segment of the U. S. workforce. Today a news story discussed how ethnic backgrounds in various parts of our country have constantly changed since our country’s founding. And last week a news article, discussing the slowdown in oil production in western North Dakota, commented on the rapid change in the mix of people again occurring.
The point these three stories make is that markets change. No matter where you are located or who your market is today, things will be different tomorrow. Developing an understanding of your market is something you do just once. Never stop updating your information about who your market is.
This means your:
• Product and service offerings may need to change.
• Marketing methods may need to change.
• Pricing may need to change.
• Acceptable payment methods may need to change (just an aside – an article yesterday indicated that over 80% of today’s customers do, or want to, pay using credit or debit cards).
• Competition has probably changed.
• Service and support may need to change.
You probably have the picture. Not only do you need to know who your market is but you need to respond to what the market wants. It is rare for a business today to be able to continue to always do business “the good old way.”
There are lots of ways to keep in touch with changes in your market. Following the news is just one. Being involved in the community is another. Keeping up with census data and reports done for local officials or the chamber of commerce is a third method. And of course, you can do your own market research.
Your market is changing. Your continued success happens if you stay in touch and continue to be innovative in your operation.