It’s very easy to get so lost in your market that you take it for granted. This can prevent you from noticing the subtle, yet sometimes seismic changes that are taking place around you.
(PRWEB UK) 20 May 2013
Failing to notice a shift in a business's market can have disastrous consequences for any company, marketing expert Kenny Goodman has said in a new Find the Edge article.
The Find the Edge founder explains how business leaders can ensure they always have up to date information to work with, and how they can stay one step ahead of any changes in the market.
He said; "It’s very easy to get so lost in your market that you take it for granted. This can prevent you from noticing the subtle, yet sometimes seismic changes that are taking place around you.
"That’s why it’s vital for you to look at what’s really going on in your market through a wider lens.
"Shifts can be taking place without you even being aware of them, and instead of embracing these changes with your products and services, you can easily find yourself barking up the old tree and focussing your sights and resources on the outdated, less profitable areas."
Goodman suggests business leaders should keep a close watch on factors such as the size of their market, potency of their market and the average spend of individuals within the market. He also recommends considering how competitors are coping and reacting to any market shifts.
He said: "Are the barriers to entry in your marketplace the same as they’ve always been? Advancements in technology can usually bring these down, which means competition can almost appear to grow from nowhere.
"Depending on where you operate, the number of competitors within your market is probably published online.
"If you want to check on specific competitors, then you can always download their public accounts or, if you cannot access these, then you can try other ways to monitor their activity, like checking stats such as their website popularity."
Kenny Goodman is the marketing expert who founded Find the Edge, a business website where leaders from all sectors converge to share their knowledge, experience and insight free of charge.
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