Many companies are still asking “When will the market recover/the business climate change?” But at this point, that could be the wrong question to be asking. The consensus is that the market has bottomed out and stabilized. A rebound may be just around the corner but likely to be slower and drawn out. Consumer confidence is, and will continue to be fragile so a robust rebound is unlikely.
The major question that growth minded and future thinking companies are asking is: “What should we be doing now to take advantage of the opportunities a market recovery will present?” They know that this recession has been very different from others. They realize that the market has changed significantly and know that their customers are different now. They accept that the rebound/recovery market could be dramatically different from the pre-recession market and that they will have to make adjustments to their business strategy to meet the requirements of changed market environment. They know that they must reconnect with their customers and markets to ensure that they are, and will continue to meet market expectations.
Information drives strategy. What information do you need to better plan your strategy for the future?
Customer focused and market needs based strategies will define the future market champions. You should find out now:
How have you customers changed?
- Their shopping and spending attitudes?
- Their shopping and spending behavior?
How has the recession affected your customers and your market as a whole?
How are they now defining; good price, convenience, good service, quality?
How have your customers’ attitudes on life and values changed?
- On their style of living?
- On savings?
- On credit?
What do your customers need (from you) today?
- What will they buy?
- What won’t they buy?
- What really is “customer satisfaction?”
How well are you/can you deliver on meeting your customers’ and the market’s “new” needs?
How well is your competition doing?
- Are they vulnerable?
- Where are they vulnerable?
What can you do to take business away from your competition?
What should you do now?
Prepare. Begin preparing today. The current business climate and future market conditions will present a great opportunity to those who prepare now.
Study Your Market. If the market has changed, you need to know how. Study your market in order to determine what has changed and the degree of adjustment that needs to take place with your business.
Realign your strategy. You may need to realign your strategy to respond to a “new,” changed market:
- Product mix?
- Service approach?
- Expansion plans?
We can help!
The Farnsworth Group can help you to obtain the information you need to make better, “market educated,” planning decisions and increase the future opportunities for your business.
To discuss how we can help, contact us at 866-773-2726 x.301 or email us at firstname.lastname@example.org.