Whenever you are setting strategies or business goals, a solid understanding of your market is essential.
- which group or group of customers you are targeting,
- why did they buy your products and services,
- what influences them to choose you relative to your competition?
As the world starts to slowly get back to normal, now would be a good time to consider any changes that you are observing in your markets:
Start with the size of the market and look at your own customer base. Perhaps before the crisis, you had two hundred active customers but now you estimate you have 180 which would suggest a 10% reduction in customers, and perhaps that 10% reduction is also seen in the market in general which might influence the way you approach the market or how you spend in that market place.
Then look at the way in which business is being done in the market, have you noticed any changes since the COVID-19 crisis? Some examples are restaurants that were purely dining in previously, are now offering take out services, sports are being played in empty stadiums, drive-in concerts or music lessons being facilitated by Zoom. What changes are you noticing in your industry?
You might also have noticed customers are changing the way in which they talk with you. Are they asking for a reduction in price or for you to extend your payment terms? Maybe they are expressing their frustration at the speed in which you are doing business i.e. responding to their phone calls or emails. One consequence of the COVID-19 crisis in the work from home environment is that the speed of business is increased and the bureaucracy level is broken down. How are you responding to that? Perhaps it’s the way in which you communicate in general. Do your customers now prefer a quick video call vs a face-to-face sales meeting?
But it’s how your competitors are changing that’s really important. Have you noticed any changes in the way in which they are addressing the market? How are they now interacting with their customers? What can you learn from that and what can you emulate but perhaps, more importantly, what can you do differently to set you apart?
As we emerge from the crisis it’s more important than ever that you are alert to changes that are happening in the market. That you notice any changes that might be happening and that you are able to respond and adapt to that.
If you’d like to talk through any of the above information with us just to get an independent perspective, get in touch with your Juggernaut Advisor on (02) 4445 9014 and we’ll be delighted to have a conversation with you.