The only thing constant in the world is change. In change, nothing stays the same and everything either goes forward or backward. These changes happen because of the current events occurring in a particular period. These changes include and involve time, generations, eras, and even… markets! Hence, it's essential to keep up with your market.
Consumer Behavior and How It Works
If you think about it, consumer behaviour is highly influenced by technological advancements, pop culture, and social issues which are present in a particular society. This can be a simple explanation as to why markets change as well through time.
For example, if ancestral land grabbing is a controversial issue in a particular period, most likely, mining products are affected. Why? Because people are more inclined to buy other alternatives that don’t affect the parties involved in the issue.
Another example would be if the #1 Hollywood actors and actresses started wearing ordinary-looking but expensive flip-flops, this pop culture would influence people in the same generation to buy that kind of products and abandon the common sneakers that we see today. Why? All because of the evolving and ever-changing market.
Better To Be Forward
The concept of niche erosion or market erosion explains how certain products “die down” or erode because things have changed. But it doesn’t necessarily mean that it’s the end of it!
In some cases, the eroded ones can have a comeback depending on the changes present in society. These markets just have to wait for their time to shine.
Or better, be the one that’s eroding the niche!
The main problem is that some business owners are too afraid to embrace change that when a market is slowly evolving, they want to resist the change happening, thus, resulting to the erosion of their market.
It’s understandable that we don’t want change to happen, but we can’t deny that it’s the reality. Things will always change, and to survive, we have to adapt with it or else, we will lose.
It’s crucial for businesses to be flexible with change. It’s important to be fearless in trying out new strategies to cope with the ever-changing society and market. If we just let it be, eventually, the old products will lose its effectiveness, and new and more efficient ones will be on the top. Why? Because these are the ones that have learned to adapt to the market.
Markets Move: Keep Up With Your Market
We must accept that markets move and market erosion happens. It’s technically the ‘survival of the fittest’ to see which markets will survive despite the different changes.
If you’re thinking, what must we do then, well here are some few tips:
Be aware of it.
It’s important for business owners to be aware of the current events of the world may it be political, social, environmental, medical, or even those involving entertainment. All of these factors affect the market, and if you’re not aware, you won’t get to keep up.
2. Invest in more research.
With awareness, it’s better to invest in research so that when markets move, you will be knowledgeable enough on how to adjust to the given change. If you’re well-invested as a company in research, it won’t be a struggle in finding solutions to keep your market alive.
3. Learn to create and innovate.
Alongside investing in research is, of course, applying the data gathered. When markets move, it’s better if you’re flexible enough to innovate your products to keep it in sync with the current society. This characteristic in a corporation or company is one of the essential factors for it to stay alive as long as possible.
With this tips and tricks, you might just become the head of the curve making your company a completely different one!
To sum it all up, one of the common mistakes of business owners is that they want to stick to what they’re known for. That idea is not entirely wrong, but this mindset leads you to stay inside your comfort zone.
As your market changes, you can’t just stay and do the same thing all over again. That would be ineffective and unproductive. Why not try new marketing platforms? Instead of just sitting there and waiting for your time to get back on track, initiate the change you want for your company.
Waiting for a miracle to happen isn’t the ideal thing to do in the business world where markets move, and consumer behaviour evolves. Markets will always have to change. To be successful, you have to be resourceful and open to change.
Why? Because in embracing change, you will also be able to embrace success.