Monday, August 3, 2015

Surfing the markets

     Free daily tips, information, advice and ideas
     to help you better manage your small business.

     Building a business means staying on top of markets. But markets change. Markets are like waves on the ocean.

     One after another, market waves rush toward the shore. How do you catch the next wave and surf to the safety of a beach? And what do you do then? 

     Example: Stacey runs a successful consignment shop. She specializes in high end women's clothing and accessories. Her shop attracts business and professional women. They eagerly buy the name brand outfits, handbags, shoes and jewelry Stacey was known for. Frequently, these buyers used these items 2-3-4 times and then they returned them to consign again. These customers were riding a marketplace wave. They dressed in the latest fashions and saved money. Then, Stacey caught a market wave herself. She began putting up pictures of every new item on social media. Every day, she added a new item to her Facebook page. She caught the social media wave that exploded her consignment business.

     Example: Jon runs an interior design business, working with residential and commercial clients. He caught a marketing wave when he contacted realtors and offered to provide staging services--getting a home ready to show to prospective buyers. This provided Jon with a successful expansion of his business. To take it to the next level, he began offering short videos showing realtors, agents and homeowners how to stage a home to attract buyers. Jon provided free short video trailers on social media--along with longer videos that he offered for sale. These attracted realtors who hired Jon to do stagings, as well as in-person talks and demonstrations for real estate agents. Jon took his design business to the next level.

     If your business is already riding a growth wave, look around and find the next wave. Surf it to the next level. Don't get beached. Ride the next wave. 

     Starting out, your business is riding a start-up wave. To grow, you must catch the next marketing wave. It can be as simple as using social media to expand your reach.

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