The Importance of Staying Relevant in the Marketplace Video

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  • 0:04 Relevance in the Marketplace
  • 0:43 Paying Attention to Trends
  • 1:50 Embracing New Technology
  • 2:50 Rewarding Your Customer
  • 3:42 Lesson Summary
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Lesson Transcript
Instructor: LeRon Haire
This lesson breaks down and reviews several different methods that can be used by businesses and organizations to help them remain relevant in today's marketplace.

Relevance and the Marketplace

In the hustle and bustle of today's marketplace, it is important that businesses find a competitive advantage to set them apart. A competitive advantage is something that one business has over its competitors, like offering lower prices or add-on bonuses. One powerful competitive advantage is staying relevant, which means to stay useful, innovative, and up with the times. A relevant business is one that provides a solution or product to a current problem or demand.

For businesses and organizations to be successful, they must find ways to stay relevant in the marketplace. Let's take a look at some techniques that can be used to accomplish this.

Paying Attention to Trends

Many businesses fail by ignoring the key trends that occur in the market. By identifying trends early, a business can properly prepare itself to make the necessary adjustments.

For example, if you were starting a business making paper maps, you would be in for a world of hurt. If you had researched the industry, you would know that maps are now an inefficient and far less popular way to get directions. Today, most smartphones come with navigation apps which are included free on the phone, and they provide voice directions. Also, many vehicles are now equipped with a navigation package option.

Even if your business is already established, by ignoring the trends you're vulnerable to becoming irrelevant in the marketplace. How can you avoid such a pitfall?

  • Subscribe to online industry periodicals that talk about the latest trends
  • Have a mystery shopper visit your competitors to see their strategies in action
  • Read the newspaper (print or online) to stay up-to-date
  • Join organizations or networking events in your current field
  • Join webinars to educate yourself in the latest fashions and patterns

Embracing New Technology

Imagine that you have just opened your own small restaurant. Your goal now is to attract as much business as possible. Since you are unfamiliar with any form of technology, you are relying solely on word-of-mouth advertising as well as some flyers that you have distributed in the area. However, your competitors are highly involved with technology and have used social media sites such as Instagram, Twitter, and Facebook to market their restaurants.

You've noticed over the course of a few months that your sales are less than your competitors. You need to go where the customers are and get with the program. Here are some ways to engage with your community and show your willingness to adapt to the customers' needs and culture.

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