Last newsletter, I revealed the first of four strategies Entrepreneurs can implement to stay ahead of the competition by spotting and capitalizing on new trends in the marketplace.
In case you missed it, the first strategy was to always listen to customer feedback.
Listening to customer feedback helps business owners identify shifts in consumer preferences and emerging trends, allowing them to adapt their product offerings and maximize revenue potential.
But that’s just the tip of the iceberg…
Strategy #2: Stay Informed on Industry News
Have you ever seen someone go live on YouTube or Facebook and thought to yourself, “Whoa… this person is really good in front of a camera!”
Well, the truth is, there’s a pretty good chance that “live video” is actually pre-recorded.
Many of us (yes, me included) use software like LivePigeon or StreamYard to go live on social media with a pre-recorded video, in order to record the video at a convenient time or avoid mishaps such as the risk of technical difficulties (like wifi interruption).
The founder of Live Pigeon, Brandan Fisher, is a friend of mine and he is a PRIME example of how to get ahead of the competition by staying informed on industry news.
You see, Brandan’s company was mainly powered by Facebook’s API…This became a problem when Mark Zuckerberg testified in front of Congress a few years ago.
As a result of Zuckerberg’s testimony, Facebook decided to change the rules and restrictions of the live-streaming section of its API, and that caused Brandan’s software to temporarily be ineffective.
However, because he stayed informed on industry news, Brandan was able to quickly bounce back by modifying his Facebook integration, and at the same time, adding YouTube streaming as part of their service.
Fast forward to today, and Live Pigeon is still up and running and continues to rapidly expand as a company!
Strategy #3: Embrace New Technologies
Embracing new technologies can be a KEY way for Entrepreneurs to stay ahead of the competition.
For example, I’m sure you’ve at least heard about AI (artificial intelligence) by now, right?
If you haven’t, think of it as a super-powered computer brain that is able to think, learn, and adapt in ways that are similar to humans.
Imagine a machine that can analyze vast amounts of data and make decisions, recognize patterns, and even communicate with people, all without needing to take a break… Now, imagine what this machine could do for your business!
For example, think about the last time you were shopping online and wanted to ask someone a question about a certain product before buying.
Naturally, your first instinct would be to call the company’s phone number and ask a customer service representative… right?
NOT ANYMORE.
These days, endless hold times and automated phone menus are a thing of the past. Business owners are starting to take advantage of digital AI-powered live chatbots that allow customers to simply type their question into the chatbot and receive a prompt and personalized response.
Not only is this more convenient for the customer (as they get the answer to their question immediately), but it’s also more efficient for the company, as the chatbot can quickly gather information and escalate issues to a human.
Here’s another example…
Years ago, I met a guy at an event who sold promotional products (pens, cupholders, mouse pads, etc.).
He was grossing $2M per quarter. It was just him and his wife. I asked him how he did it, and he showed me a completely intricate web of marketing automation he had set up on the backend.
If someone clicked this, they got this email. If they clicked that instead, they got a different email.
Bottom line is, automation done right saves you money, AND more important–It saves you and your team time…Valuable time that could be better spent building relationships with those you should be in front of.
As you know, an Entrepreneur’s biggest challenge AND biggest asset is TIME. If you can maximize time, you can maximize business returns.
Last but not least is the fourth and final strategy…
Strategy #4: Look Beyond Your Own Industry
As Entrepreneurs, it's important not to get too tunnel-visioned and only focus on your own industry.
Therefore, another GREAT way to stay ahead of the competition is by considering how trends and developments in other industries may impact your business, and be open to adapting and innovating in response.
For example, let’s pretend you own a small graphic design studio.
As a small graphic design studio, you are always looking for ways to stand out from the competition and offer your clients the most innovative and cutting-edge solutions…
That's why you have your eye on the entertainment industry, where you know that immersive, interactive experiences are all the rage.
So, you start to research ways that you can incorporate virtual reality (VR) and augmented reality (AR) into your design services, knowing that this will give your clients a truly unique and memorable experience.
You then invest in the necessary equipment and software and begin to offer VR and AR design services to your clients.
Maybe you even take on the first few clients at the “founders rate” and let them know this is a new service you are offering, therefore they will receive a deep discount for being one of the first clients to try it.
In exchange for the founders rate, they agree to give you an honest testimonial with the results.
And before you know it, word spreads about your cutting-edge design solutions, and more and more clients start to seek you out for their projects.
Voila! Your small graphic design studio is now known as the go-to place for immersive and interactive design solutions, and you have successfully stayed ahead of the competition by looking beyond your own industry and adapting to new trends and developments.
So, those are four key strategies you can use to spot and capitalize on new trends in the marketplace.
I encourage you to look for ways to incorporate these strategies as you continue to scale your business and stay ahead of the competition.
To your success,
David
P.S. Imagine reaching your BEST Buyers using ONE proven strategy that has been averaging an over 30% open rate… WE’VE GOT IT. Comment with “Best Buyer” and we’ll get you details.
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