Currency is vital to business success. It allows businesses to maintain relevance in the market, keeping them at the forefront of consumers’ minds. Staying current also entails adapting to buyers’ ever-changing needs and identifying new opportunities and brand offerings. And, perhaps most importantly, currency drives growth and revenue by capitalizing on customer retention and loyalty.
But how do you make sure your business remains current when consumers’ preferences are constantly in flux? You can stay ahead of trends by keeping an eye on “what’s new” and identifying your audience’s present wish list. Below are three tips that you can implement today to help you keep your business current.
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1. Follow Industry News
One of the easiest ways to stay current is to follow industry news. Knowing what others are doing (and not doing) is advantageous regardless of what sector your business falls under. The news is filled with timely updates on market research, data analytics, and consumer analyses. By reading the news, you’ll get an accurate assessment of what other similar brands are currently doing and their performance.
Additionally, by keeping yourself up-to-date on industry news, you’ll likely learn about new innovations and software worth investing in. These might range from advancements in social media to developments in marketing automation platforms. Knowing about these advancements can help you make informed decisions regarding your company’s offerings as well as your marketing approach. It also enables you to adapt quickly so you stay ahead of the game and appeal to your target market.
Find a few reputable websites, including major newspapers and news sites, that regularly speak to your specific industry. Subscribe to these email newsletters, making sure to specify which industry you’re most interested in reading about. Setting up a Google Alert might also be worthwhile as it allows you to monitor and track pre-identified terms. You can set up multiple alerts for keywords or phrases related to your business, competitors, and other key industry topics.
2. Leverage Social Media
Social media is often an immensely valuable source of learning. It allows you to gain a greater insight into your target audiences and better understand their wants and needs. You can also discover what other competitors and similarly-minded businesses are doing on their social media channels. This may influence your marketing strategies and help you keep ahead of new trends.
In order to make social media work most effectively, ensure your business is an active participant in the conversation. While you could watch from a distance taking notes, engaging with your larger community will prove to be more advantageous. For example, pose questions to your followers on Instagram Stories and ask for their input. Not only does this show your audience that you care, but you’ll also obtain some very beneficial information from them. This input can inform future product and service offerings, giving your current and potential customers exactly what they’re looking for.
Regularly engaging in social media means you’ll be at the forefront of participating in viral trends. The recent “demure trend” of being mindful and modest was replicated by thousands of content creators and brands. While its popularity has faded, brands like Taco Bell and Zillow that capitalized on the trend early saw rapid success. Posting regularly on social media, communicating with followers, and participating in trends will establish your business as a current brand.
3. Ask for Feedback
Consumers today don’t want to be in a one-sided conversation with brands. They want to feel like their favorite brands communicate and listen to them. Asking for feedback can help businesses stay current by increasing satisfaction and building loyalty. Consumers with a positive purchasing experience are more likely to return for future purchases.
Before you ask for feedback, however, it’s important to define the purpose of the feedback before you request it. Do you want to learn why one of your product skews is selling better than another? Do you want to see what hiccups customers have in the buying process? Do you want to discover what other brands your target audience shops with? Defining your purpose ahead of time allows you to tailor your questions appropriately.
From there, find organic ways to ask users for their input. If a consumer emails the brand or initiates a live call, you might follow up asking for their feedback. Deploying surveys to loyal customers on your subscriber list is another efficient way to collect useful information. It’s also vital to embed a feedback form on your company website. Make sure this form is easily accessible, allowing customers to send their thoughts on products, customer service, and overall experience.
Conclusion
Staying current is important but this isn’t to say that it is easy! Companies face many challenges, including financial constraints and the inability to adapt and switch to new technological advancements. And with new businesses entering the marketplace daily, increased competition is always challenging. Brands focusing solely on beating out competitors may lose sight of the bigger picture of remaining relevant to their audiences.
To avoid this situation, it is best to be mindful of what others are doing without replicating their every move. Staying current doesn’t mean copying others. Rather, it’s about reinventing your brand and continuing to elevate and evolve with the times.
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