No matter what the industry, your business must stay current with trends and competitors. This holds true for project management software companies like Software for Hardware and also for door, frame and hardware distributors. We need to know how our trends affect our customers and what actions our competitors take. Knowing your competitors and observing the ways other companies stay relevant within their markets can shed light on your own business.
Marketing Donut, a marketing journal, recently explained that besides knowing your competitors, understanding your customers may be even more beneficial. Needs and wants change for everyone, including customers. If consumer behavior appears changing, then quickly understanding those new needs can keep you one step ahead of competitors. The article also suggests that enhancing marketing processes, for example, online video or demos, allows your customers to see the improvements you are making to react and remain relevant in a changing industry.
Many experts also suggest companies put more focus on reaching out to new audiences and markets. This outreach, while may certainly generate revenue, will result in identifying new trends and customer needs that can help improve your product and services. Focussing on your core customer relationships always remains prudent. But, not to the exclusion of exploring new target markets, talking with prospects, and keeping a pulse on the industry.
While our door, frame and hardware industry has been around seemingly forever, those that remain on the leading edge with changes will reap the most profits.
Lisa Oxman, Co-Owner, Software for Hardware. You can reach Lisa at Lisa@softwareforhardware.com
