Staying profitable can feel like a constant climb up a never-ending ladder. Industries are ever-growing and changing, and it is vital that you and your business are as well. To keep up with industry trends, you have to be aware and adaptive to your industry’s changes.
There are several strategies involved here, and tools that will make them easier. You need to make sure you have these tools, and know when and how to sue them.
Use Online Tools
If you are a business that relies on any level of sales, you probably already have a CRM. One way to elevate your software game is using marketing tools like Google Trends. Google Trends is a way to track how different search terms grow and shrink in popularity. Those keywords will also identify ways in which your model could be improved to better serve the needs of your customers.
This can be one of the most significant tools for pinpointed the right time to move into a new ad campaign, or add a new product. The last thing you want to do is spend money to adapt to the market, then fail to do so. Trends will help you identify spikes in interest with line graphs of the various search terms you input. Knowing what they are searching for is the first step in making your company the one they want to find.
Google Ads is the next step. Google Ads, formerly known as Adwords, will help you capitalize on specific keywords that you track with Trends. You can bid on different keywords and purchase ads that will connect with clients who use your designated terms. As a result, you can convert your research to new business with very little turnaround time. After all, that is why you keep up with industry trends in the first place.
Consume Industry Media
When running a business, it is easy to check out after work. Sometimes, you don’t want your entire life to be spent thinking about your industry. While this is understandable, you do need to take time checking out influencers and media involved in your industry. For your customers, these can often be the hooks that lure them into a purchase. You need to be paying attention to these publications and influencers so you know what people in the industry are focusing on. This will also ensure you can track the evolution of your competition, and make sure you keep up with significant innovation.
Reach Out to Customers for Feedback
Customer feedback is some of the most vital information you could use to keep up with industry trends. For smaller businesses, this can mean something as simple as just personally reaching out and asking a few questions about their experience. On a larger scale, sending out customer surveys can achieve a similar goal without the same time investment. Listen to what they are saying, and get a team on it if you have a lot of results to sift through. Ask them what specifically brought them to you. What do you offer that other firms don’t in their eyes? Where did they first hear about your company? This can help you capitalize on the unique qualities of your business, and better focus your ads where they are most effective.
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Trey LaRocca is a freelance writer, financial sales worker, and tech guy. When he isn’t out and about or at work, he’s usually at home enjoying some video games and a beer. Currently residing in Newport Beach, this California Kid can be found at the beach on any given weekend. Trey has years of experience in day/swing trading, financial analytics, and sales.