Are you following the unseen leads to grow your business relationships? We all may have a niche market or specialty when it comes to our business or career track, however it doesn’t mean it will always survive during a market downturn. It’s important to watch market trends that may impact your business, whether it’s staying tuned into financial sector news like The Economist or the Wall Street Journal or by analyzing trends through Google Alerts.
For example, if your primary client is the education market, then you know that enrollment for higher education institutions increases when the job market is weak. This may be good for those who want to expand their skill set or change their field. However, this also means students will have less disposable cash, which in turn could impact some consumer markets. This situation could reverse in a few years, and educational institutions may be fighting for student enrollment, especially if unemployment is low. This scenario would be a win for employers and a loss for higher education enrollment. That’s why it’s crucial to not put all your eggs in one basket, thus diversifying your business interests and learning to adapt to trending markets.
Whether you are in business as an employee or an employer, we all need to follow what is trending since the vertical market we may be working in could easily tumble. Take for example the housing bubble of 2008/2009 when numerous homes were in foreclosure. This downturn hit multiple sectors including the financial industry as well as builders and remodelers. If this was your only niche market, it’s most likely their spending on goods and services declined significantly thus impacting your earnings.
To stay productive and increase your growth, you need to stay on top of marketplace trends and adapt to changes so you can continue to grow your business and increase leads rather than sit idle and watch your business take a downturn. This would include staying informed about industry related news that affects your business, following hot trending industries that may need your services and continually retooling your skill set to understand other businesses.
Consider repurposing ideas and services from one market to another to cultivate new relationships and leads. Every industry has highs and lows in growth so by having a plan in place to ride the market waves and target new business in uncharted territories will allow you to survive market downturns and stay focused on growing your bottom line through diversification.