Trends are happening all the time and unless we are receptive to what is happening, the truth – which usually leads to opportunity – can bypass any of us. The difficulty lies in defining “what’s happening”, because your own internal belief system will determine how you interpret the current state of play.
Sometimes our belief system can be further from the truth than we realise. Truth will always be at the forefront, leading the way, however, unless we are willing to research and change our beliefs, the actual truth will be hidden and we may not see opportunities when they arise.
It’s always what we don’t see that is the most powerful … try putting your finger in a power point and you’ll get what I’m saying!
In my last column, I touched on developing a marketing plan with the 4 Ps; Product, Price, Promotion, and Place. But how should we actually interpret that plan? And should you review it already? Absolutely – because you need to make sure you research your market thoroughly, and that market may be a changing demographic. No decision should be made without this information, looked at objectively, and without emotion or an established belief system giving a skewed view.
To start with, what are some trends to consider?
This season, generally speaking, production was lower than last year but the yield and quality were definitely upheld to the highest of standards.
So what happens when you have a year of abundance followed by a year of modest oil production of reasonably good quality? If you’re not an expert on blending already, this may be the year to learn. Look at what others in the industry have experienced. What happened in the industry in the past, in terms of trends, production, consumption, imports, and exports? And how do your results compare to the benchmarks?
In short, know your industry!
Every successful brand has a strategic plan. This is a map of how you are going to make your brand a success.
You need to find out what your competitors are doing. Are there any successful brands that can help you model your own brand? And why are they successful? What positioning do they have in today’s market?
And is there a trend to success itself?
Consumers expect a lot in today’s market, and again it comes back to the proposition of perception vs value. Consumers want information and unless you are tracking your target market, you won’t know what to deliver, and more importantly, how to exceed their expectations. Think about what you want when you do business with someone.
Then look at what your consumers are doing? Better still, at who your consumer is. Put another way: “Who does your consumer need to be, to make your business a success?”
You could talk about this topic alone for weeks – Facebook, Twitter, Blogging and Pinterest continue to grow in leaps and bounds. In order reach consumers today a digital strategy is a must.
Some of this is basic known business practice, the rest may take a bit of effort – and for some, involve a steep learning curve. But, as one of my favourite sayings goes, “If you always do what you did yesterday, you will get yesterday’s result!”
When you ask questions you can seek to find the answers to achieving success, and something will generally change for the better. Build these strategies into your existing plan and you’ll be on your way.
Contact me at The Olive Centre for help or more information ph: 07 4696 9845.