Keeping your Finger on the Industry Pulse

A smart entrepreneur needs to know what is going around them.  When you manage a business, a portion of your time should be regularly spent reviewing industry publication, newspaper editorials relevant to your market to keep tabs on the industry, engaging customers for feedback and on global finance.  However when a large chunk of your business world is electronic, you have to adapt and find new ways to keep in touch with the changes that are not only affecting the market, but how you interact with it.

We commonly use phrases like “if your website plays a part in your business” and we really do need to stop.  It’s time to move forward, because we’re in the stage now where it’s more like “Your website plays a part in your image and sales” or “Your website is your business.“  With that said, you need to know how the environment your site exists in will affect your business and market share.

If you’ve considered search engine optimization, you’ve probably already realized that people don’t just flock suddenly to your pages.  If you’ve been involved in any form of internet marketing, you also know that paid advertising has a limited shelf-life.

When you do your research for SEO, I gives you a good idea of what’s happening in direct relation to your business because you’re optimizing your site to specifically target the current buzz.  People are fickle and interests shift, so it six months down the road you can expect things to change significantly.  Whether you use and SEO firm or you handle your optimization in house, it’s a good idea to keep your digits on these radial pulse points so you can see when the media buzz shifts.

Industry Blogs – At this point, with the explosive growth of the blogosphere, there are major blogs in every market and niche with thousands of start-up bloggers trailing behind.  If you look deep enough, you can find blogs with expert content on your industry.  These are great ways to not only stay on top of market shifts but also to get some fantastic ideas to help manage your own business better.  You may not always agree with what the blogger has to say, but they still provide valuable information that can change the way you do business.

Net Analysis Blogs – No different from following the industry tsunami, you’re just looking at the broader picture of the net.  A good WWW blog will cover major industry shifts such as when Google heads in a different direction on local search.  If you’re involved in your SEO, it’s a good idea to keep up on developments in the major search engines, especially when those changes can directly affect your SEO and marketing campaign.

Social Media and Social Bookmarking – Some say it’s not necessary to be an active participant on social media network.  I say if you’re not, you’re throwing away leads.  I liken it to shoveling coal into the furnace of a locomotive, but every other shovel full you throw out the window.  Why would you waste the resource if it’s there for you?  This isn’t about participation though.  It’s necessary, you get that much.  Do you use it to its full potential?  How often do you check the “most popular” tags?  If you review this list every week, you can stay on top of what’s singing the pants in your industry.  Couple that with following prominent industry leaders and it’s almost like quickly skimming your sister’s journal.  All the juicy stuff pops right out at you and you get to benefit from it.

Listening to your customers – This may seem like a no brainer, but you would be shocked to know how many businesses actually let their customers walk away without engaging them.  The best information about your business comes directly from your customer comments.  I know most companies respond to individual comments, one at a time, revolving any issue or thanking them for praise and suggestions.  If you step back however, and review your customer experience as a whole then you gain specific insight on how the world (or at least the market you serve) views your business.  By researching your customers and engaging them, not only do you find out what they like but you find out what they hate.  With a collection of reviews and customer discussions, you can see trending that goes just beyond sales calculations and product performance.  You can actually forecast your next period or two based on what your customers said yesterday and today.

Conferences and Webinars – It’s not always practical, and sometimes you have to go out of your way to get involved in a conference but the networking and information that is gained at these seminars is invaluable to your business.  You will always come away with something that will help you and your business grow.  If you take nothing away, then there’s something wrong with you.  Did your name tag read “Fester Adams”?  Webinars are even better, because you’re attending from the comfort of your home or office.  You can take notes at your own pace (unless it’s a live feed) and come out on top with great information.  If the webinar is free, that’s even better.

Paid Lists and Membership Sites – It might seem like a waste to pay for a membership to a newsletter or email list, but more often than not you can grab leading-edge information from inside sources via these newsletter and membership sites.  Information gained through these sites sometimes hasn’t even hit mainstream and can give you the advantage of an extra day to trump your competition.  When it comes to the web, a few hours up to a day of lead time over competitors is enough to grab another foot hold in search engine placement.

Related posts:

1. Marketing Predictions for 2010

Comments

Comments are closed.