As technology and business models rapidly evolve, it can feel tough to adapt to market changes. Business owners with thriving success and soaring growth may find that a stagnant business model will falter.
To build a resilient business that weathers through the storm of multiple market changes and challenges, you must be willing to reflect, continually evaluate your mission and actionable goals, and adapt.
If you’re struggling with stagnant or decreased revenue growth and feel stuck, it’s important to re-evaluate your business model. You’re not alone in your frustrations, and are only a step away from beginning the journey to sustained success.
It’s never too late to transform your operations and grow with the market.
How key trends impact market changes
Regardless of the industry, paying attention to key trends and how they may impact market change can seem daunting. Where do you start? How can you develop strategies that keep your business relevant and moving forward?
What is a market change?
A market change indicates a noticeable, significant transformation in your business market and overall industry revenue. This change may become noticeable via the stock market, supply and demand spikes or plummets, and quarterly or annual company profits and revenue.
A shift may also appear through disruptive industry trends that could necessitate an entire overhaul in the way you conduct business. The great news is that market changes and disruptive trends can allow your leadership team to demonstrate inspiring, innovative strategies to rise to the challenge and keep your business resilient.
What is an industry trend?
An industry trend reflects the universal ways a specific business industry is changing or growing. These trends are influenced by myriad factors, including consumer demand, consumer pain points, the state of the economy, international trade laws, innovation, supply, and technology.
Examples of industry trends
Changes in your business market may arise as a result of a variety of industry trends. Looking for the following may allow you to reinforce the resilience of your business:
- Multiple emerging competitors:
If you’ve noticed a lot of new competition in your industry, it may be wise to analyze their business model, successes, and failures.
- New technology utilized by your industry:
You’ll need to adapt to any implementation of new technology, such as AI, throughout your industry. If you notice a prolific use of new software or apps among your competitors, it’s important to ensure that your employees are knowledgeable about and trained on the new technological tools.
Discovering technological industry trends and learning how to implement them can give you a competitive advantage.
- A rise or fall in demand for products or services:
If your industry— especially in your country or state — is experiencing a trend in demand, whether demand is increasing or decreasing, this can help give you a good idea about how the market will move in the near future, and what changes in business strategy are needed to remain relevant.
How industry trends impact market changes
An overall analysis of current and emerging market trends can help your leadership team to evaluate your company’s business approach, implement inspiring changes to your growth mindset, and transform overall strategies for your company.
In order to continue to find continued success within your industry, you need to stay on top of trends. You can remain current on industry trends by:
- Reviewing annual data from the U.S. Bureau of Labor Statistics
- Reading content from industry leaders and publications (such as trade journals)
- Regularly asking for and analyzing customer feedback
- Listening to industry podcasts
- Attending key networking industry events
- Company participation in events like conferences and industry mentorship
- Collaboration with industry peers
How to transform your business for resilience amid market change
“In an era of rapid change, standing still is the most dangerous course of action.” — Brian Tracy, motivational speaker (via F1 Analytics)
In life and in business, change is constant. Just as forward progress is vital to your personal life and professional progression, it remains crucial for the future growth and success of your business.
Once you gain an understanding of market and industry trends, you can implement actionable strategies that will help your business to remain resilient and thrive. Here are several steps you can take to help your business to grow as the market changes.
Know your customers and engage with them
Customer journey mapping is an excellent way to understand who your customers are, what pain points they need addressed, and how your products or services directly impact their lives. This tool allows you to audit customer loyalty and retention and highlights areas where your business may need to adapt in order to remain resilient.
Consistent opportunities to receive customer or client feedback may also help you to implement necessary changes and help your target demographic to feel valued and served by your business.
Cultivate a growth mindset
Inspire your workforce to keep their eyes on the future of the business. Strategically hire C-suite executives who align with your vision and values. When you cultivate a growth mindset, it can ignite excitement among your employees and shareholders, create a spirit of flexibility in your team, and help your business to adapt to market changes.
Carol Dweck, Stanford University professor and widely respected lecturer on mindset psychology, has contributed extensive research to the benefits of growth mindsets. Dweck has found that inflexible mindsets (both personal and professional) can be transformed, and that a growth mindset helps to narrow focus to specific, achievable goals.
According to Harvard Business Review, a recent collaborative study with Senn Delaney found that employees at companies with a growth mindset feel more trusted, supported, and encouraged in their work than those at businesses with an inflexible foundation.
Simply put, this actionable goal may be the most imperative step you can take to allow your business to adapt and thrive.
You can implement strategies to cultivate a growth mindset in multiple ways, including the following:
- Build an innovative work culture by trying new methods and embracing good ideas
- Clear communication
- Continuous learning opportunities to support emerging and existing leadership (including training and development programs)
- Engage with your team and value their input
- Learn how to pivot from mistakes
- Motivate your employees
- Support collaboration among employees and departments
- View setbacks and challenges as positive opportunities to grow and transform
Take ownership of your success
Understand the strengths and weaknesses of your business and your leadership team. You can use both to grow and transform your business. For example, if your budget can’t make room to purchase the latest technological tools used in your industry, collaborate with your executive team (or, if you’re a small business owner, collaborate with the employees you trust the most) to implement creative solutions that highlight the strengths of your business.
Adapt to market changes in ways that align with your overall values and available resources. Don’t allow your limitations to stop you from building a resilient business model and soaring to new heights.
Ryan Niddel is the CEO of MIT45, serves on the board of multiple successful companies, and is considered Ohio’s top growth specialist. If you’re ready to unlock your full potential, take your business to the next level, experience exponential revenue growth, and utilize breakthrough thinking to transform your company, connect with Ryan today to schedule a free consultation.
