Small Business Owners Should Loan a Minute to Stay on Top of Industry Trends
The world of small business isn’t so small anymore, thanks to the power of the internet to create massive exposure when brand information is loaned the chance to appear within the right channels. The internet is also a powerful reconnaissance tool that small business owners can and should use in order to keep track of their competition and stay up to date on the newest technology within their industries. Since the biggest constraint in the small business world is often finding the time to work on projects, the shorter amount of time it takes to stay up to date on these projects, the better off small business owners will be.
If your business is removed from industry news, you will be late to the party every time. Strategy loans a lot to a small business’s ability to outmaneuver competition, and one of the best strategies is being an early adopter. Identifying industry news channels can be accomplished easily through using a search engine, such as google, and then selecting the filter “news” when entering keywords surrounding your industry. This will give you access to key worded pages that the search engine has pre-qualified as news, allowing you to go right to the source.
Staying up to date on your competition is also essential. If you aren’t aware of what your competition is up to, how are you supposed to outpace them, let alone keep up with them in the case that they begin to realistically shift their strategies to incorporate new innovations? One trick suggested by RisMedia is to keep tabs on all the material your competitors put out by creating google alerts using their brand name. Google alerts are quite helpful, as they will automatically collect new information relating to a specified set of keywords and then deliver them to your mailbox on a specified schedule. Every time they put out a press release or announce a new project, you will be informed right away.
Following industry trends can help you to identify new ideas. The inspiring thing about following the news in your industry is that you may be able to identify new avenues of growth based off of the movements of the entities that you are tracking. Putting the pieces together to identify market trends and movements within the industry will allow you to form your own predictions and apply them to your business plans. Being an innovator and a trend setter is better than simply reacting to what happens around you. Staying on top of the movement in your industry will give you an advantage in this area.
Photo Credit to FutUndBeidl on Flickr