The marketing environment is fast moving and more challenging than ever before. In planning for success, there are a number of factors to keep in mind in helping you decide the future direction of your business:

a) External Considerations.
Costs - Cost competitiveness is a major factor. Successful businesses of every size and type shop around and negotiate at every available opportunity. This works both ways of course – providing you with the opportunity to get better value but also placing additional demands on your own pricing.

Pricing- Massive changes in banking and government deficits worldwide and pressure on consumers disposable income point to a period of low inflation and limited scope for pricing increases.

Credit – Banks have limited their lending. You enhance your chances of securing appropriate credit by having a clear approach to your business based on robust business and marketing plans.

Retail – The power of retailers continues to grow and own brand products are taking up more shelf space. Thus ‘getting in the door’ is becoming a bigger challenge in many cases. Conversely, many large retailers are keen to highlight their credentials by supporting local producers. Success in this area inevitably depends on production capabilities and cost competitiveness.

Demographics- More varied societies, an aging population and a wider range of lifestyles make it harder to pin down the ‘average’ consumer. Thus certain niches have opened up for particular producers targeting new or growing sections of the market with offerings that promote benefits such as convenience or authenticity.

Technology- The growth of the internet has changed how people consume. It pays to understand the internet and its impact and potential as on-line retailing may provide potential opportunities. However the internet has also made it easy for people to review products and to compare prices. It is important to look at how the internet and social media can help you to promote your products and have a dialogue with consumers on-line.

Sustainability – Concerns about how the planet can sustain endless growth and a growing population are causing many consumers to challenge conventional assumptions about business. At the very least you should be aware of this growing trend. Running your business in a genuinely more sustainable fashion can have a positive effect on consumer attitudes towards your product and has the potential to save you costs.
 

b) Staying Informed
Innovation and market intelligence are not just buzzwords. They lie at the heart of long term success in every business and every sector- regardless of size. So keep abreast of opportunities and know what your competitors are doing. It is also advisable to take a strong interest in emerging trends, not just in changing consumer tastes, but also in other important areas such as distribution, retail and technology. As mentioned, the internet can be a huge source of information both about other companies and emerging consumer behaviour.

c) Managing Relationships
Despite the growth in technology, relationships remain the building block of most businesses. From consumers to wholesalers and retailers- there are a range of people worth building relationships with to help your business achieve its objectives.

Building relationships with consumers - the ultimate end user of your product -can be particularly worthwhile. Marketing campaigns can be a valuable source of feedback and can really help in refining your product, setting pricing and extending the range via new product development. End users are also a valuable tool in assessing competitor strengths and weaknesses and providing insight into issues that may not have occurred to you.

Strong relationships with distributors and retailers are also essential. They are highly important in securing and maintaining distribution. They can also be a vital source of new business. They can also provide valuable information about market developments whilst delivering insights into potentially worthwhile further opportunities.

d) Pro-activity
In a fast moving highly competitive business environment, a pro-active approach to marketing your business will almost always reap rewards. Working to anticipate changing market conditions or emerging consumer tastes before they become mainstream are examples of pro activity.

However pro-activity is not just about leveraging opportunities better than the competition – it is also about facing up to challenges before they become bigger problems. Poorly performing products that use up valuable time and energy need to be addressed pro actively. Uneconomic accounts that deliver marginal returns with little hope of future success also need to be addressed pro-actively. The same approach need to be taken to your marketing efforts. Sometimes the best plans don’t achieve their expected outcomes. So be prepared to take a flexible, pro active approach if certain aspects of the plan aren’t performing. Provided you have taken the time to carefully assess a situation a pro active approach to change can sometime deliver a better result.