The Importance of Responding to Changing Markets

Let’s be honest. Sometimes as business owners we can get a bit comfortable with the current status quo and not responding to changing marketsreally pay attention to changing trends, new technology, updated legislation and a whole host of other things that are potential opportunities or challenges.

Take Webber Carburettors as an example. In my late teens I owned a Mark 1 Escort (I loved that car!) and the company was extremely well-known, and were *the* leading performance carburettor manufacturers.

So, of course, practically every young male including me wanted one of its kits on their car. However, following a hugely successful period for the business, the market began evolving. Technology and stricter emission requirements meant carburettors were unable to compete, and were replaced by fuel injectors.

For a short time during that changeover period there was a window of opportunity for Webber to become the leading performance manufacture in the new emerging technology, but unfortunately they failed to take that chance.

And where are they now? Well, while they are still going today they’re a niche business which simply supplies the classic car market. 

And on the other hand take Tachodisc. Once the UK’s leading producer of wax tachograph discs, during the late 90s they boasted a huge proportion of the UK market. Unfortunately for Tachodisc, after many years of domination, EU legislation was brought in and the whole market was told it was to switch over to digital tachographs within a matter of months.

The wax tachograph disc was about to join a long line of extinct technologies.

However the firm decided that they were flexible enough to embrace the new technology – a brave move, especially as they’d never been in the digital market and were going up against the big boys like Siemens. They actually did some quite clever stuff. Not only did they identify skills gaps and engage external assistance to help with this monumental change.

They recognised that no one really knew anything about this new product or how it was being introduced, so they engaged a PR firm to prepare and issue opinion-led articles in relevant trade magazines, firmly establishing themselves as the market experts.

When the switch was implemented, they took a big share of the market, beating the likes of Siemens with their multi million pound manufacturing facilities and marketing budgets.

So, whatever your line of work or industry, it’s imperative that you keep an eye on new developments, new legislation, and what your competitors are doing so that you can spot opportunities and avoid any pitfalls.

By Alan S Adams

About 

As an award-winning business coach and bestselling author, Alan S Adams has helped hundreds of businesses across the UK to move from simply surviving to positively thriving. The publication of his second book Passion To Profit: 7 Steps To Building A Kick-Ass Agency and his third book, The Beautiful Business: Secrets to Sculpting Your Ultimate Clinic, sees him focus very specifically on creative agencies and aesthetic clinic sector, sharing advice and guidance with the potential to revolutionise turnover, client retention and overall growth. Alan was also recognised by Enterprise Nation as one of the UK’s Top 50 Advisors and APCTC Coach of The Year Finalist.

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