How Does the Ability to React Fast to Market Changes and Challenges Influence Business?

How Does the Ability to React Fast to Market Changes and Challenges Influence Business?

Everything changes, – this statement couldn’t be truer in the business landscape. Whether you are a small-scale marketing firm or an entrepreneur offering investment advice, it is clear that the marketing conditions are different now compared to what they were 3 years ago. Enterprises all over the world are seeing their daily operations completely transformed by the dawn of the internet, change in customer behavior and technology in general. Unless you are informed enough to respond to these changes, your business could easily be crushed by the harsh reality of change.

To stay afloat and thrive in any industry, you must have the ability to react fast to market changes and challenges. In the casino industry, for example, you don’t have to be a high-level casino executive to know how quickly the sector is changing. We can agree that there have been some revolutionary shifts in the casino sector, and the increasing demand for casino products has even led to the change in regulatory policies in some regions, both positive and negative. Casino businesses, such as Vulkan Vegas, for example, are keeping up with the pace for demand by adding new slot games to the Vulkan Vegas classic slots collection faster than ever before.

How to React Faster to the Changes

So, how does reacting fast to market changes and challenges influence your business? To answer that question effectively, we’ll be taking a closer look at specific scenarios so that we can then offer clear-cut solutions to how you can react faster to the changes and challenges.  Feel free to dig in.

Consult Experts

A lot of businesses today resell products directly from manufacturers or even third-party distributors. And because there are many other parties involved in the resale business, running an effective business model is very important. For example, if you are involved in selling items online, to thrive, you need to have the commodities in stock ready to ship on demand. That way, it becomes easy to have a competitive edge against other resellers.

However, if you have tried this, you know that there are plenty of challenges involved along the way. For example, you may decide to lower your prices to beat the competition, an effective strategy that giants like Amazon have been using. However, as attractive as lower prices may be, if the price is too low, it might arouse suspicions in the long run, making your customers question the authenticity of the products you are selling. 

So how do you sort this out? Well, you need to consult with an experienced sales team who will advise you on ways that will build trust within your customer base, to effectively reignite your sales. If you ignore the suspicions by sweeping them under the rug, you will end up losing.

Always Be Ready to Make Big Changes

Let’s take a case study of an online IT solutions company, King of Servers. After selling networking devices online for a while, they have now branched to converged solutions on top of their resale offering. This new approach has dictated big change for the type of customer service they have. But because of the shift, some customers may end up not being aware of the converged infrastructure or cost-effectiveness through time. To solve that, they organized staff training so they may offer thorough guidance on new products and convey the benefits of convergence to their customers.

The other change they made to their business model is changing their outward appearance. Initially, they referred to themselves as a ‘reseller,’ but that seemed outdated for the numerous services they were now offering. As such, they thought it would be more appropriate to refer to themselves as an ‘IT solutions provider’.  Now, they can engage with customers much earlier in the sales flowchart so that they can distinguish their circumstances, pressure points plus any products or services they need to offer. In return, this information enables them to understand the customer and recommend a solution by redirecting them to the list of services and products they are selling.

Verdict

For the case of the IT solutions company, their ability to change their offerings and sales approach to the fast-changing market couldn’t have been possible without a deep knowledge of their customers and the tech space in general. Therefore, other small firms should make sure that they have the same knowledge of their own respective industries so that they can do the same.

Being a small business owner can be quite a hassle, and there are a seemingly endless number of tasks to be completed and tasks to satisfy, often with fewer or no staff at all. But across all industries, there has been a shift where smaller firms can now compete with on the same playing field with world-class corporations, cheers to the internet and technology. So it is up to small business owners to take advantage of this new capability, keep their ear to the ground and be flexible enough to react quickly when the change is around the corner. Those who can do this will not regret it.

Cristina Macias
Cristina Macias is a 25-year-old writer who enjoys reading, writing, Rubix cube, and listening to the radio. She is inspiring and smart, but can also be a bit lazy.