Watch For Trends
So now that branding is out of the way (see here), another integral part of an effective social media strategy is to make sure you’re monitoring trends that happen with your end users. Why is that important? Well, as previously mentioned, my specialty is in working with small businesses. In the ocean of the business world – small businesses are the dinghies. The Fortune 500 companies have seemingly limitless resources (people included) at their fingertips. They’re more like the freight liners and can keep trucking through those seas through even the biggest storms. Often they won’t even realize they’ve hit a wave, let alone been in a storm. To a small business, that same storm may mean your poor little dinghy is toast and there you are, left floating in the ocean with (maybe) a lifesaver, praying for someone to come rescue you.
That illustration is exactly why you need to prepare. Your goal as a small business is to stay one step ahead of the storm. If you see that times are tough(financially) for your clients, it may be time to consider other inventory options that are still quality, but more cost effective for you – and your client. If you ignore the trend, chances are – you’re going to end up with expensive inventory just sitting on your shelves that you’re going to have to discount anyway. Win for your consumer – lose for you.
Other things you’ll want to pay close attention to: Cultural happenings. Maybe your business supports the Indiana HJR-6 amendment or maybe it opposes it. You have the choice of making your opinion known or staying neutral on the matter. If you’re vocal either way, it’s likely to have an impact on your business. It also may produce or take away service or merchandise opportunities – both of which are very important to your business.
In this case, the above mentioned goes hand in hand with what’s next – and that is government changes or potential changes. It seems there’s nothing we like to complain about more than our government. Everyone has an opinion – regardless of whether they voice it or not. Truth is though – a good majority have no qualms about telling it how it is when it comes to government related issues. Keep an eye out for that. It could be tax changes, a lawsuit that will have an impact on how your company does business, increase in minimum wage (is any of this sounding familiar?)
So how do you keep track of what’s trending? I’m happy you asked. I’m even happier that someone else has done the work of tracking down all these tools for me! Shout out to Social Media Today for making my work today a little easier.
[Click Here] to find your list of tools. Use them. That’s what they’re for.