Leading the Market: Five Steps to Move You Out in Front

Do you know where your market is heading? Do you know how technology or the economy will effect what your clients want and need? Do you know how consumer trends impact business-to-business (B2B) selling of products and services?

If not, it’s time to start thinking about it. In B2B, it is especially important to understand the market and where your products and services fit in the market. No one can truly predict the future too far out, but if you don’t try to understand the direction of your market you risk being left behind when things change or a competitor figures out the trends before you do.

Instead of following what the market dictates, put yourself and your company in the vanguard. In the absence of a true market leader, your customers and market will get their information from any company that seems vaguely credible. In the presence of a true thought leader, your customers and market will follow happily. Predicting the future is generally a wishing game. But if you are a market leader, you are creating the future.

Here are five steps to taking the lead in your market:

  1. Get to know your clients, all the way down to the demographics. Are they primarily women or men? How old? What are typical job titles and responsibilities? Where are they geographically? How do they like to receive information about products and services? Understanding this helps you understand where some of their fears and concerns come from.
  2. Get to know the business environment of your clients. Do you understand the related businesses and forces that affect your clients’ business? Can you anticipate how changes in these areas affect your clients?
  3. Get to know why people buy your product or service. What events or specific needs triggered purchases in the past? Can you reasonably anticipate these situations in the future? Do you know what signs to look for in a client’s communications or corporate behavior that would indicate they may have these needs again?
  4. Get out of your own business model and find inspiration. Do you ever look at the way businesses in totally different markets operate? What can you learn about your customers or your business by taking ideas from others areas of your life and repurposing them for business?
  5. Get out of your own head and talk to your customers. Have you asked your customers directly about their needs? Or where they think the market is heading?

The next step: Create content and thought leadership pieces to share your insight and vision.

-June 2010