Make Hay Only When The Sun Shines With Your Own Marketplace Weather Report
Weather is something we all care about. However, the weather is the most critical element that affects farm production. It affects crop growth, crop yield, pest occurrence, water and fertilizer need, and all the farm activities carried out during the season. Farming is exposed to the open sky and is subject to the weather’s moody conditions, which are beyond a farmer’s control.
Managing the Unpredictable Weather (marketplace)
A farmer can’t fight the weather, BUT… he can use additional farm management practices to adapt to a situation. Accurate weather reports are critical in the planning of a farm’s activities and the only way to manage and ensure profitable crop production.
Similarly, as an organisation, you have no control over your marketplace or your competitors…BUT, like a farmer, your organisation can adapt to changes …’IF’ you know what changes are occurring.
Weather (Market) Monitoring Determines Farmers’ Success (Organisational Success)
Crop growth is affected by the weather and your company growth is affected by your marketplace and your competitors. Some crops require certain temperatures to thrive. Similarly, your products/services thrive in certain market conditions and with customer desires.
Specific weather combinations increase the likelihood of pests and disease. Farmers use this information to plan timesfor sowing, protection, harvesting, and other field activities to increase the chances of crop success.
Information about your competitors ensures you plan the right time and approach to adapt or launch new initiatives.
A marketplace assessment offers a set of measurement options to provide useful information about your marketplace conditions covering:
- Changes in your broader environment
- Political, Environmental, Social, Technical, Economical, Legal.
- Marketplace Rivalry
- Market size and growth/decline rates
- Number and diversity of competitors
- Buyers
- Number and size of customers (current and new)
- Bargaining power and price sensitivity
- Suppliers
- Number and size
- Product uniqueness
- Competitors:
- New Entrants
- Substitutes
- Product differentiation
- Pricing
Yes, you have been in your industry/market for a long time, but when is the last time you’d truly conducted a deep dive on the market? Do you REALLY know everything that’s happening in your market? New competitors or competitor changes, government policies that could affect you and many more.
This is a weather report for your industry/marketplace which will allow you to plan accordingly.
Here’s the thing:
You can adopt to the market conditions and leverage them in your favour.
Accurate market insights are the best way to secure a strong marketplace position and defend against competitors.
Let’s chat
Would you like to be ahead of your competitors? Let’s talk marketplace temperature checks. Drop me a message or book a complimentary no-obligation meeting and find out how I can help your business.
