It is widely renowned that a successful business is typically established on 5 pillars: the business model, the concept, the people in the organization, profitability, and timing. With these well-established, any business can successfully take off and change the world right? This is a common misconception that many businesses run on and sometimes are brutally awoken by reality. The missing ingredient here is adaptability to consumer interests. 

Start-ups have to realize that trends change and sticking to the same model can narrow their window of opportunities. It is common for companies to focus on the purpose they’ve served to earn their success. However, as history has shown us, companies unable to remain purposeful in years of change become irrelevant. Some examples of this can be seen by Blockbuster, Myspace, Toys R Us, Nokia, and the list goes on.

Researchers found that 65% of companies fail within their first 10 years in business. Why do they fail? It is often because they lack a plan for the future of the industry they’re in or simply cannot keep up.

A company can be incredibly profitable yet in a matter of months, its profitability can quickly fade if unable to adapt to the ever-changing markets. For this reason, companies must spend time analyzing consumer trends and preparing to adapt to the new trends. Now the question is what are trends companies should look for to be prepared?

Let’s look at what to consider:

Who Is Your Audience?

In recent years, millennials (born from 1980 to 2000) have dictated consumer trends immensely. The average yearly spending of a millennial is nearly $60,000 and 91% of them prefer to shop online. What does this mean for retail workers? If only 9% of the largest consumer base prefers to shop in a store, could stores become obsolete in the future? Generations come and go, and so does their influence on the economy.

Millennials are the largest consumer age demographic in the United States (the country with the largest consumer market). Companies should frequently review the trends of the audience they’re targeting, chances are millennials will be involved in this audience. Marketing teams must meet to discuss strategies in appealing to the audience, also to decipher where they can best reach them. 

Sales Process Involvement

As an entrepreneur, you delegate tasks to individuals throughout the organization which is the right thing to do. However, the one area a business leader must not detach themselves from is the sales relationship with consumers. Actively engaging with your customers provides the highest level of insight into changing consumer trends and values. This is especially useful for smaller companies. As the leader of the organization, maintaining a direct and positive relationship can lead to repeat business. 

You Never Know Enough

It doesn’t matter how successful you or your company are, you never know everything and should never have an attitude that demonstrates that you think you do. “Much of what I stumbled into by following my curiosity and intuition turned out to be priceless later on” - Steve Jobs. Always being open to new ideas, trends, discussions, and changes is a tool that will carry businesses through even the toughest of storms. Leaders should make it a priority to never become complacent and always look for new ways to inspire.

Conclusion

Success can have its downsides if handled improperly, specifically if the success is viewed as the end goal. No matter what anyone has achieved, it is impossible to achieve the highest level of perfection. Organizations and leaders should aim to set the bar higher, look for new ways to provide value, and never fall into the trap of comfort.  

Written By Ben Brown

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ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.

Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.