Your Market Niche – Will Our Economic Downturn Doom Your Market Niche To Failure?
Posted Under: Internet Marketing Information
As the current economic downturn continues to deteriorate the bottom line profits in your market niche, it may be time to evaluate whether or not your niche has any useful life left in it.
When you see that a market has changed and is no longer profitable; there is
absolutely nothing wrong with dropping out of your market niche and looking for
a more lucrative alternative.
If you happened to be the owner of a horse and buggy franchise or a livery stable when Henry Ford first came out with his horseless carriage; even though you may not have realized it at the time because of the effects of the great depression, the assembly line manufacture of the automobile doomed your market niche.
The depression slowed down or halted everyone’s business. But, it also spurred the innovation and creativity that forced business owners to create new market niches to replace their failing businesses.
In order to create a greater demand for their products and services, business owners can always be counted on to provide solutions to a down market.
If new innovations directly impacts your market niche, you could be in deep trouble with your business; otherwise many of the same niches will continue to survive.
Businesses that do not survive are those business whose owners do not become proactive.
Whether or not your market niche is doomed to failure by our economic downturn depends entirely on how you approach the changing market in your market niche.
If you bend, are pliable, and become more adaptable to the changing market, your chances of surviving a downturn will increase dramatically.
Here are some things you can do in an economic downturn to see if your market niche is in any jeopardy of becoming obsolete.
- Review your advertising campaigns and make sure they are still relevant.
- Determine where your current traffic is coming from and if any of it has changed.
- Check to see if there is still a steady demand for products or services in your market niche and if there is not, find out why.
- Find out who is still buying products or services in your market niche and why they are not affected by the economy.
- Be as proactive as you can possibly be and ask your customers for feedback.
- Conduct surveys or polls to get additional information from your customers.
- In order to help your business survive an economic downturn, it’s important that you become as proactive as possible.
- Use your common sense and try to predict, without emotion, the direction of the prevailing winds to see how you can benefit from it.
Right now a so called GREEN economy may not be any threat to your business; but what happens if Congress passes another stimulus bill or decides to enact additional roadblocks to businesses in your market niche?
Unfortunately, new government regulations enacted during this economic downturn, can have an adverse impact to your market niche almost overnight.
Business owners who will remain in the game when these occurrences come to fruition are those who can identify and quickly adapt to changing conditions.
Be proactive, keep a watchful eye, make informed decisions, and change your marketing strategies as long as your market niche remains viable; otherwise, close your doors and look for another niche.
