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These days, changes in the market of any industry are practically unavoidable – between brand new innovations, new competitors, and even economic downturns. If a company is in trouble, it can always benefit from new information about the market, which includes all its current or potential customers.

Some companies end up figuring out that their lack of a response to a changing market was what brought on plenty of problems in the first place. 

There are numerous places where businesses can get relevant and timely market information, such as local trade associations, local authorities, government reports and stats, chambers of commerce, as well as commercial publishers of market reports.

Companies can also do their own research, which can allow them to target the right issues and solve the right those problems.

Once a company has some relevant market information, especially regarding the way that the market is moving, it can see whether it can become more competitive. However, if the demand for the company’s products or services is decreasing, the company can always consider diversifying into other areas with the help of its existing technical expertise and skills. 

Review

The first step in preparing and responding to any market changes is to review all of a company’s previous marketing efforts and campaigns . When the business is able to analyze all of its marketing efforts and how they’ve performed , it will easily figure out which were the most effective strategies in terms of sales, brand building, and more.

The review process can also be used to truly go into detail about the company’s return on investment (ROI), the lessons from those investments, as well as what kind of marketing efforts can and can’t be utilized in the future. Reviews are a useful strategy to apply across the entirety of a business, not just marketing efforts and market changes.

When a business invests time in reviewing what’s been happening, it can figure out a better plan for the future, and one that includes different market scenarios.

Big Picture

After the review period is over, it’s time for the company to look at the big picture, and then to break it down into smaller sections or projects that fit into different departments. That big picture should integrate the smaller sections, and should also be driving the company in a previously chosen direction.

Every goal of every department should be interconnected to form that big picture. When every department understands this big picture, the overall goals of the company will  be aligned.

Re-Strategizing

The next step is to figure out whether the same strategy is still going to work in the future, or if the business is going to need a brand new strategy moving forward. Business strategies are essential for the progress and growth of any company, and a changing market usually means a changing strategy too.

Companies that are prepared to re-strategize and figure out how to best move forward are always going to be better able to prepare and respond to market changes.

See also  Greater Success with Conversions
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Ronn Torossian is the founder and CEO of 5W Public Relations, one of the largest independently-owned PR firms in the United States. With over 20 years of experience crafting and executing powerful narratives, Torossian is one of America's most prolific and well-respected Public Relations professionals. Since founding 5WPR in 2003, he has led the company's growth, overseeing more than 175 professionals in the company's headquarters in midtown Manhattan. With clients spanning corporate, technology, consumer and crisis, in addition to digital marketing and public affairs capabilities, 5WPR is regularly recognized as an industry leader and has been named "PR Agency of the Year" by the American Business Awards on multiple occasions. Throughout his career, Torossian has worked with some of the world's most visible companies, brands and organizations. His strategic, resourceful approach has been recognized with numerous awards including being named the Stevie American Business Awards 2020 Entrepreneur of the Year, the American Business Awards PR Executive of the Year, twice over, an Ernst & Young Entrepreneur of the Year semi-finalist, Metropolitan Magazine's Most Influential New Yorker, and a 2020 Top Crisis Communications Professional by Business Insider. Torossian is known as one of the country's foremost experts on crisis communications, and is called on to counsel blue chip companies, top business executives and entrepreneurs both in the United States and worldwide. Torossian has lectured on crisis PR at Harvard Business School, appears regularly on CNN & CNBC, was named to PR Week's "40 under Forty" list, is a contributing columnist for Forbes and the New York Observer, and his book, "For Immediate Release: Shape Minds, Build Brands, and Deliver Results With Game-Changing Public Relations" is an industry best-seller. A NYC native, Torossian lives in Manhattan with his children. He is a member of Young Presidents Organization (YPO), and active in numerous charities.