When you set out to do a business, you need to be a powerful orator, but more importantly you need to be a good observer. Your business can’t prosper if you just work hard on your product without analyzing the market dynamics, consumer preferences and government policies. Your business won’t bloom if you don’t listen to your employees’ suggestions and grievances. Experience comes with observation and effective communication through proper listening.
The world is moving so fast, and everything is just a click away. There is a new breakthrough every day in different fields, there is a new product launched almost every day, there are new startups in every field; with the world becoming more and more advanced, the competition is reaching the peaks. Amongst all the speed and all the competition how do you manage to get your brand label to shine brighter? Let’s start by taking this literally: How is your image in the marketplace? Observe your competitors; do you think you need an image makeover, a slight logo redesign or maybe a change in your advertising strategies? How well are you interacting with the consumers on the social web, since internet is the new hype? These little things affect your sales, especially your local business climate; you have to keep improving the outer looks to attract customers.
It is also really important for you to observe the audiences’ response to your product and the other product you rival companies are presenting in the market. Feedback and consumer response may point where you are going wrong. The customer feels important when you ask them about themselves, their opinions and provide effective solutions to their queries. Do as many experiments as possible! The best businesses do the most testing.
Apart from brand glorification and customer feedback, you also need to be really observant about your competitors, if they are bringing into the market a new product, don’t just jump to launch one for yourself out of spite. Observe how the product performs, whether the customers are happy, its price and its features. How can you use its drawbacks to your advantage?
The next most important thing: The Scientific Method, a test for hypothesis. How do you acquire new knowledge or techniques by making use of your per-requisite knowledge and skills? Organize your knowledge and already-known facts, form a hypothesis and on the basis of this hypothesis make a prediction or a projection in a field you are yet to explore. Research and development is what that gives you an edge. Don’t guess, make proper assumptions and test for proper results.
Monitor everything you do. Find out what works best for you. Do more of what works and less of what doesn’t! Do not guess. Track and test.