Of the category growth of your business, that is.
Based on years of growing my career in the low-growth industry, and now working as a consultant in a variety of industries, I’d suggest that unequivocally: yes, size absolutely matters.
There are so many challenges we face when attempting to grow a business in ANY industry, that investing in growth categories increases the probability of our business dreams coming true. When there is natural demand for a service or produce, the organization is typically successful in spite of the typical slip ups that happen in growing organizations. In a declining business, if you have a moment of lackluster sales staff, deliver one poor customer experience, or compromise even for a split second on quality, it’s detrimental. A declining or flat industry leaves very little margin for error.
How do you know if you are a high-growth industry? What is your opportunity to pivot into one? Below are three places I like to look at when evaluating my own entrepreneurial opportunities or suggesting next steps for consulting clients.
The JWT #future100 is a free download filled with a huge wealth of knowledge. Trends span culture, tech and innovation, travel and hospitality, brands and marketing, food and drink, beauty, retail, health, lifestyle, and luxury. Each includes an original analysis of what is trending and what the future of that trend could be. It’s a beautifully produced wealth of knowledge I go back to again and again.
The google trend tool uses graphs to compare the search volume of different queries over time. With google being the most popular search tool in the world, this is a great place to find information about the products, events, and services that matter most to our current or potential audiences. I use this often when analyzing market positioning or considering a service or product in my own entrepreneurial endeavors.
250 Million users are on Pinterest looking for the solutions to their biggest problems, 83% of which are US women aged 25-54. And according to PEW research, 39 percent of people in households worth $75,000 USD or more per year use #Pinterest. Do I have your attention yet? With most of my client being female-focused lifestyle brands, I eagerly anticipate the arrival of the Pinterest 100. The Pinterest 100 is the the top 100 trending topics on Pinterest that these users are curious about in 2019.
It’s always possible to find success stories of top performers in any industry. But when you look around across industries, what you’ll find is that some industries simply have an easier time making money than others. Focusing on these trends and categories helps us find success as a business owner. These three free tools are invaluable to avoiding declining or flat categories when investing time and resources, and leveraging hard data when making strategic marketing decisions.