Secret No. 7: Are You Paying Enough Attention To The Business World Around You?

Are You Paying Enough Attention To The Business World Around You?

Do you spend at least three hours per week reading magazines, newspapers, and Web sites that report on overall or “general” market trends? Observe what trends are starting in your geographic area, nationally, and worldwide.

Some recommended sources of valuable information with which you should become familiar are the New York Times Sunday Edition, the Wall Street Journal, Business Week, Time, Newsweek, and People, as well as all of your local newspapers and magazines.

Keep an eye out for trends that may affect your business. Things could change very fast, making what you sell obsolete or, on the other hand, needed more than ever.

Study the business trends that are happening outside of your industry for ideas that could be used in yours. Many ideas are transferable from one industry to another, and you may be able to find and implement an idea that is new to your industry.

“Basic research is what I am doing
when I don’t know what I am doing.” ­

Wernher von Braun

For example: the ballpoint pen was the basis for roll­on deodorant. Here’s another example: just after McDonald’s started expanding, one of their corporate executives was in his car, waiting to do his banking at a drive ­through window. The executive started thinking, “How could we use this at McDonald’s?” The result was the start of drive­through fast food.

Many advertising headlines are transferred from one industry to another.
Here is such a headline: “I’ll Teach You How To Quickly And Easily Get All The Credit You Ever Wanted.” It could be changed to the new headline “I’ll Show You How To Quickly And Easily Cut All The Steel Pipe You Need To Cut.”

The beauty of doing this research is that your com­petition won’t discover what you have learned or what your next marketing effort will be until it is too late for them. The information that you need to create unique marketing programs is out there waiting for you.

Where are you going to look for helpful ideas from other industries?

This entry was posted in information, library, research, wall street journal. Bookmark the permalink.

Leave a Reply