As an entrepreneur it is your job and your responsibility to understand the market and to always be keeping an eye on it. People's behaviors are always changing and these changes affect the market. Since it is December we are going to focus on December for this article. During the December holidays the market's focus shifts a lot. This is the best time of the year for all retail stores, delivery services, food & restaurants, credit cards,smokes & alcohol etc, however, many other businesses struggle because most people can only afford so much.
The fitness industry for example is one of the industries that slows down the most during this period. Due to the fact that this is expected we are always prepared to keep up the sales. The marketing strategy changes. To have an effective marketing campaign we must understand our clients. Why does our business slow during this month? What can we do to make our marketing more effective? For this particular example is holiday procrastination. People tend to lose focus on fitness this month because they decide to make it a new years resolution. With all the busy holidays coming up, "I will barely have time to exercise", most people think. There is so much partying and drinking and eating that it will be very hard to keep up. I will instead make it a New Years resolution instead and have a fresh start. Knowing this, we can now market this business through an emotional attachment. "1 Month free. Ready to start thew New Year fresh", or "How will you lose the holiday belly? First 2 months free on us." I am not really putting that much thinking into this but you should get the idea by now.
Entrepreneurs you should enjoy researching the market and always expanding your knowledge. You should do it because you like doing it and not because you have to. What are some of your ideas? What have you learned from your experiences? Please leave a comment below I am a true believer that you can learn something new from anyone. No matter their knowledge level. Cheers and Happy Holidays.
Comments