Shrewd entrepreneurs understand that their products will one day reach the end of a development cycle, hit a point of market saturation, or be changed by technological innovations.
That’s why they must use some portion of their budgets to conduct strategic research and market testing that will anticipate ways they can shape their product, their marketing—or both—to change with the times.
Staying well-informed about your industry, and the outside forces that are changing it, will go a long way toward calming your nerves. Without having all the knowledge, you’re shooting in the dark when it comes to adapting to the changes that are inevitable.
Talk to your current customers, one on one when you can, and through a short feedback form that you can place on your Web site or in your product packaging. Be sure to offer an incentive for customers who complete and return the form. If possible, develop a community around your Web site through a blog or forum that draws your customers in continuously to get additional information about your product and how to use it, and to find news about your industry.
Be prepared to reinvent yourself and your core business with the understanding that you may gravitate into new businesses that do not exist today. You may also reach the conclusion, at some point, that it’s time to sell your business—rather than being forced out.
Knowing when the time has come, and moving ahead of the game, into a sale or merger will put you in a position of strength, rather than one of defeat.
Photo by mensracing.com.
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