by Nick D'Alessandro, posted 11/4/2016
There are many factors that determine the success of one’s business.
The element of timing, though often overlooked, is a genuinely important factor.
In your everyday life, the wrong timing can have detrimental effects.
For a small business owner, the effects could be significant.
When is the right time to enter a market?
Sometimes, it’s as simple as finding the right balance between supply and demand.
Is your target market ready for the product or service that you’re putting out there?
Or, is that market already saturated with very similar offerings?
Significance of Timing
Let’s look at a practical example of these concepts.
If someone had opened a yoga studio or organic food market 4o years ago, it probably wouldn’t have had much success.
Yoga was not yet widely accepted or understood, and most consumers would have had a hard time justifying the cost for organic products before there was an understanding of the benefits.
In this case, the market is young.
On the flipside, I used to sell styrofoam packing peanuts for a living. There was a strong demand for it and it was an effective solution for shipping products. However, many consumers found them messy and they weren’t environmentally friendly so packaging manufacturers were forced to find new solutions. Today there are still companies using packing peanuts to ship their product but the technology is old and the demand has diminished.
In this case, the market is mature
So, how do you find that sweet spot? How do you determine when the market is just right for your product or service?
What to Consider:
- Your market is young. If your product or service has not yet been widely accepted, your marketing campaign will require more educational materials.
You will need to teach your target audience the benefits they will get from your product. This will be a tougher sell but, the reward can be great if you’re able to establish a demand.
- Your market is ready. The best time to break into the market is when the need for your product or service is building momentum, and you have little competition.
Take advantage of this ideal time.
If the demand continues to grow, you’ll undoubtedly have more competition soon enough!
- Your market is mature. What do you do if new products are being developed and the demand for your product or service is diminishing? Or what do you do if competitors are fighting for more market share?
You will need to find a way to stand out in the crowd!
There are a few ways you can achieve the positive buzz that will draw people to your offering.
- Offer a superior product
- Develop new or improved products.
- Provide a better experience for your customer.
You’ve heard the saying, “Timing is everything.”
It isn’t just a saying, it’s an important truth, especially for a small business owner.
Use it to your advantage!
Shape your product and marketing strategies in such a way that meets the “current” demands of your target audience!
Wishing you much success!
About the Author
Nick D’Alessandro is a small business strategist and founder at Trilojeemarketing.com. He is excited to share his 30 years of business experience by helping small business owners grow their business and fulfill their career purpose.