Many years ago – when I was 6 years old – my mom bought a cheese flavored instant mashed potato mix which I loved. It was called Big Tate (I think), but disappeared from the grocery shelves and that’s a product with a lasting memory to this day, over 40 plus years later.
The cassette player recorder and Walkman, music listening devices were part of my teenage years but are no longer available because there are new alternatives, reducing their demand thus becoming obsolete.
Then there was the CD player, which seemed to be a necessity, but that too has changed, and who needs it when the mobile phones are all able to play YouTube videos offering an unlimited selection of music on demand. This is the ever changing world we live in with consumers eager to try out and buy something new, innovative, different, and more in line with current needs.
During the past 19 plus months, businesses and industries have been impacted with shifted focus by consumers, based on availability and limited /diminishing resources. Quickly consumers found a way to buy or barter for what they needed. As things settle down, its time to follow the money to understand the changing needs of your customers, and if they’re not buying from you – how can you get them back?
The business dynamic has changed and digital platforms give consumers more options and choices without leaving the safety of home – can your customers find you online? Commerce has to take place, you need to trade and consumers need to buy. Do your research to gain perspective – move forward with action, and follow the money!
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