The world of business is moving forwards at a fast pace. Globalization, huge marketing exposure and low distribution costs over the recent years have had a huge impact on small businesses. I have been told that opportunities for the adventurous and ambitious were in abundance only ten years ago but the 'markets have changed' and margins are tighter making new ventures all the more risky.
Globalization, smarter IT systems and the intelligent analysis of information and the money to put this infrastructure in place gives the bigger player a distinct advantage with bespoke and selective marketing targeted to an ever demanding audience.
Do the factors of opportunity remain constant in an ever shifting and almost slippery road for business people looking to capitalize on the next big hit?
I have had many discussions with business people and new entrepreneurs who state that the markets have become so fast and furious that only those with deep pockets can penetrate new areas that were once only an idea.
Others say that where one door closes, many new doors open and that all you have to do is have foresight. The market always has a knack of balancing the scales and where some exceed and drive out other players, they often leave a huge gap behind them in their wake only for to be capitalized on.
In today's age where fast food, massive shopping centers, online shopping and consumers demanding more and more for the market, is there any room left for that personal and local touch? Does price and speed always dictate where you buy?
Bespoke and personalized marketing are the buzz words of today. Electronic profiles of your buying habits are allowing selective marketing that claim to zone in on your interests.
Have you noticed vouchers you receive through the post from your supermarket? These vouchers are personally tailored to reflect your personal interests through analyzing what you have previously purchased through your debit or credit card. You can only hide if you buy with cash. They say that cash is king but if you want to hide your buying profile, do not use plastic!
How do new businesses compete in this fast moving market? What have the giants left in their wake? If you are thinking laterally, what new business opportunities exists and where?
The new breed of entrepreneur has to be one step ahead and the only advantage they have is that they can respond to demands quicker than the lumbering giants. An example is that extra personal touch. With small businesses you may be able to talk directly to the owner whereas with the big players you may end up talking to someone in a foreign country. Does that count? Do customers appreciate this?
Is there a gap in the market in personalized solutions that only the small businesses can cater for? Could this create a new wave and movement? Going back to basics and rewinding the commercial clock may be called for but you better be quick, the big guys are just behind you!
Naz Daud is the founder of CityLocal Business Franchise Opportunity
Business Franchises and UK Business Directory
Business Franchise Opportunity
Ireland Business Directory & Franchise Opportunity
