Small Business Trends for 2010 – Part 2 of 3

If you are new here, this is the second post in a series.  Here is the leading post on  Small Business Trends for 2010.

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Collaborative Markets

Markets are no longer about selling to buyers, but collaborating with them to develop better and more sustainable solutions. 

Who would have thought that markets would become more about the buyer than the seller?  Well, it's about time, isn't it?  For decades we have been pounding the drum with mantras that are intended to invoke a customer focused marketplace.  But for the most part, it was lip service.  

What is a collaborative market anyway? 

Have you ever traveled to a third world country and engaged with the street vendors?  It's fun, isn't it?  Surely you've been to a flea market.  It's all the same.  Isn't it interesting that in this age of technology we are moving back to when things were simpler? 

Step 1  – Engagement

Street merchants know that they get one shot at your business.  For this reason, if they can get your attention, they will initiate a process of engagement.  Yes, they will gladly haggle over terms, and if they they can, they will customize their product to fit your specific needs.  But the first step is the all-important one.  They need to get your attention and keep you involved.  

You should consider how you do this with your customers.  Most websites are not very engaging.  That is why blogging and social media in general are exploding.  You can engage with tips and advice, by being a friend, or maybe by just being interesting.  You have to decide how this will work best for you and your business.

Step 2  – Understanding

Adapt to the market.  Markets are different from day to day.  The street merchants know this.  Sunny days are vibrant and create a great deal of energy.  And then there are the behaviors of people to consider.  What are the factors in your market?  Some markets expect to have a great deal of involvement while others prefer to rely on your expertise.  It does matter if you are building custom homes or building the concrete foundation for them.  One requires a great deal of collaboration, while the other only demands compliance with accepted specifications.

The point is you need to consider how to achieve the appropriate level of involvement with your market.  The only way to figure this out is to engage with them and do a great deal of listening.  Google Alerts and social media networks like Twitter are ideal for this.  Have a process that keeps you in control at all times while giving your prospects and customers the opportunity for being heard.  That is the nature of this trend.

Step 3 – Responsibility

The reason markets are trending towards collaboration is consumers are more educated and know what they want.  This doesn't mean they know what you know.  You are still the expert, and that means you are ultimately responsible for their satisfaction. That's part of the relationship.

If the product needs to be more costly to guarantee results, then it should.  If you expect the product to require maintenance, then that should be disclosed.  If you can warranty the product for years to come, you should do that too.  Warranties keep you engaged for extended periods.  That's a good thing!

What All of This Means

We are moving into a period where nearly everything matters.  We are entering a period of full-disclosure and authenticity.  You are expected to have done your homework.  You have to stand in the shoes of your customer and know everything that has to be known.  This may seem unreasonable, but it is a sign of the times.

Here are some considerations that are encouraging this trend.  This is what is on the mind of most consumers.  And so it should be a consideration in your process.

  • Full-disclosure  – People want to work with people they can trust.
  • Risk – The economy has made us risk averse.
  • Sustainability -  Everybody hates waste.
  • Value – This is another form of sustainability.
  • Accountability – The days of fine print are gone. 
  • Alliances – Increase your value by integrating it with related products and services.  This shows your customer you unselfishly care about them.
  • What's Next – We love surprises, but only if they are the right ones.

Don't stop here.  Make your own list.  And feel free to share it here.

Let's make this a collaboration.  

Photo Credit:  Sarahkim

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