5 Tips for keeping up with a highly dynamic market

5 Tips for keeping up with a highly dynamic market

OABPO Blog Team Published on May 22, 2017

business executive carrying market research standing on rooftop looking at cityscape at night

Businesses are operating in a highly dynamic marketplace, wherein customers’ preferences and behavior are continuously changing.

This makes staying relevant a difficult challenge for many brands. Although it’s easier said than done, they key is to be flexible and adaptive. It starts with listening to your customers and placing them at the core of your business strategies. That way, you can create products and services that reflect your customers’ sentiments.


To keep up with a changing market, here are tips you should consider.

1. Regularly conduct market research.

young office worker pointing to completed market analysis reports

Consumer research isn’t something that you do sporadically, nor is it exclusively for entrepreneurs who are about to launch a business. Your customers and the entire business landscape continuously change, and you need to be aware of the latest developments. Otherwise, you risk making decisions based on outdated information.

Make it a point to plan your market research activities thoroughly. If possible, build a team that focuses on this activityโ€”starting from conceptualizing the research up to analyzing the information gathered. Your call center may also be able to help you gather customer feedback.

2. Use customer insights when making business decisions.

thinking market researcher analyzing laptop statistics

Gathering information about your target market is one thing, but using this information to make decisions is another matter. To successfully keep up with the changing preferences of your customers, you need to keep reshaping your business approaches, including your marketing and customer service.

However, it takes plenty of work to turn insights into actionable business strategies. Thus, during this process, make sure to consult with specialists in your organization.

3. Stay abreast of your competitors’ moves.

executive holding marketing analysis thinking looking outdoors

Keeping up with a dynamic market means staying up-to-date with emerging trends relating not just to consumers’ behaviors but also to the larger business landscape. That means you should also keep a close eye on your competitors. Track them using social media, check out their website, or use search engines to find out about their latest gimmicks. Knowing about what they’re doing will allow you to differentiate yourself from the competition.

4. Widen your business network.

middle aged executives looking at colorful post its during marketing research process

Business networking is a great way to expand your industry knowledge, learn new lessons from others’ experiences, gain access to expertise outside your company, and promote your business. By widening your network, you can gain new insights on how to improve your business strategy, based on current market trends.

5. Update your customer service strategy.

business employees doing market analysis

Customer support plays a central role in helping you build lasting and meaningful relationships with your clientele. Thus, make sure that the approaches and techniques you use in your call center are geared toward the unique preferences of your market.

To do this, you need to regularly assess your contact center’s performance. A declining performance indicates that you need to update your overarching communications strategy. This will allow you to gain your customers approval and continued patronage.

 

JOIN US ON FACEBOOK
Open Access BPO
Open Access BPO10 hours ago
With the #ecommerce holiday shopping rush comes the armies of customers with their purchases and inquiries.
In the middle of all this, your brand needs to make both them and your team happy.

Here's how you can strike the right balance between ๐—น๐—ฒ๐˜๐˜๐—ถ๐—ป๐—ด ๐˜†๐—ผ๐˜‚๐—ฟ ๐˜๐—ฒ๐—ฎ๐—บ ๐—ฒ๐—ป๐—ท๐—ผ๐˜† ๐˜๐—ต๐—ฒ ๐—ต๐—ผ๐—น๐—ถ๐—ฑ๐—ฎ๐˜†๐˜€ and ๐˜€๐—ฒ๐—ฟ๐˜ƒ๐—ถ๐—ป๐—ด ๐˜†๐—ผ๐˜‚๐—ฟ ๐—บ๐—ผ๐˜€๐˜ ๐—น๐—ผ๐˜†๐—ฎ๐—น ๐—ฐ๐˜‚๐˜€๐˜๐—ผ๐—บ๐—ฒ๐—ฟ๐˜€: https://buff.ly/3ur1Q1o

----------
Ensure your customers' needs are met with a trusted #CustomerService expert: OpenAccessBPO.com/get-started

#WeSpeakYourLanguage
CustomerService #CustomerExperience
Open Access BPO
Open Access BPO11 hours ago
Failing to meet customer expectations may be your goal, but there are unforeseen and unavoidable instances that cause you to fail.

Here are 4 basic steps of a business #CustomerSupport strategy when facing mishaps: https://buff.ly/3iDVQQr

----------
Start your journey to a better #CX with a #CusomerExperience expert: OpenAccessBPO.com/get-started

#WeSpeakYourLanguage
Open Access BPO
Open Access BPO1 day ago
As much as your brand wants to give your customers a great experience, there are times when you really have to say no to their requests. For #CallCenter agents who are trained to always delight the customer, having to say "no" can be difficult.

Here are 5 tips for letting down your customers gently without ruining their entire #BrandExperience: https://buff.ly/3VuHqR6

----------
Choose an #outsourcing company that values customer service and brand retention: OpenAccessBPO.com/get-started

#WeSpeakYourLanguage
#CustomerSupport #CustomerService
#CallCenterTips
Open Access BPO
Open Access BPO3 days ago
The holiday season is one of the busiest times for most businesses and deal-seeking consumers.

Between the onslaught of online shoppers, the potential issues you might run into, and possible internal concerns, is your brand ready to handle the holiday rush?

Here's how outsourcing can ensure a satisfying #CustomerExperience during the holidays: https://buff.ly/3XTgDzB

-
-
โ€ข How a 24/7 Call Center Handles a High Call Volume During the Holidays
https://buff.ly/3B9bkCq

โ€ข Outsourcing to Beat the eCommerce Holiday Shopping Rush
https://buff.ly/3FqlDEC

โ€ข UI Tune-Up: A Customer Service Must-Do for the Holidays
https://buff.ly/3XYPiMj

โ€ข 5 Ways to Boost Customer Satisfaction This Holiday Season
https://buff.ly/3FooIoE

โ€ข 4 Major Flops that Could Happen Over the Holidays
https://buff.ly/3FmdfWL

โ€ข How Can Philippine Call Centers Motivate Agents After the Holidays?
https://buff.ly/3XOlmmd

โ€ข Top Five Business Tasks To Outsource During The Holiday Season | via Forbes
https://buff.ly/3B9bkSW

----------
Partner with a #multilingual #CX expert trusted by global brands for their 24/7 support: OpenAccessBPO.com/get-started

#WeSpeakYourLanguage
#ecommerce #OnllineRetail
#OnlineShopping #HolidayShopping
#CustomerSupport #CustomerService
Open Access BPO
Open Access BPO1 week ago
If you think it has become harder to make your customers happy these past couple of decades, you're right.

Here are the 5 reasons why making customers happyโ€”and keeping them that wayโ€”has become an even more demanding task: https://buff.ly/3APNZFN

----------
Start improving your customer retention and brand loyalty: OpenAccessBPO.com/get-started

#WeSpeakYourLanguage
#CustomerSupport #CustomerService
#CX #CustomerExperience
Open Access BPO
Open Access BPO2 weeks ago
#BlackFriday and #CyberMonday are the biggest holiday shopping events in the US, with millions of consumers eagerly waiting to snatch up season-exclusive discounts and special deals.

To provide the best #OnlineShopping experience possible, #ecommerce brands and their outsourced support teams spend months devising #CustomerSupport strategies.

Here are a few notable stats about these shopping holidays.

#WeSpeakYourLanguage
Open Access BPO