Turning Concept to Profit- Perspective
Turn Your Concept Into a Profit
TURNINMG CONCEPT TO PROFIT: PERSPECTIVE 2
By James Goetz New Jersey
Unless you are simply reading these blogs in succession without truly soaking in the lessons within, you should be well on your way in turning your passion into profit. You should have a business that is founded on your passion and moving forward in turning this concept to profit.
Now that you are at the top or at the very least on your way to the top, how do you stray on the positive path? Let us not look to reinvent the wheel but utilize a key concept that is tried and true. You must follow market trends. Know your market; know what is out there. Know your customer and their likes and dislikes. If clothing is your passion and college students are your market, visit college campuses and see what is trendy in each region. If you are a physician, keep ahead of the learning curve and know what treatments and technologies are being developed. Stay ahead of the trend and you will remain relevant, because once you have achieved your goals, it becomes easy too lose focus of what got you there. By falling behind the trends, you will slip from the top of the mountain because you lost that focus.
JC Penney’s took a serious nosedive when they decided to ignore their customers to target an= 189-34 demographic they never had in the first place. They got rid of their high profit margin private label brand to replace it with Tommy Hilfiger clothing. They still have not recovered even after changing out their CEO. Instead of being true to their demographic and keeping focus of trends in their market, they lost focus and fell. Do not be a JC Penney’s and fall. Learn from their mistakes so you do not have to experience their hard lessons.
Business is like sports. Even the greatest of sports dynasties fall. They begin to lose. The competition improves. Players and coaches change. The once great team becomes disconnected and loses awareness. This same series of events happens not only to sports teams, but also to every company, both small and large alike.
Losing awareness and becoming disconnected decreases your business profit. Your concept must adapt. This is not to say your particular passion changes. The passion remains the same. How you implement and follow this passion is what changes. If it does not, your passion goes from current reality back to a dream.
What are the trends outside of my business?
What is hot?
How can I separate a trend from a fad?
What were last year’s trends?
What are my key points of focus?
Of your competition who is the leader?
Should I follow?
Keeping ahead of trends will ensure your passion remains relevant in your journey of turning your passion to reality and your concept to profit.