We are living in a global world where news travel fast. Something that happens in Australia, can be known in France in a matter of minutes, or seconds, if it is live-streamed from the site. Companies and private persons alike are struggling with finding the relevant information in the vast ocean of available data.
When trying to find the right needle in the haystack, you should not confine yourself to just one corner. Especially concerning information on trends and competitors, the scope should not be restricted to just your main market, but also to your competitors’ markets and your potential markets. Too wide a view can be confusing and blurry, but too narrow can block out a potential disruption or a competitor on the rise.
In the global economy, events in other countries can have a direct influence on your business. Your product might suddenly become trendy somewhere else, you might be able to benefit from a rising trend or a new innovation in another field.
Your customers are more global than ever before and some companies are born global. Social media allows us to keep in touch with relatives and friends living abroad, the news companies report to a worldwide audience and it is easier than ever to get to know about a different country or culture.
E-commerce has expanded the borders of competition, as you can order a product from Japan and have it shipped to London. There are choices and alternatives – and you should know of them – so you can convince your customers that you are the right one for them, today and tomorrow.
Photo credits: Michael Coghlan