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filled it. Other companies such as A & W Root Beer and Dairy Queen, two fast-food pioneers, missed the trend. They failed to see the significance of the changing marketplace and continued to promote themselves as snack places, rather than as regular dining destinations. As a result, McDonalds, Burger King, and others passed them by.

Today, in many parts of the United States, Spanish-speaking customers have become a sizable segment of the market- and a marketing niche that is likely to continue to grow. What steps should prudent businesspeople take in order to develop this market? A large auto repair shop in the Southwest began to advertise in Spanish-language newspapers and radio, added bilingual customer-service staff, and printed customer information in Spanish. Their non-Hispanic customer base has continued to grow at a rate of 5- 10 percent per year, but their overall business is growing at a 30 percent rate, fueled by the growth in their Hispanic customer base.

Many businesses do a good job of being customer driven. They understand their customers` needs very well, and they respond quickly to their customers` demands. However, focusing too narrowly on one`s existing customers can cause a business to lose sight of the broader market. To be market-driven rather than only customer-driven, a business must strive to understand the entire market rather than just their own customer base. A generation ago, for example, many department stores failed to spot the societal trend toward more two-wage-earner families. As families began to have more disposable income, time became more important than selection. Mass retailers such as Wal-Mart and others began to take market share away from the department stores. The department stores had done a good job of understanding their own customers, but they had failed to understand the changing marketplace.

Innovation often occurs first with non-customers. For example, four years ago, Larry Taylor, president of Desert Pacific Printing in Tucson, began receiving calls from non-customers asking if he could print from a computer disk. Responding to this new trend, Taylor quickly learned how to move from disk to finished product, gaining many new customers in the process. Now Desert Pacific employs a full-time electronic-printing specialist and most of their business is accomplished by electronic means. Identifying and then acting on this opportunity was a key to growing in a shrinking market.

Forty percent of the adults in the United States today are not married. That equates to 82 million people-and 50 million of these singles have never been married. What business opportunities can be generated to serve this emerging market? One group that might respond are the many dentists who are struggling to maintain their practices. Perhaps by establishing evening and Saturday hours while reducing their weekday hours they could build practices based on serving these single working adults.

Every business is different, but you can effectively shape your business future by identifying key trends that have already occurred, and then taking action.

This article provided by ChristianBusinessDaily.com -- The Online Network for Christians in Business. Your source for news, articles, and commentary from a biblical perspective.

Article Source: http://www.articles-galore.com

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