Thursday, August 20, 2009

Hitch Your Wagon (Business) to a Star (Market Trend)

It used to be the nightly ritual for millions of Americans. After the news, the familiar and comforting voice and persona of Ed Mc Mahon announcing, "Heeeeere's Johnny!"

Ed Mc Mahon did not own a business, but what he did own was entrepreneurial mindset. How so? Mc Mahon said,

"There's the old phrase, hook your wagon to a star. I hitched my wagon to a great star. .... " and that star, of course, was Johnny Carson.

In business, it should be the very same way. Hitch your wagon (business) to a star (market trend).

What's a star? A star is a pronounced market trend. Let me give you a few examples of what kind of market trends Entrepreneur Chick is following and hitchin' herself up to.

Do you know how big the vampire craze is now? Have you heard of the movie, "Twilight"? This movie is slated to have many more sequels to come after it- much the same way Star Wars had.

One of my businesses, though originally did not ever start out to even think about cohabitation with this trend, has and is harnessesing this vampire thing and will be ridiculously successful as there is a great interest in that in the general population. How about that? Who would have thought? Certainly not me.

Entrepreneurs should always stay abreast of major trends in the market. The market of consumers. Who's buying? What are they buying? You know how you go to shop online and after you've viewed an item, the other choices come up and the website prompts you:

"You might also like...."? OR, "Customers who bought this item also bought..."?

Same deal.

Another one of my businesses is just growing through the roof because it's hooked right up to a market trend. Being a spin-off company of one of my original companies, it's set to out gross, by very large margins, it's older parent.

This market trend has to do with consumers who are not eating out as much as they used to. This market trend is adding an incentive to get the consumer first, in the venue's door and then from there, adding even greater incentives for that customer to come back! Thus building customer loyalty to the brand. This market trend super hot right now on the East Coast and is floating down, slowly but surely, into the more Southern States.

Not only is this expansion in my own back yard going to be mammoth, I can sell licensing rights, rather than franchise it, all over the nation and even the world.

Two powerful market trends. Two entirely different trends- yet I can capitalize on each. Being an entrepreneurial camelion of sorts, morphing my way into greater profitability.

What market trends interest you?

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