It is unavoidable to face great challenges in your business operation or on your own career planning in turbulent times.
What are your competitive edges?
Are you heading to success or going to be drowned in failure? It’s time to think about the future!
What are the industrial competitive strengths in the fast-flowing time?
What is “trend”? “Trend” is the driving force. Why is “trend” important? The trend is in fact not something very abstract, but knowing the trend allows you to review the competitiveness of your current job or business. You can steer your own path, change your direction quickly and make your way through currents in this turbulent age.
*The global elderly population reached 580 million in 1998, and it is expected to reach 1 billion by 2020. By that time, 13.8% of Taiwan’s population would also be elderly. Aging societies is going to be the irreversible phenomenon, indicating that “healthcare, anti-aging and youthfulness” are the elements that top flourishing industries in coming era possessed.
*The market value of nutritional supplement worldwide already climbed to US$ 140 billion in 2000. According to Paul Zane Pilzer, world-renowned economist and former appointed economic advisor in White House, the market value of nutritional supplement would have reached US$ 1 trillion in 2010.
*Taiwan government would be investing NT$150 billion in the biotechnology industry in the coming 10 years, and the revenue of this industry is expected to grow in average 25 % per year in the foreseeable 5 years. “Taiwan’s Top 1,000 Companies” Survey conducted by CommonWealth Magazine this year also pointed out that, almost all companies with performance growth in 2002 were business linked to “personal consumption”.
*The research conducted by Fair Trade Commission shows that, direct-selling industry has been going against the tide of economic stagnation and has achieved total growth of revenue in 3 consecutive years. In 2002, the growth has even reached 11.94%. Robert B. Tucker, the trusted American innovation speaker and potential developer remarked on several important business operation trends in his best-seller “Managing the Future “:
1. Real-Time Responsiveness: The launching of products and service gets more efficient.
2. No-Hassle Convenience: Putting the business in customers’ shoes. The more “convenience” it can offer (simple ordering system and delivery service, etc.), the likelier it is going to succeed.
3. Aging Boomers/Rising X-ers: Classifying customers into different age groups to design different sales strategies.
4. Mass Customized Choice: Offering a wide range of services (products) to satisfy the needs of different customers.
5. Lifestyle [Changes]: Understanding a change in lifestyle leads to a change in consumption pattern.
6. Value Differentiation: Always let consumers feel they are what they get worth more than what they paid.
7. Ultra Service: “Customers First” is the age-old but ever-lasting golden rule.
8. Techno-Edge: Technological R&D and innovations always help a business conquer the market.
9. World-Class Quality: Customers always look for goods and services of highest quality. There is no better way for a company to breed its pool of faithful return customers.
The Key to Success in the Future Market
Have you just grasped a better idea about “trend”? In addition to the above mentioned, don’t ignore the other 3 keys to success that are essential to get your way through in the super-competitive market:
Key to Success 1: Be Customer-service-oriented
The market nowadays has already been transformed from “seller-based” to “buyer-based”; and consumers at the market outlet are heated targets of corporations. As a matter of fact, “Customers First” is and has always been the trend and core value of business operations. As Tucker proposed, the value can be actualized by adjusting services from the top to bottom, setting customer service targets, employing customer-oriented staff, training staff to be customer-caring, and motivating the staff to provide services that go beyond the miles.
The Key to Success 2: Branding and Channeling
Michael Porter proposed in his Five Forces Model: Businesses that are well-channeled in the market are going to top the sales chart in the “low-profit age”. However, proximity to customers doesn’t guarantee a profit. It still depends on whether a seller is offering products that are worth-the-price, and even making channels of the business a brand. President Chain Store demonstrates a successful example: With more than 3000 stores across Taiwan and revenue rocketed to more than NT$ 70 billion, it won exceptional success in the midst of economic downturn in 2002.
The Key to Success 3: Products
Research in the U.S. shows that, the consumption power of the Baby Boomers (born 1946-1964) is a major focus in the market.Characterized by rational consumption, this age group takes up 1/3 of the U.S. population, and the number of American families whose consumption pattern are based on the age group of 35-54 would grow 55% in 2005. On the other side of the globe, Baby Boomers are still one of the major consumer clusters in Taiwan. Although SARS no longer shadows the area, this generation still prefers prudent and rational consumption rather than reckless shopping. In such age of excess capacity, a business can only win the hearts of consumers if the products are reasonably-priced, made in high quality and are worth-the-money.
The Key to Success for Future
Robert T. Kiyosaki proposed the “ESBI Quadrants” indicator in his book “Rich Dad Poor Dad”, which allows you to evaluate your chance of success:
E- Employee: Wage earners who give up their time for money; time is nevertheless limited for everyone.
S- Self-employed: Business operators and professionals who spend their life for money; one’s individual power is nevertheless very weak。
B- Businessman: One who owns a corporation with good sales network; he should have nevertheless possessed a huge capital before the startup..
I – Investor: Skilled investor who grasped the wealth-making channels in markets, enjoy the flexibility in time and money.
Almost half of the 500 Richest People in the World ranked by Forbes climbed up the list by starting up their own business. The secret behind is to make money in the principle of leverage, which means to help others success and share their achievements at the same time.
Control Your Own Time and Wealth by Knowing the Channels in Direct-selling
“Direct-selling is a very effective selling strategy in the market of 21st century.” Lee Iacocca, former President in Ford and CEO in Chrysler Motor commented. Direct-selling has flourished in Taiwan for over 2 decades and maintained a stable market since then ; it is not only one of the most popular marketing trend , but also one the best path for ordinary people to start their own business:
* Direct-selling is a people-oriented business. Different from the mode of sales in traditional retail stores, direct-sellers show and demonstrate products and services to consumers by face-to-face interaction. Simply put, every direct-seller is a moving store, a business channel, and a marketing strategy with multiple channels.
* Direct-sellers are free from entry constraints in terms of gender, education level and qualifications.
* The enforcement of “Regulations Governing Multi-Level Sales” and “The Fair Trade Act” in 1992 recognized the lawfulness of direct-selling industry, dismissing the falsified accusations of “Pyramid Scheme”.
* Taiwan R.O.C Direct Selling Association enforced the industry-initiated “Codes of Conduct” in 1996 , a self-regulating Convention ,by which all lawful companies in the direct-selling industry agreed to abide. The Codes were adopted under several rationales: 1. To satisfy the needs of consumers while protecting their rights and that of direct-sellers; 2.To adhere to the principle of fair competition under the free economy and 3. To uplift the public image of direct-selling.