Be Aware But Don't Be Worried: Surviving Changes in Your Industry

I recently was having a conversation with good friend, mentor, spirit animal and amazing makeup artist Michela Wariebi about some hot topics in the beauty industry. We were mainly discussing how to adapt to changes in the market and what it means for your business and/or your business model. 

There is too much shade and salt being thrown around the industry about how someone is deciding to run their business, price their services, etc. I don't have time to be throwing shade at you. How is that going to help me make a coin? Throwing shade to another business person doesn't put you in a spirit/position to receive. So don't block your blessings. 

The bottom line is, I can't be all too worried about you and/or your business. Can your business model potentially affect my business and the market as a whole? Yes, that can happen. But are you going to sit and complain about it or find a solution? Bosses and CEO's are solutions oriented people. Not problems oriented people. Take time to learn more about the market and why things are happening and maybe you will just find your solution. 

You need to be open to change as it is inevitable. I know I know, that's so cliche. But really it's the truth. And honestly are you going to be Madonna or Mariah Carey to the bullshit?!? Let me explain.

Madonna continues to make herself relevant, by adapting to what's current in her market. She's not shading anyone and worried about her own lane. She sees what's hot and in, and makes it work with her brand. Meanwhile, Mariah is shading up and comers like Ariana Grande, yet she refuses so evolve. She's wearing the same gowns, doing the same runs, has yet to pick up a dance move, and still sounds the same. If you ask me, being shady is getting her nowhere. So again, I ask you, are you going to be Madonna or Mariah to the bullshit?!?

Something that I have learned from my boss Necole Parker, is to always know my 3 C's when it comes to business and business development. By knowing these things I can better assess myself against the market and ensure that I'm giving clients what they need, ensure that I am worth my rate, and that I have a bargaining chip over my competitor.

Know your Customer

Know everything there is to know about your client. How do they like to buy? What type of experience do the want/expect? What qualities about your business model do they value?

Know your Competitor

Who is your biggest competition? How do they run their business? What are they doing that is working? What are they doing that isn't working? Note that your competitor can often times be a business partner. 

Know your Capabilities

Are you capable of giving what your desired client wants and needs based off of YOUR skill set? Do you need to add skills to your basket based upon market trends or what your competitors are offering? 

If I know who I'm selling to, and know that my skill set and offerings have a one up over my competitor, then I really don't have time to WORRY about what you're doing. So while it suits me to be aware of what you are doing, I really have no need to worry.

No comments: