If you feel like your whole life revolves around the market that your product or service fits into, you are not alone. You can bet your bottom dollar that people care deeply about the markets or industries they work in. If you are a person who has an interest or actual investment in the stock market, you will be watching the news, checking your phone, and reading everything you can get your hands on about stocks, and that’s great. But, there is a lot to learn from markets and industries that are not your own.
There are 3 main lessons you can learn from watching, reading, and learning about markets that are not related to yours at all.
The first lesson you can learn is the importance of following and understanding what consumers are thinking. If you are a business owner in the financial industry, you probably are not that worried too much about the oil/gas industry. You are more concerned about the accounts payable and receivable departments, how your debits are being distributed, and how you can consolidate talent and profit. Amid your own worries, keeping an eye open for what is happening around you is good. For example, if you are a wealth manager who is always worried about the stock market, take a look at your neighboring oil/gas industry. Wealth can be viewed as a circle of life. Without gas, people can’t get to work. If gas prices are going up, people are less inclined to interact with the market, therefore making their spending less consistent—making your service less needed in some cases.
Keeping an eye out for what is happening around you and your market can help determine how you should market, make decisions for your business, and thrive as a company.
The second lesson is the process of reading what experts in other fields are writing. Literature from industry leaders is more than inspirational; it can be very beneficial. Books like “Lean In” by Sheryl Sandberg, “Steve Jobs” by Walter Isaacson, and “Dare to Lead” by Brene Brown can all provide essential information about what leaders see in the culture and how the culture is responding with their professional communities. There is great value that can be gleaned from the lessons of others.
We learn by example from the time we are born. As your professional life expands and you forge new corporate territories, see what the people ahead of you have to say.
Lastly, networking and staying up to date on your local communities is key to being successful. Markets and their consumers vary greatly based on geographical location, community interest, and socioeconomic development. You know your own community best. Networking events are great ways to stay updated on exciting developments in your area. Additionally, if your local community is addressing something specific, hurtful or helpful, to your community, staying in sync with your local community is key to success. LinkedIn and other social media outlets can help in your quest to stay updated, and interacting and communicating with the people around you can help grow your business while solidifying your trustworthiness.
At The Dillon Ross Group, we pride ourselves on being digital nerds, content creators, and creative people in general. If you have any additions you would like to make to your company, we are dedicated to learning and providing profitable recommendations for you and your website. Want to hear more?
We want to go outside the box with your company!