Tracking Your Market

To to this, you must spend time "in the market"

To understand the environment in which you do business, you must dedicate time to consciously seeking out the information you require. For example, to be a successful car dealer, you must buy the right cars at the right prices.

To to this, you must spend time "in the market" --watching and listening for information abut which cars are selling well or proving difficult to sell, and which cars are increasing in price or are decreasing in value. This requires casual observations, but also real data, such as week-to-week recording and analysis of car-price data, customer numbers, and stock levels. This combined approach allows you to create the right strategy for your business.

ACTION POINT: Observe your market by being "in it" and using real data about products and customers.