Sterce model: The trends in the market.

Sterce model: De trends in de markt*.*

The market offers a wealth of trends and these trends can be an opportunity or a threat for a company. Therefore it is extremely wise to properly identify these trends. In our Sterce Model, trends are one of the components we look at. Earlier, we talked about working out the strengths and weaknesses of your business and armed with this knowledge, you can clearly visualise where the opportunities and threats lie for you. 

 

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What is the difference between strengths/weaknesses and opportunities/threats?

At first glance, these things do not seem very far apart. A strength is an opportunity, a weakness is a threat. But we see this differently. Whereas strengths and weaknesses must be sought internally, opportunities and threats come from outside, externally. These external influences offer both opportunities and threats to a company or body and when determining them, this should be kept in mind at all times.

 

What are examples of opportunities and threats?

Good examples of opportunities are:

  • Competitors are missing opportunities;
  • The market offers opportunities for innovation;
  • A good turnover, offering opportunities for investment;

 

Good examples of threats are:

  • The market is difficult to interpret;
  • A changing legislation;
  • Sales are seasonal;


How to determine where your opportunities and threats lie;

Determining opportunities and threats for a company is a job that can be approached in several ways. First, of course, there is the knowledge that is already there. Knowledge about the market, about customers, about the past and the future. Those who master their subject matter will have a clear picture of this and thus also see which factors can present an opportunity and which are a threat. But there is more to it than this knowledge alone. Talk to people in your working area and surroundings, look around you. Hit Google and try to find out how the trends in the market are moving and what this means for you. Engage the Chamber of Commerce and become wiser from their knowledge base. Visit the bank and start the conversation. And keep an eye on online sources that focus on business (marketing) trends, so you know what's going on and how to capitalise on new developments.

 

Why is it important to map this well?

Mapping the opportunities and threats for your business properly is vital for defining your strategy. Having first determined the internal strengths and weaknesses, of course, we must not leave the external factors out of the picture. Controlling these external factors is extremely difficult and, in some cases, simply impossible. Predicting them is often possible, but it requires a thorough knowledge of the situation. Once this is properly mapped out, we can focus the strategy on making the most of the opportunities and dealing with the threats as best we can.

 

Can you also turn threats into opportunities?

Of course you can, and if possible we will focus on this when defining strategy. Suppose legislation changes and your company has to operate in a different way to stay within the framework of this new legislation. This presents an excellent opportunity to, and forgive us this hackneyed term, think 'out of the box'. Step completely out of your current process for a while and try to look at it from an angle you hadn't found before. More often than not, it yields particularly powerful, new insights.

It often happens that a particular situation disguises itself as a threat, but actually offers a wealth of new opportunities. After all, a new way of working or approaching issues can open a Pandora's box.

 

All right, you have the opportunities and threats mapped out. And now?

Earlier in the model, you identified your strengths and weaknesses as a company, and now the opportunities and threats are also on paper. It is now time to link these two surveys. Can we use your company's strengths to capitalise on an opportunity, or confront a threat? How do we implement everything you have found into the online strategy?