This text is from our consulting firm's latest 321 Biz Development episode found on 18 podcast platforms. There is too much content to write for this article, so readers are referred to the podcast for the complete story.
Fragmented customer bases in America's and Canada's largest cities are the result of shutdowns, lockdowns and layoffs. Now in the recovery, it's a bittersweet situation where some businesses are gone forever and past loyal shoppers are not reliably buying from the same vendors as they once did.
When conducting your market analysis, you will often hear the term “fragmented market,” and the fragmented industry meaning refers to a market that lacks major players that dominate the industry.
Our company has the opinion that even before lockdowns, shutdowns and layoffs, many small businesses were operating in a fragmented market. But, because many small business owners were making enough money to "get by", there was no urgency to take commanding, strategic positions in the market place.
Post lockdowns, shutdowns and layoffs, businesses are trying to regroup to reestablish themselves in big cities where it may feel like starting all over again.
Before the year 2020, customers and clients were loyal to companies because the economy was stable and some say it was growing. In 2021, business owners need to reassess business plans and recalibrate marketing plans to rebuild lost revenues.
Small businesses in big cities face a tougher hurdle than businesses in small towns. Leases are higher in big cities. The overall cost of doing business is larger in big cities with a smorgasbord of increasing taxes, fees, and regulations.
Now is the time for big city, small business owners to wipe clean the drawing board and act like it is day one all over again.
The good news is there is a percentage of customers and clients who no longer do business with companies previously supported.
It's almost like you have a brand new business! The current business landscape is a glass, half-empty, half-full situation. Many of your previous customers have changed their shopping habits. Many of your competitors are gone.
Carpe diem!
If this episode/article provoked some deep thought about improving your sales performance, please do not hesitate to contact me, Rick Nappier, at 726-999-0999.
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We hope your enjoyed today’s post and linked podcast episode. Please check out the podcast episode for a lot more content on this subject matter.
Rick, CEO