It is a difficult predicament when the products and services that you successfully sold in the past suddenly become unwanted by your target market.  Many businesses keep doing the same thing but the needs of their customers have somehow changed.  This is a problem if you do not notice what is going on around you.

A booming market can disguise the fact that your share of the market is in fact in decline if you only measure your success by the revenue that your business generates.  If you have a desire to grow your business you must measure how well you are doing compared to your competitors and the size of the market as a whole.

Taking Woolworths as an example.  Most of us have childhood memories about buying something from that store – for me it was the pick and mix.  At its best, Woolworths was kind of the ‘go to’ store where it was possible to buy a range of items for the home or family.

But Woolies lost its way.  Many of its stores were unprofitable and Woolworths as a brand had no point of difference and no definable position in the market. 

Woolworth’s sold