Adapting to consumer preferences is a strategy to ensure ongoing financial success in your business. Kate Ancketill, international keynote speaker, business futurist, CEO, and Founder of GDR Creative Intelligence, joins anchor Jim Fitzpatrick on the latest episode of The Small Business Show. Ancketill sits in this exclusive interview to guide entrepreneurs on adapting their customer satisfaction strategy.
As a former “trend forecaster,” Ancketill is based in London and has a wide range of focus on commerce, which includes an international scope of retail brands and experiences.
1. Business futurism is a practice that focuses on predicting the near-term future, typically the next five years. According to Ancketill, any predictions beyond this timeline are just speculation.
2. To make these predictions, futurists like Ancketill analyze current trends, new technologies, and the major global forces that are shaping our world. They also examine the resulting reactions and trends that emerge from these forces.
3. For entrepreneurs looking to change consumer preferences, there is a wealth of high-quality information available for free. One clear trend is the move towards more sustainable and regenerative products and product lifecycles. Ancketill notes that this trend is not only good for the planet, but it also makes good business sense since everyone wants to save money.
4. Ancketill suggests that entrepreneurs should keep their technology up-to-date and ensure its proper distribution to avoid making common customer preference mistakes. Meanwhile, if the goal is to target a younger audience, it’s still important to cater to the older ones because the existing customers are typically the most lucrative ones.
5. Ancketill proposes entrepreneurs should not hesitate to explore beyond their market and discover inspiring ideas. Once they find the key things that can potentially improve their business, they should implement them to succeed.
"It's about mixing and matching outside your typical sector from outside your competitive set." – Kate Ancketill