100 GREAT BUSINESS IDEAS • 87Maintaining awareness of the latest market news, consumer
concerns, and cutting-edge technologies will stimulate sales and
build a loyal client base.
The idea
One of the most effective ways to keep your company current and
cutting-edge is to cultivate an awareness of changing consumer
concerns. Understanding your customer is vital to good business,
but clients are not fi xed in their desires. Their needs and wants
change regularly, and for a variety of reasons—to claim you are
truly at the forefront of your industry you must maintain knowledge
of, and cater to, these changing demands.
Subaru’s 2006 marketing strategy is an impressive example of
this—every buyer of selected new Impreza, Forester, and Legacy
models received £3,000 worth of free fuel vouchers. Customers who
purchased any other model in the Subaru range received £1,000
worth of vouchers. This deal, not offered by any of its competitors,
connects with the widespread global concern of rising fuel prices.
Instead of offering a traditional reduction in price to stimulate
sales, Subaru understood the changing needs and concerns of its
clients, and used this to create a truly enticing price incentive. By
blending innovation with a willingness to react to the latest market
developments, it is possible for businesses to prosper in volatile
environments.