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4 Strategies to Help Your Company Stay Ahead of the Competition

Innovative companies find ways to stay ahead of trends and become the trendsetter themselves. Here's how

By | Steve Ball | www.entrepreneur.com

Everyone in the consumer packaged goods industry is well aware that consumer behaviors and trends can change at a rate that can be hard to keep up with, and while no one could have predicted the dramatic changes that 2020 ushered in for the world. The pet industry reached a historic high of $103 billion, and fueled by heightened consumer interest in products targeting immunity and overall wellness, pet supplement sales skyrocketed by 21% in 2020 to reach nearly $800 million, according to Packaged Facts. Then, The Brainy Insights also reported the global pet supplements market is expected to continue to grow to $9.65 billion by 2030. So, for our pet nutrition and care brands at H&H Group, Zesty Paws and Solid Gold Pet, this meant we absolutely needed to make note of these trends, stay innovative and curious, and remain one step ahead of our competitors.

By not only watching for these trending moments, but closely following them for valuable data insights and growth opportunities, companies within any industry can come up with innovative ways to stay ahead of the curve (and the ). Here are four strategies you can use:

Related: How to Set Yourself Apart From the Competition

1. Trust your retailers and your consumers

One strategy is to listen to both your customers and consumers. It’s important to have good working relationships with your retailers, because they’re the ones on the front lines of the ever-changing marketplace that is fueled by the trend-based purchasing decisions of your consumers. By learning more about what these key stakeholders are hearing, seeing and being influenced by, companies can stay in lockstep with consumer behaviors. I’ve seen companies spend millions on tactics to decipher the “why” behind purchasing decisions, and while  is an extremely valuable tool, I believe you get faster feedback by leveraging what is already available at your fingertips — your people.

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