Serve up these crowd-pleasing hot dogs at your next barbecue blowout
How often and how consistently do you notice and capitalise on current trends, fashions and fads and then make them work for you business?
Here in the UK, where I am based, it seems that you can’t go to any food outlet, fast food restaurant or event without being offered a dish that has Pulled Pork in it.
It seems to have crept up on the national conscience, slowly pervading every aspect of the culinary scene. now I’m quite partial to it and there are some nice and easy recipes that you can choose from, such as this one from one of the UK’s largest grocery chains.
Most business sectors have similar situations from time to time. Some industries are very stable and innovations come around slowly, construction for example; while others are constantly innovating and running fast just to stand still is the norm – consumer electronics anyone?
Whatever speed of change you experience in your own business life, are you alive to the possibilities of new discoveries and products? Being ahead of the game can often be extremely profitable but it can also be risky so balancing the potential rewards with any hazards is down to your judgement which you should be constantly refining.
You may have seen graphs showing a ‘product adoption curve’ or ‘innovation/adoption lifecycle’. Both mean the same thing and shows the way new products or innovations are taken up or enter mainstream consumer conscience.
The progression is; Innovators, Early Adopters, Early Majority, Late Majority and Laggards(!). In terms of their power in the market, they account for 2.5%, 13.5%, 34%, 34%, 16% respectively.
If your attitude to risk is quite conservative, you would tread cautiously in the early, ‘up-curve’ phase but you could really leverage your returns by entering the market at the Early Majority stage.
Whatever your attitude, being aware of trends and innovations can make a real difference to your bottom line.