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Tags- Reading the Market
So, Tesco is expanding their vegan range. To quantify, Tesco aims to go from 32 currently to 300 options in the near future.
In fact, Tesco is backing its future on plant-based foods and robots, according to Sarah Butler at The Guardian.
I do not know why was this on my news feed. But, we can learn a lot about business direction specification from Tesco’s change of plans.
The Changing Times
Let’s clear one thing.
We are keeping robots out of this discussion. (Apologies if that disappoints you. The bottom-line is – Tesco is trying to improve their margins from 3.4 to 4% through the use of technology).
But, the change towards vegan options is not sudden by any means. The market has been changing towards veganism for ages and even still changing.
In fact, the market has still a lot of catch-up to do in order to provide the necessary options for customers that want vegan food.
Here, my most favourite measure of moving forward is the effort of vegetarian and vegan products to look like traditional meat-based products. This is basically what most of these vegan options are trying to do.
The day vegetarian and vegan options can stand on their own is the day I will feel that the market has made it.
So, Tesco making a diversion towards vegan options is a great deal.
To start, Tesco accounts for almost a 3rd of all groceries sold in the UK.
And, by making the said change, they are showing an ability to read the market.
Reading the Market
Before writing this blog, I did a little search for ‘reading the market’.
Options on Google are mostly covering trading. And, this makes some sense.
The people mainly interested in reading the market are traders. This is because their livelihoods depend on reading the market on a daily basis.
But, in the long term, reading the market is as important for any business. In fact, if you want to be a market leader in anything, this could be your first option.
In other words, try getting somewhere before anyone else has and then maintain that spot.
One of our clients is a prime example of this.
Before anyone was even searching for Airbnb Management in Leicester and Birmingham, Airhorse read the market and built a website for it.
Today, it is almost impossible to take Airhorse off the top spot in Leicester and surrounding cities because of the longevity of the business, accumulating the right reputation through the provision of a great service.
In short, when the competitors were starting at 0, Airhorse already had multiple properties on the books. The challenge from there on has been to maintain the standards and pushing forward. In other words, Airhorse’s challenge has been maintaining its leadership position.
To learn more, get in touch with us today.
And, to learn further about business leadership, check:
- Hands-Off Leadership & Business Growth – A Chat w/ Adrian Hobbs
- Strategic KPIs & Leadership – A Chat with Mike Butler
- Selling to Your Team – A Discussion with Amanda Daly of Dalycom
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