Business is booming across Australia and New Zealand, with year on year growth recorded. If your business isn’t, then somebody’s taking your slice of the pie.
In Australia, mining was traditionally the largest source of above-average growth, but new industries are taking up the mantle.
Industries such as healthcare (12.8 percent), construction (7.6 percent), and transport, postal and warehousing (5.1 percent) are now in growth mode.
Meanwhile in New Zealand, the 10-year growth rate shows a buoyant economy.
Mining is still strong with 12.1 percent growth, with the health industry (8.1 percent), education (6.5 percent) and service industry (6 percent) leading the charge.
High tech manufacturing, ICT and tourism are also driving gains.
These industries represent golden opportunities, so why isn’t your business along for the ride?
Growth industries reflect increased consumer demand and often have pressures on the supply side.
With such wide-spread growth across multiple sectors comes great business opportunities for Australasian businesses.
While in growth mode, the size of the potential market pie continues to grow.
How much of that new business have you won? You should expect to see at least similar growth in your own sales numbers.
If you’re not seeing a relative uplift in sales numbers, you’re not maintaining your relative market share.
The question then is: have you adapted your business to reap the rewards of a growing economy?
Consider the current market.
Are there new competitors or has an old competitor introduced a new offering that is giving them competitive advantage?
In any case, the solution to getting your slice of the pie back begins by examining your own business.
A growing market is the perfect place to leverage customer demand and build on your offering.
Here are four ways to increase market share.
It’s a great time to be in business in Australasia – take a close look at your numbers to make sure you are taking a decent slice of the pie.