How industry insights drive results
Knowing what is going on in your field is important. It helps you drive results, steer business decisions, grow professionally and better adapt to industry changes.
In fact, millions of people in the U.S. and worldwide attend professional development events, as they provide valuable opportunities for networking, skill development and staying up to date with industry trends.
Having a deep understanding of your industry’s current state allows you to make informed decisions and better strategize, whether it’s regarding career moves or business development.
You’ll spot threats and opportunities early on, which provide a competitive edge. This is especially important for professionals who contribute to shaping their organization’s strategy. It’s also important if you’re involved in sales and marketing, where it helps you identify and take advantage of the sales opportunities that come your way.
Keeping up to date with your industry is key to developing expertise in your job and your industry. You’ll earn the trust and respect of the people around you and from a leadership perspective, this is invaluable.
You’ll be alerted to changes that you need to think about, including threats and opportunities. For example, if you’re unaware of a legislative action that will change the way your business (or even just a department within your business) operates, it can be costly in many ways – not the least of which is your professional reputation.
What are the best ways to stay informed about your industry?
Be an avid reader. Absorb information about your sector, market and the broader world as much as possible.
Engage with your sector. Join professional organizations, attend their functions, undergo training and take part in online forums.
Establish connections. Build relationships with individuals both within and outside your industry.
Keep track of your business performance. Employ financial forecasts and business dashboard tools to evaluate benchmarks and identify trends.
Examine statistical data. Government agencies gather extensive statistics that you can use to identify trends in demographics, regions, industries and more.
Keep an eye on your competitors. Check out their physical locations and online presence and follow them on social media platforms.
Step away from your workspace. Visit places where your customers gather regularly, such as restaurants or business complexes and observe their behavior.
Think creatively. Expand your horizons by learning from people in unrelated industries, markets and regions.
Credit Union Magazine serves credit union professionals who are proactive, dedicated and committed to continual learning and improvement. These curious people are eager to learn about new developments, technologies and innovations in their field. They also share their stories of how they improve the credit union operating environment.
