Providing Industry Trends to Small Business Members

A chamber of commerce can be a valuable resource for small businesses by offering insights into industry trends. 

The following information can help your businesses stay competitive, adapt to changes, and identify new opportunities.

Identifying Relevant Trends

• Focus on local industries: Prioritize trends that directly impact local businesses.
• Leverage data: Utilize economic data, market research, and industry reports.
• Collaborate with experts: Partner with industry associations, universities, and consultants.
• Member surveys: Gather feedback from members about their most pressing concerns.

Disseminating Information

• Industry-specific newsletters: Create tailored newsletters for different industries.
• Trend reports: Publish comprehensive reports on key industry trends.
• Webinars and workshops: Host educational sessions on emerging trends.
• One-on-one consultations: Offer personalized trend analysis for members.
• Social media: Share trend updates and insights through social platforms.

Examples of Industry Trends

• Technology trends: AI, automation, cybersecurity, e-commerce, digital marketing.
• Economic trends: Interest rates, inflation, consumer spending, unemployment rates.
• Regulatory trends: Changes in environmental, labor, and tax regulations.
• Consumer trends: Shifts in consumer behavior, preferences, and demographics.
• Sustainability trends: Environmental concerns, green initiatives, and consumer expectations.

Additional Tips

• Make information actionable: Provide practical advice on how businesses can respond to trends.
• Foster collaboration: Encourage members to share their experiences and insights.
• Stay ahead of the curve: Continuously monitor for emerging trends.
• Measure impact: Evaluate the effectiveness of your trend-related initiatives.

By providing timely and relevant industry trend information, a chamber of commerce can position itself as a valuable resource for its members and contribute to the overall success of the local business community.

What is Your Core Competency?

As a competent chamber executive, we are constantly responding to member requests, trends in the industry, etc.

But do we spend enough time figuring out what are our core competencies?

A starting point is to survey your members (for a blog post on survey tools click HERE).

Identify what they want and prioritize. Put the appropriate resources in place to deliver on these core competencies once they’ve been identified.

As you are aware they may be different depending on your local situation and make-up of the community (i.e., political, networking, education, etc.).

The Western Association of Chamber Executives (W.A.C.E.), in 2010, released its latest study on the subject. Based on respondents from 15 western states, the top five core competencies members want from their chamber are as follows:

1. Creating a strong local economy
2. Promoting the community
3. Providing networking opportunities
4. Representing the interest of business with government
5. Political action

If you have not led your board through a recent strategic planning session to identify your core competencies, their toolkit is a good starting point. Or, this previous blog post on a board retreat might be helpful.

And, once you’ve identified these core competencies, don’t forget to measure your results on how you’re delivering on their importance to your membership.

Good luck!