Why your trade magazines are one of the most valuable tools imaginable.
I have used this concept repeatedly throughout my business career and it has brought me valuable dividends repeatedly. It is a must do for everyone exploring new business.
Read all the trade magazines possible, about your industry, trade or market. There is a wealth of information that is important for you to know waiting to be read.
There are two broad applications to this principle.
The first being appropriate if you are entering a new industry or trade, for any purpose but presumably to do business in a variety of ways. Possibly to sell into it. Possibly to become a player in it. Possibly to purchase a business in this industry. Perhaps you want to do a start up in this industry or trade or market.
The second reason is because you are already in this industry, trade, or specialty.
Here is the principle: By reading three months of all the trade mags applicable to a particular industry, you can become an expert with vast knowledge and easily perceived as someone who has ‘done their homework’ who is knowledgeable and aware. You will learn what is working what is not working, who the players are and what they are saying, what is selling and what the future may be. There is unmeasurable wealth lodged between the covers of three months of magazines.
Here is what you do. First read all the articles, there will usually be a few about successful business operators being interviewed. Within these articles you will learn everything you need to know to be as successful as the best in the industry, because they will answer this question unabashedly and clearly.
Second study the ads, this will tell you what is selling, who is selling it and who is successful at it.
Thirdly read the letters to the editor and the editorial statement for the month and this will put you in touch with what is relevant to the trade that moment. The current issue of the day.
Read the classified adds, this too will reveal much and educate you as to what is selling for how much as well as give you an idea of the condition of the industry.
Three month worth and you will be as knowledgeable as the best in the industry and will have answered all your questions you may have. In addition it will educate you as to whom to call and talk to, where the power is and what is the best angle for your entry, if at all.
All this with three months of magazines. If it is a larger industry you may be fortunate enough to have two or three different publications, a bonanza of information. Every industry or trade has at least one, most of the time.
Its the secret path to becoming an ‘expert’ in a few hours. Learn the names of the industry leaders, the leading businesses the issues and problems and you know as much or more then most in the trade and will be able to conduct yourself intelligently immediately.
Interestingly I see copies of trade mags in many waiting room and on the desk of many business I visit, and if I have a few minutes in the waiting room I glance through a few copies and can become immediately intelligent in the first conversation, and I usually discover that the owner of the business has not read the magazine. I ask about it and get the ‘too busy’ answer, followed by …’I should, I used too, but I haven’t for a while.’
Please read your own trade mags, it will keep you aware and on top of what’s happening and maybe even tip you to something important.
Three months worth and you know most of what you need to know, what a wealth of information gathered for you and the cost is only a few dollars. many are even on line and are available for the asking.
Do it.
