Staying Alive: Surviving Disruptions in the Industrysubmitted on 7 December 2020
The idea of change elicits discomfort in a lot of people. As creatures of habit, we find comfort in routine and sticking with what’s been proven to work. However, in a business landscape that seems to transform overnight, fearing and rejecting change can lead to devastating outcomes.
Take Kodak, for example. Kodak was once hailed as the leader in the film photography industry, earning £12 billion in revenue at its peak. However, they got too comfortable with the success of their business model that they failed to notice the growing preference towards the digital cameras. By the time Kodak released its own line of digital cameras in response, it was already too late. In 2012, Kodak filed for bankruptcy.
It’s sobering how many companies fell under the weight of their own hubris, but if you want some tips on how to keep your own company from suffering the same fate, then read on.
Listen to your customers
The key to maintaining your customers is listening to them and addressing their needs. Some companies focus too much on maximising profit that they completely lose touch with their consumer base. Even the biggest and most successful business owners need to remind themselves that the business is nothing without the customers. Stay connected to them to see how their preferences are shifting, ask them directly for feedback, and revise your product or service based on the data you’ve gathered. If you make changes to your offerings without consulting your audience, you only risk alienating them further.
Embrace innovations
Some business owners are either too stubborn, too wary, or do not have the resources to adopt innovations into their established and perfected business practices. The general thinking is, “Why fix something if it isn’t broken?” While there is some merit in this school of thought, failing to embrace innovation puts you at risk of falling behind your competitors. Prior to 2020, some businesses didn’t bother to build enough of an online presence, thinking their physical store and traditional marketing tactics would be enough to keep their businesses alive. These same businesses suffered a harsh reality check during the pandemic. Businesses with a strong online community managed to stay afloat and even thrive, while those who didn’t take advantage of the online market suffered losses.
The moral of the story is: stay updated on any developments and innovations in your industry, study their potential, consult multiple experts, and consider adopting them into your own business model if applicable. Manufacturing companies should consider getting into micro-manufacturing, which is gaining traction as devices compete to be sleeker and more compact.
The unprecedented growth of technology has resulted in more innovation and revolutionary changes in consumer behaviour. The challenge for business owners of the modern age is to stay ahead of the curve and take the necessary precautions to survive potential disruptions in their industry. Do not fear innovation. Stay flexible. Most importantly: make your customers the core of your company.
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