How to survive in an age of devastating disruption
The game of business is changing. Every day I see business people living in a naïve state as if the status quo still exists. Entire industries are being disrupted at rates that have never been seen before in history. Insurance agents, real estate agents, financial advisors, the advertising industry, newspapers, magazines, radio, TV and music publishing to name a few. They are all under the threat of government regulation or industry disruption. It’s not over yet, as radical new technology coupled with new consumer needs will continue to replace or shrink these industries.
Where industries and people are not achieving at high levels, they are going to be replaced by more efficient means. The question is – are you going to be disrupted or are you going to push back?
How do you stop being disrupted? I share a few ideas:
- Stop thinking SMALL, or you will shrink and be left with crumbs.
- Start disrupting your own business before somebody does it for and to you. Don’t be scared to
- CANNIBALISE your own business. Be willing to take risks, spend on product innovation and conduct continuous real-time market research. Be open to cannibalising your own business.
- Smaller is not better. FASTER is better.
- Sales success in your business is not an option; it is an OBLIGATION. SELL better or face an uncertain future!
- Be OBSESSED about your business growth or be average. It’s a choice.
- Be OBSESSED with creating a more convenient customer experience.
- You need to be OBSESSED with getting known, so people can buy your product or service.
- You need to become OBSESSED with getting attention in the marketplace.
- You need to be OBSESSED with social media.
- You need to become OBSESSED with new income opportunities.
- You need to become OBSESSED with building client relationships. The disrupted industry salespeople tend to be less visible.
- You need to become OBSESSED with differentiating your products, services and sales approach.
- You need to MARKET smarter. All disrupted industries tend to market less as if they can cost-cut their way to success. It does not work.
- Keep asking what if?
Companies need to retain their curiosity and continuously keep asking what if? Keep a vigilant eye on the market so you can evolve rather than decline. History has shown us what happens if you don’t change. Think of former market-leaders like Nokia or Kodak.
Focus 100% on your clients. Fall in love with your CLIENTS, not your products, services or systems.
So what can business managers and owners do to address this reality? The answer is to dream and then act!
“I could either watch it happen or be part of it.” – Elon Musk
Article by John Lloyd, Brandstorm