Disruptive innovation can wreak havoc on even the strongest of brands and businesses. Though your business may be booming now, a single marketplace change can leave the status of your company’s future in danger.
While it can be scary to think about your industry changing forever, ignoring that possibility will only make it tougher to adjust when changes do occur. Use the following tips to make sure you’re prepared for disruptive innovation when the time comes.
1. Stay in the Know
The moment a new way of doing things happens in your industry, you should make a note of it and do your research. While some innovations may seem like a passing craze, you never know when one will take the market by storm and become commonplace.
Be prepared to alter your business model if necessary by informing yourself on all industry changes, whether you think they’ll stand the test of time or not. Your knowledge on possible disruptions should extend beyond awareness, though. You should also think about the logic behind these new changes to get more insight into prospect pain points and what solutions they need.
2. Be Proactive
Your company should start making moves to adapt before an industry disruption even takes place. Operational changes can take a long time to implement fully, so the quicker you begin adjustments, the less likely you are to be left behind.
Making little changes along the way will prepare you for a time when these new processes are a necessity for clients. A great example of this is by moving your promotional efforts online instead of just sticking with traditional methods like radio ads or billboards.
3. Let Data Guide You
What’s the key to a successful business model? Research, research, and more research. Study industry trends and consumer behaviors to adapt your strategies for continuous improvement. Try to conduct a thorough analysis of all relevant data at least every quarter, to make sure your information is accurate and up to date.
Use insights into what’s working, and more importantly, what isn’t working to deliver value to potential buyers and customers alike. If your company is already optimizing at every turn, disruption will be less of an issue when they take place.
4. Find Your Niche
Is there something your company does better than others? Perhaps you even provide a product or service that isn’t offered elsewhere. Whatever it is, highlighting your unique value proposition (UVP) is a great way to set your business apart.
When you differentiate yourself from others in the marketplace, it becomes far more difficult for similar companies to compete. If your niche doesn’t immediately come to mind, take the time to find a UVP and guarantee that offering functions correctly. After all, you can’t be disrupted if you’re the disruptor.
It’s impossible to know when an industry innovation will come along that changes the game forever, so your best bet is to prepare for your company for the future, and whatever marketplace changes may take place.
At HeadsUp Marketing, we do marketing differently with an agile approach that incorporates data and marketplace changes so that your business can continue to grow no matter the circumstances. Contact us today to build a marketing plan that will keep your company not only safe from disruption but thriving.