Many companies find themselves at a crossroads. The next few years will decide which business models will survive and which will undergo sweeping changes. Technological evolution, the modern consumer and the total market compels us to answer that one crucial question: who is prepared to re-invent their company as well as themselves?
This blog post will introduce you to a philosophy that makes it possible for people and organisations to re-invent themselves. The objective is learning how to be relevant and successful in a tumultuous market.
2013 made it clear how fast things are evolving nowadays!
Last year the world reached the tipping point. For the first time in history we spent more time in front of small screens (smartphones and tablets) than large ones (desktop and TV). The next two years will undoubtedly see the breakthrough of wearable devices (smartwatch, Google Glass…) and the ‘internet of things’ (from smart cars to smart toothbrushes). You might say technology will become the consumer’s sixth sense.
2013 also illustrated how uncertain the fate of a company really is. Nokia was sold for $5 billion when a few years earlier it was worth a multiple of that sum. Blackberry also fell by the wayside.
Companies face three new types of competitors
Most companies use competitor analysis to analyse their direct competitors. While such analysis is obviously important, it is no less crucial to take a closer look at three new types of competitors.
- Start-ups: small, sharp players are undermining quite a few of the traditional business models used by established companies. Smaller players are looking for new and efficient ways to enter the market. In spite of their limited initial market, it is still crucial to monitor their activities. This is the type of player that revolutionises the market.
- Major digital players: every company should start from the assumption that organisations like Google, Amazon and Apple may one day become their competitor. These big players have lots of clout, money to burn and a wealth of data and top technology, enabling them to enter any market they choose with a fair degree of creativity.
- Consumers themselves: technology is becoming ever cheaper and better and in many markets this has already resulted in competition by consumers themselves. The introduction of cheap and high-quality digital cameras destroyed the independent photography business. Modern consumers have no use for a photographer anymore; they take their own pictures. The taxi industry is under attack by Uber and the travel industry is struggling with AirBnB. More and more often, companies find themselves competing with their consumers’ hobbies.
There’s only one answer: re-inventing your company
For the three steps to reinventing your company, read the full article on the NewVoiceMedia Blog.
Steven is one of Europe's thought leaders in the field of social media, conversations and digital marketing. His latest book ‘The Conversation Company’ sold over 10,000 copies in six months, and offers a roadmap on how to become a genuine customer-centric organisation that exploits the possibilities of digital media to the full.
Steven is also an experienced speaker at national and international conferences and has received several best speaker awards over the years.
Tel: 07500 006 458