Entrepreneurship: How to Embrace Disruption
2020-05-13
Companies have tried to break free from the norm and have tried to disrupt big competitors of the same service. A great example would be how Grab and Uber disrupted the taxi industry, where people have chosen their services over the latter or how books are slowly being disrupted by e-books or online articles. And who can forget how Netflix has taken over the age of satellite TV and cable. Disruption from the producers mentioned does not connote or imply negativity, it means that we would have to amplify the services we offer as a business.
Embrace diversity
Your company is different from the competitors that surround them. As a business, you can’t let competitors belittle the services that you offer. Customers know the product that they purchase and the company with the most credibility and service will always set the standards for everyone else. If you would stick to comparing what you have to offer with your neighbor, this will slowly reduce the quality of your services. Use your competitors as a means of improvement, focus on what else you have to set on the table instead of settling for what has already been provided.
A well-versed company will always supersede those who remain stagnant with what they are used to.
Intensify your social media presence
Social media is not just a platform for you to promote your services, respond to feedback, and to create posts/photos. To intensify your social media presence would mean that you can surpass the services offered by your competitors. Do not use the platform to destroy or negatively impact your competitors but use this to veer away from the norm. Social media is full of ideas that are at within your fingertips. Your services are already great; however, your end goal should always be the best.
Team up with competitors
Your strongest competitor can also be your best ally. Just because you have been disrupted by the services that they can provide does not mean you can’t use this disruption as an edge towards improvement. Disruptive competitors are usually the ones who share your customers’ due to services that you likely share. Teaming up wouldn’t mean that either of you must sacrifice the individuality that you have worked for, all you have to do is fill in gaps that the significant partner lacks. Your company focuses on marketing and web analysis, and your competitor heavily relies on content. As you work in tandem you may even generate customers’ you least expected. More customers generate more income for both parties.
Lean towards technological advancement
Your current practices can always generate the same services you have catered throughout the years, but you can always do better. If a business/company thinks of settling for what they have already achieved, they will always be left behind. In an age where technology has slowly adapted to every nook and cranny of our society, your company should always be on top of this. Machine Learning and Managed Service Providers are some examples of advancements that your business may look into to further improve on the products and services that you offer.
Be the convenience your customers look for
The majority of the consumers today are already leaning towards convenience. The ideal concept of the service they yearn for would require less hassle. If you have noticed how every business maximized the use of applications, online transactions, and even delivery to cater to their customer's needs. And the ones with the least expense always generate the best reviews, your goal should always include your customer's interests and needs. The first rule of business is to balance supply and demand.
These concepts do not allow you to settle for what you have already achieved. You may have reached a new height in the list of accomplishments you have thrived for. Do keep in mind that you are only limited to what you limit yourself to be. Pushing yourself beyond these limits will always ensure the success in your story.