“Just two years from now, IDC predicts that one-third of the top 20 market-share leaders in most industries “will be significantly disrupted by new competitors (and reinvented incumbents)” that create new services and business models using a combination of mobile computing, social media, cloud computing, analytics (big data), and potentially the Internet of Things.”
This article in Forbes stopped us in our tracks and made us think. These are sobering numbers! Just keeping up with the times isn’t what it used to be. How about you? Have you evaluated your business lately to see how it measures up in a rapidly evolving industry? The rise of all things digital has sounded the death peal for many businesses, because they didn’t adapt to fit with the market they exist in. What does that even mean though? If you think you are going to have to completely overhaul the way that you do things, think again. Buick is great example of a company that hasn’t altered its product so much as it has altered its image and its target market.
Even if your business serves an “old fashioned,” need, that doesn’t have to mean that it will go by the wayside. An example of this is a client of ours, Washington Intelligence Bureau (WIB), a traditional mail house. WIB realized they were living in the era of digital marketing, but they weren’t willing to give up on what they did. We designed a digital campaign that demonstrated the effectiveness of mail campaigns. This brought fresh, young clients to WIB’s doors. Don’t make the mistake of assuming that your current clientele are all that you need to survive, or that they will be around forever. Now is the time to take a hard look at your business, and how it appears to the world versus how your competitors appear.