Image by Patricio González from Pixabay
Before capturing the spotlight as a disruptor in the marketplace, a business faces a myriad of challenges. Naturally, you know all about challenges, right?
In fact, you’re probably very familiar with challenges such as these:
- How to develop and implement creative marketing strategies.
- How to innovate better and faster than other companies.
- How to implement entirely new business models to provide unique value to consumers who have ever-shifting needs and wants.
The trend of relatively unknown startups coming out of nowhere to capture once-firmly held positions of established companies is by now a well-known phenomenon.
For instance, consider the success of Netflix vs. the bankruptcy of Blockbuster.
This kind of unprecedented success results from companies employing a disruptive business model. A disruptive business model serves a niche market with unmet needs by taking a non-traditional approach to solve a customer’s problem.
Eventually, companies that use disruptive models end up taking away even the most-loyal customers from market incumbents.
Since 63 percent of companies are currently facing high levels of industry disruption, businesses trying to stay ahead of the competition should look for opportunities to embrace change and act quickly to be a first-mover in disruption.
For more ways to position your business for disruption, see the following infographic courtesy of Fundera.
Sources: HuffPost | Investopedia | Forbes | PwC | MIT Sloan Management Review | The Atlantic | Startup Grind | Medium | Harvard Business School
From the Coach’s Corner, editor’s picks:
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Want to Disrupt Your Industry? Lessons from Transportation – If you desire to dominate your competition, there are lessons to be learned from the transportation sector. For instance, you can design market-shaking strategies, if you study the histories of ride-sharing companies such as Lyft and Uber.
As Tech Disrupts, HR Strategies to Meet Future Staff Needs – Tech innovations such as artificial intelligence, 3D printing and driverless cars threaten businesses that already have challenges in human resources. It’s critical to identify the future skills and roles companies will need in their staffing, and to make needed changes. Here’s how.
Artificial Intelligence: How to Maximize Your ROI – You will maximize your return on investment in AI with these strategies.
“Disruption is, at its core, a really powerful idea. Everyone hijacks the idea to do whatever they want now. It’s the same way people hijacked the word ‘paradigm’ to justify lame things they’re trying to sell to mankind.”
-Clayton M. Christensen
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