Have you noticed some key changes in the way business is being done today? If you’ve been around in business for a good few years, you’ll likely be identifying some shifts that we haven’t experienced previously. These include:
1. Supply is outstripping demand
This is probably the key paradigm shift that business must acknowledge. What that means is that consumers of your business’ products or services have more choice than they have likely had in the past. In recognising this, customers are becoming far more demanding, raising their expectations for quality, service and price competitiveness.
2. Customisation is king
The days of mass production are over. Today, customers are seeking customisation that matches their requirements in a B2B scenario, and their lifestyle demands in a B2C context. The winners in business today are those who are able to employ mass customisation – the ability to retain production efficiencies and some degree of customisation.
3. Competition bites
The battlefield is becoming more bloody. As recessionary times bite revenues and profit margins, competitors are becoming more active, and more daring in terms of their tactics to win market share. The fight though has shifted to the heart and minds of the consumer, for that is where the battle will truly be won or lost.
4. Technology enablers
If you consider the role that technology plays in our lives today, it has become ingrained to the very fibre of what we do. It enables us to process massive volumes of information quickly, it facilitates the gathering of insights from that data, it allows distribution of the information without any loss in quality, and to anyone anywhere in the world at the touch of a button. Technology enables this, and so much more!
5. Its all about customer experience
Products are less likely to be sold as simply products, but rather come coupled with a service. Communities are booming as people with shared interests commune online. Social platforms enjoy more memberships than some countries. Marketing moves from one to many, to many to many, losing control of what information is conveyed about their brands and the users who experience it.
So what can be done to address these paradigm shifts?
If there was a ‘one stop shop for business success’ every business would have bought into it. There are however some basics that when done well, can increase a business’ prospects for success.
Firstly, place your customer at the centre of all you do. Find out what they want from you. Then find out what you can deliver to them that your competitors cannot to the same quality, service or price. Without becoming obsessed about your competitors, make a point of watching what they do. Analyse the market to identify gaps.
Then innovate your products and your business though technology enablers. Carefully consider what technology can bring in terms of efficiencies, particularly in the context of mass customisation.
Slow and steady is the better option, rather than attempting multiple actions at once, none of which enjoy the benefit of your focused attention.
Not sure what actions your business should be taking to leverage the business environment paradigm shifts? In2Great Consulting can help.
Contact us here, or mail us at info@in2GreatConsulting.com.