Disruptors in the marketplace are innovators or non-industry insiders that offer a similar product but in a different way. Disruptors are not obstructive to the industry, instead they help to push innovation and new ideas throughout the industry. Traditional companies should maintain a good awareness of the potential and emerging disruptors. There is no need to change the company’s business strategy but adapting will be necessary for current and future success.
Embracing the Digital Consumer
The marketplace today is becoming more technology-dependent therefore a lot of disruptors are using company-wide technology to complement their business strategy. Integrating technology will promote growth company-wide and will allow the traditional company to reach more consumers. For example, Casper; a mattress store has refueled its demand with an amazing marketing and social strategy. They turned a product that seemed impossible to sell without physically walking into a store into a very successful e-commerce business.
Growth and innovation are key to any business. The traditional companies that embrace change grow, traditional companies that refuse to start to slow down. These companies are not keeping up with the demand of the market which is slowing them down. Venturing out into other industries or changing the way you sell things could give your business the boost that it needs. If you’re not moving forward, you are moving back.
Offer Product Customization
Another great opportunity that traditional companies can take advantage of is to offer personalized products. Who doesn’t love their favorite snack with a team logo or country flag on it? This allows the consumer to feel catered to and creates a positive brand association. This strategy will not only bring in more sales but also create more brand awareness and brand loyalty for future products.
Create Customer Engagement
Social media is the largest focus group that has ever been assembled. This allows companies to get a better feel for what the market is asking for. Using this lesson from disruptors, traditional companies can use this lesson to create customer involvement. Your consumer base feels they have an influence on the brand or product they will feel more invested. This investment creates a sense of pride for the consumer and drives brand loyalty.
Offer More Direct to Consumer
The economy today is always on the go which means convenience is becoming more important to consumers. For example, Dollar Shave Club is a new company that has offered a subscription service for grooming products. This company is direct to consumer company and they undermined the whole industry in which they operate in. This brand strategy will force traditional companies to continually improve and bring additional ease to getting consumers what they want when they want.
Disruptors will always be prevalent in the industry because, without them, nothing would ever change. There are always lessons to be learned and new ideas to test. This article is not about changing your whole business plan and values. It is about encouraging you to stay abreast of change, whether in product categories and selection or go-to-market strategies, maintaining a good awareness of developments helps you build a plan and make any necessary changes for your business to stay viable tomorrow.