When you hear the word “disruption,” what is the first thing that comes to your mind? Do you instantly associate with a negative force? Luckily, digital disruption should not be taken negatively as some people do. If you will only try to fight it or embrace it, it can do something good for your business in the long term.
As new digital technologies and business models emerge, the value of current products or services in a specific industry are greatly impacted, creating a digital disruption. Hence, the disruption in the current market calls for a thorough re-evaluation of businesses.Digital disruption is an inevitable force that you need to battle with. It is not something you can ignore if you want to fight for your business and become a leader in your industry. If you know the signs of digital disruption, you can easily spot one and do something about it. Don’t be too frightened when a digital disruption occurs; instead, consider the following digital disruption solutions.
Embrace the Change
Changes in the digital world come every now and then and you really can’t stop digital disruption from emerging. To do something about it, embrace it and recognize all the changes that come with it. If you see a new competitor conquering the industry, it can be really disheartening but you don’t always have to treat your competitors as threats. Often, you can learn a thing or two from them and when you see why they are growing, you will know what you need to work on in your business. Focus on the logic behind the success of a new entrant and determine their assets. This will help you in re-evaluating your business and developing more engaging products that will surely sell.
Make an Immediate Move
Once you perceive a digital disruption, act upon it immediately. You have to make a move right away and analyze the changes in the current market and identify the reasons for such changes. Don’t panic and look for immediate solutions to your problems. Consider video marketing for IoTand don’t ignore any opportunity that you think will help your business regain success despite the digital disruption. Furthermore, make good use of this time to discover your hidden capabilities and get rid of the strategies and approaches that will no longer work in your industry.
Combine Old and New Business Strategies
Just because an immense change occurred in the current market doesn’t mean you have to throw away all your old business models and approaches. You may create new business strategies and apply new concepts but don’t get rid of the old ones completely. If an old concept or method used to work for your business, keep it and think of ways on how you can revolutionize it. Combine your existing strengths and assets with new, effective business ideas and strategies. Remember that your way to success depends on how you deal with challenges and changes in your business.
Utilize the Power of Information
In times of confusion and difficulties, it helps to rely on the power of information. There are many ways you can use specific information on improving your products and services. You can use your customer data to increase engagement and loyalty by assessing their spending behaviors as well as their specific needs and interests. If you have ample information about your customers and prospects, you can easily determine what kinds of products they really want. One of the companies that can be your inspiration is Fitbit. By featuring the stories of their customers, they are able to increase brand awareness and prove the benefits of their products.
Build Digital Partnerships
You are not alone in your journey to fighting digital disruption. There are many organizations and digital start-ups with the same goal as you who you can join forces with. You can help each other by drawing upon each other’s skills and expertise. Don’t ignore those people who want to collaborate with you as you’ll never know how they can help you achieve your business goals. By creating digital partnerships, you can grow your audience and engage more prospects.
Be the Disruptor
Why be afraid of new successful entrants if you can be the disruptor yourself? Instead of worrying about digital disruption, you can make a great change in your industry and become the threat to your competitors. According to Forbes Insights, 83% of executives who see their companies as disruptors gain more revenue than those who think they are disruptive.
If you think of yourself as the disruptor, you are likely to see greater returns because you are confident in what you are doing. Instead of being a disruptive company, be the disruptor and transform your business into something incomparable.
Digital disruption can be a great challenge to your business but you have to take it positively and learn from it. If you follow the above tips, digital disruption will not scare you but you will see it as an opportunity to improve your business model and strategies.