Complexity and rapid change are making it impossible to predict just what/who will make your business model obsolete or when that will happen.
But these 3 strategies might improve life expectancy.
1. Improve the Client experience
Companies in all industries are using technology to lower costs, personalize products/services and manage customer relationships in real time.
As we all become used to buying from companies that meet our unique needs – we no longer have patience with less responsive companies. After all, another – smarter – seller is just a click away. This trend will eventually impact all industries, not only B2C companies.
Improve your clients’ experience – it could be the only longterm strategy you need.
2. Look outside your own Industry
High client expectations are creating new customer service standards and business models that cut across B2C and B2B industries. Digital platforms are facilitating seamless integration of products and services from very different companies and industries. In 5 years your biggest competitor is probably working in an industry you are not even considering today.
Think out of the box – many recent company successes cross into very different industries.
3. Increase Flexibility and Speed of decision making
Working hard to develop a long-term strategy is no longer a wise approach. What works today might not work 1 year from now. It’s far better to invest in organizational flexibility:
- eliminating organizational silos (data sharing)
- integrating with external partners (data sharing)
- empowering employees with relevant, real time data so they can make strategic decisions that match market needs.
Learn how to gather, manage and use data.