Dinosaurs once reigned supreme on earth completely ignorant of any force that could bring about their end. Until, Boom! It was over. I look around the business world today and see dinosaurs roaming all around in abundance. Far too many fail to recognize dramatic changes that threaten the extinction of their enterprise despite the warning signs, the available tools, and access to information like never before. While there are obvious examples (Borders, Blockbuster, Circuit City and soon to be RIM) the potential for inertia-based extinction is increasing every day for all businesses.
Today’s prehistoric landscape.... How to recognize if you’re a dinosaur:
- Have you built scenario plans based on changes in consumers, technologies, and economic factors?
- Do you utilize tools to collect, monitor, and analyze evolving customer wants and needs?
- Do you base decisions on strategy, product development, and services on customer data?
Unless you can answer the above with a resounding “yes” it’s time to get to work! WARNING: Do let your gut instincts, your last few customer discussions, or your many years of experience lull you into believing the above does not apply to you – these are traits of the dinosaur.
What events threaten your existence today?
- Consumer technologies provide a collective voice. Consumers reference that voice to judge your product and brand. You can’t spin or market your way out of it.
- Getting the word out on a product or service has traditionally been a barrier to entry. This is no longer the case with social channels and powerful online shopping malls like Amazon.
- Technologies enable new business models that create competition never imagined.
The good news is that every threat is also an opportunity. If you are willing to listen with an open mind; if you focus maniacally on exceeding expectations before competitors; if you are willing to change the way you build, deliver, and price your products and services; if you are willing to break every traditional mold of your business and industry – you can and will thrive.
