4 Ways to Help Your Business Remain Relevant
1. START A DISCUSSION
Social media has made it possible for organizations to engage in two-way communication with their audience. The added benefit of this is that users have a tendency to share pertinent or interesting information, thus, adding to the conversation about your organization. These conversations can be started through organizational content, industry practices or even opinion pieces. You may not always be able to control the direction the discussion will go but if you build a loyal following then chances are that the conversation will help to paint your company in a positive light. In this case, we’ll see Netflix story.
2. UNDERSTAND YOUR PRODUCT, THEN EXPAND YOUR SCOPE
“Do one thing and do it well.” This advice is great for an organization that is just starting off. It should also be prefaced with “Understand your Product.” It is by knowing what an organization is in the business of producing that expansion, relative to the brand can, take place. In the case of Netflix and Blockbuster, Netflix understood that their service was not delivering DVDs via mail subscriptions but delivering entertaining content. They understood that in order to do so, they had to provide content to their customers in whatever way their customers consumed it. Blockbuster, unfortunately, did not understand that and remained with hard copies until it was too late.
source: Emma Bowers, canadianbfrb
3. DON’T JUST FOLLOW TRENDS, UNDERSTAND THEM LIKE NETFLIX
Trends come and go but a smart business will understand the underlying reasons for those trends and utilize them to their advantage. Remember MySpace? Once upon a time, it was the place for musicians to display their creativity. Two things can be learned from this: the Internet provides a place for creative people to showcase their content without conventional channels. Second, the Internet provides a medium for socialization via content as well as comments. These are elements that every social media channel since MySpace has taken and adapted to their sites. A smart business would understand that the points made about the Internet are also innate to human nature; we are creative and love to be social. There are trends that affect your industry just waiting to be discovered, by understanding them, you increase your chance of making sure that your company thrives in any environment
4. DON’T BE AFRAID TO TAKE ON CHALLENGES
This may be the hardest thing to do for companies that have become comfortable with their position. Netflix took on television by creating their own content. Apple challenged the way personal computers were perceived by making them user-friendly. Lego started to market to adults and in 2014 produced a self-titled movie. What all of these companies have in common is that they were at some point about to be bankrupt or losing their audience but by challenging themselves, they became household names with no intention of disappearing any time soon. Change is vital to any organization because the market is constantly evolving – smart organizations and evolve with it. Charles Darwin said it best in his renowned work On The Origin of the Species, “In the struggle for survival, the fittest win out at the expense of their rival because they succeed in adapting themselves best to their environment.” It is time for your organization to thrive.
Charles Robert Darwin, 1809-1882
“In the struggle for survival, the fittest win out at the expense of their rivals because they succeed in adapting themselves best to their environment.”
On The Origin of Species