Keeping a company relevant could be the greatest challenge in business. It is about the vision of the company that is a game changer. Any entrepreneur that owns or runs a business knows that you must continually update the vision, the product and the marketing to stay relevant. The business leaders who do not improve what the customer is looking for, will be challenged.
In the business there are so many examples, it is impossible to just pick a few. Today, technology plays such a significant role in consumer buying decisions that it often becomes daunting to keep up. What is really a little scary is trying to imagine what business will be like in five years and ten years from now. Clearly, operating just like you did ten years ago is becoming less and less of an option.
My two examples of businesses are Blackberry and Amazon. 11 years ago, Blackberry owned the smart phone market and believed they were impenetrable and had the consumer market fully locked up. Their stock was through the roof and the shareholders were experiencing gains like never seen before. Then, on June 29th, 2007, Apple launched the iPhone and started what we now know as one of the greatest market maker moves in corporate history. Blackberry today, is all but irrelevant.
Look at how Amazon has changed the entire retail industry and how the consumer shops. I don’t need to tell you the stats, stock values etc. because it is ridicules. I can sum it up with one fact. Today, 100 million people have an Amazon Prime account which is equivalent to 64% of the US population.
So, what am I saying? If you run a business, interact with customers, are in sales or management or even if you bag groceries, there is something you can do. Try as best you can or think beyond what you do every day and imagine the changes your field of work will experience over the next several years. Managers, bosses, shareholders, bankers etc., love people that offer solutions and potential improvements far more than the person that just complains about how things are.
The human brain cannot and will not ever be equaled by man’s inventions. Therefore, don’t be hesitant about using your impressions, imagination, wisdom and vision for the future because those thoughts may just be the next market maker idea. KT