by Simon Pearton-Hindley
•
28 Oct, 2019
Many companies focus on what they have to offer Customers now, and do not consider what it is that Customers will want in the future. With 9 billion potential new Customers by 2050, companies should be looking to innovate in order to stay relevant. Think back to the companies your parents dealt with.... I doubt many are still around today. Once beloved household names, such as Woolworths, Pan Am, Rumbelows, Tandy, Dixons, MFI, Blockbuster, and many more; are no-longer with us. Their failure to adapt, meant new cutting-edge Companies quickly pushed them out of business. In terms of Fortune 500 companies, only 60 of the original firms listed in 1955 remain today. No matter how much your Customers love you; they will leave your company if you do not stay relevant. Take a step back and think how you could innovate, and don’t worry of another company has already come along with something better than you are currently offering. Being first to the market does not always mean it is the best product or solution. In fact, almost 50% of first-movers fail. Take stock of what your new and current competitors are doing, what new technologies are challenging your revenue; and see how you can adapt your business model to keep up with the ever changing world.