Some years ago I wrote about the competitive advantage of ‘change capability’.
Well, today we see practical evidence that those companies who have developed a real urgency and understanding of the benefits of assessing their market position, and ‘adjusting their sails’ accordingly, have a greater survival rate than others. Not only do they have a greater chance of survival, but gaining market share over their competitors.
In recent assignments where I have run strategy workshops, brave leadership teams have had to seriously confront business performance.
Their changing landscape, where new or more tech savvy competitors are infringing on their market share, has highlighted 3 specific aspects to survival:
- Relevancy
- Accessibility
- Adaptability
I’m sure every business, small or large, commercial or not for profit, private or public, will be able to relate to each aspect. Interestingly, it is the GFC and continued economic pressure which appears to be influencing shifts in purchasing behaviour patterns or if explored in an alternative light .... creating significant alternative commercial opportunities.
Briefly explaining ‘relevancy’ – Purchase decisions are being considered with far more rigour:
Do I really need this product or service?
What need is it really satisfying?
Is it essential or a luxury?
Can I justify my spending?
If I want it because I ‘want it’, how easily can I get it? Changing purchase behaviour patterns indicate that we are more likely to explore alternative accessibility options. It seems therefore essential to develop ‘new’ ways, either using technology platforms or alternative more convenient channels to distribute products and services to reach your customers.
These efficiency trends have been set by market leaders who were forced to focus on removing costs from the supply chain, thus helping to establish the ‘new normal’.
Lastly, it is the commitment to change adaptability that is also allowing companies to remain ‘in the game’. Accepting that time lines for strategy have shortened, business plans require more regular review and the need to develop new skill sets is even more critical.
Regards, Colin
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