We live in a rapidly changing world, and one of the greatest challenges for a business is staying relevant to their target market. Customers / clients have far more distractions (or disruptors), choices, opportunities and ways to communicate, and ultimately this will test how strong the bond between customer and business actually is.
Change in the business environment is inevitable, and companies need to ensure that they are always on top of new technologies, trends, customer interests, and shifting buying patterns. Think about the well-documented stories of Sony Walkman failing to take advantage of the digital music era. This may seem daunting, and a huge risk to business – but change is good as it leads to progress; and embracing it can give businesses an upper hand on their competition. Go with the flow and adjust your strategies as necessary.
So how does a company make sure they stay relevant to their audience and thrive, despite new situations, circumstances and demands?
Be where the people are; know who the people are:
Connect in ways that your audience wants to connect:
Know your competition:
Be mindful of trends – even before they happen:
Embrace innovation and critical thinking:
Consider cross-industry collaborations:
Staying relevant can be a challenge for any business however, it is becoming increasingly urgent as consumers are drawn to all things new.