Every industry changes. The only questions are why it changes and when it will change . The economy, the technology, the competitiion, the customer. There are only so many reasons why an industry changes. How do you (or will you) react when it does?
There are only two ways to react: play the victim and complain about it; or look at it as an opportunity for reinvention. Guess what the most successful companies in the world do?
Here are some thoughts on how to thrive when your industry shifts or gets disrupted:
- Figure out how the shift or disruption will impact your customers and help them through it. You will likely end up developing new services to offer them and you will definitely build brand loyalty.
- Use it as the excuse you have been looking for to get out of the industry altogether. This provides a great excuse for getting out of unprofitable ventures.
- Anticipate the next shift and get ahead of the curve.
- Watch what others are doing to be successful and build on it. You don’t have to be the first-mover.
- Focus on the strengths of your orgnanization and find complimentary offerings that you can provide.
- Look for performance boosts in areas where you wouldn’t normally look.
- Use it as an excuse to change your organizational culture and focus on innovation.
There are many others I could list, but first you need to decide who you want to be, the victim or the victor.