Adaptability: The New Competitive Advantage

 

You can no longer rely on traditional thinking and strategic planning. Staying competitive in today’s business environment requires a constant demand for your skills and willingness to adapt to change.

We are not suggesting that your change your core, but keep up with industry changes, competition, new entrants into your industry, customer satisfaction, and employee engagement. Are you asking yourself the right questions? Are you willing to implement solutions that involve change?

 

Adaptation means – “We are good at learning how to do new things.”

 

Know what your customers/clients want before they know.

  • Advances in information technology, data gathering, and analytics make it possible to deliver something personal and surprising.
    Using increasingly granular customer data, you can start to create highly customized products/services that steer customers to you — at the right moment, at the right price, and in the right channel.

 

Read signs of change.

  • Are your sales and marketing teams looking for a change in customer habits?
  • Will your customer experience team share what’s happening among your customers/clients?
  • How quickly are you able to refine, reinvent, or develop new products/services?

 

Define your objectives.

  • For whom are you making your products /services?
  • What data are you using to support that your targets would buy these products /services?
  • Under what circumstances would they make their purchases?
  • Are you reaching your targets on the social media channel where they can contact you?

 

Analyze and execute.

  • With your customer data, current product attributes, and predictive analytics, are you pulling your teams together for new products /services?
  • Is there testing of your assumptions using selected customers for validating these assumptions?

 

Learn and evolve.

  • How do you measure results?
  • Do you have a” lessons learned” review process to guide your creation of future products /services?
  • Will reviews of previously successful products /services ensure customers/clients continue to respond as expected?

 

Maximize your launch success.

Generating brand awareness and establishing credibility is only a fraction of the challenges you will face during a product launch. Understanding these challenges helps increase your chances for success.

Amaze or enhance people’s/clients lives or business.
  • Is your emphasis on what your offerings will do for your audience?
  • What are the benefits? What are the problem solutions?

 

Engage influencers/ bloggers/ thought leaders to create “buzz.”
  • Are your courting individuals that could create interest in your products?
  • What is your reputation for innovation or solving customer problems?
  • How are you using social media to advance your products/services?

 

Change the world.
  • Do your products/services inspire?
  • Are you introducing opportunities to own revolutionary products/services?
  • Would your customers say you are creating a new vision for your company?

 

Transform your launch into an event.
  • Are press releases being distributed to introduce your products/services?
  • On what platform is your target audience? Have you planned an online event there?
  • Are pre-orders a part of your strategy, so your announcements yield sales?

 

Get comfortable with uncertainties.

Drive flexibility.
  • How often are there positive change discussions through your business?
  • Would you describe your culture as nimble, respective to divergent thinking, and having a desire to develop new approaches?
  • Are you sharing a positive vision of your business future with your company?

Conclusion

Your adaptation speed will depend on how quickly you decide to refine, produce, or revise your products/services. To be competitive, your people ought to be on board with your future company vision. Your goal to deliver growth by acquiring an expanded customer/client base is a shared priority.

Plan! Adapt! Manage! Succeed!

AccuComp Enterprises is a team of experienced business advisors that can help you grow.

Contact us at m.parces@accucompenterprises.com. We are all in this together!