Adapting early to the right trends could create an unequaled competitive advantage for your business. You could be first in your industry, and therefore, the first to take advantage of a key technique or new technology to bring greater value to your customers. Paying attention to what is developing in your industry is critical to success, which means that research and analysis should be part of your business improvement process.
Important to your analysis will be to determine the difference between a viable trend and a hollow fad that does not promise long term competitiveness. Faddish novelties appear to make a difference, but don’t deliver over time. These are quick to market, but lack real development with lots of flaws. Late 1990s dot-coms promised much, but delivered little and most did not last.
A more modern example of a viable trend is mobile pay. Adding a mobile pay platform a few years ago would have greatly improved your chance at taking more market share in your industry. Companies are still adapting to this technology, and it is becoming a more mandatory item now to remain at the same level instead of providing the advantage visionaries saw years ago.
Here are steps and considerations to determine, analyze and adapt to relevant trends for your business:
- Follow your industry community. Pay attention to what is going on in your industry in publications, professional organizations, forums, blogs, and government agencies who may have jurisdiction over your industry. Attend conferences and product shows. Additionally, join relevant business and leadership organizations.
- Focus on techniques, technology and systems. Technology could be the greatest single aspect that can provide a competitive advantage. Don’t get too committed to a certain product, but actually to a concept. For example, if you want to offer a better communication platform for your sales team, focus on the family of smart phone technology first before being committed to a specific product, and then choose the best product that fits your strategy and business model.
- Conduct a SWOT analysis. Be aware of your strengths, weaknesses, opportunities and threats. Continually do a SWOT analysis so that you can be flexible and prepared for change in the market and in your own business. A SWOT analysis done accurately will empower your strategy and prepare you to make better decisions.
- Model the change. For the new concept that has you thinking about adopting, I recommend modeling what it is promising to deliver. For example, if you are looking at a new supplies ordering platform, you should create various models to test the system. Analyze benefits and costs along with logistical movements. What investments must you make, and what deliverables does the new system promise? Conduct a thorough test before deciding to adopt.
- Be decisive. Once you have completed your due diligence of research, analysis and comparisons, be decisive, whether for or against.
- Reinvent. The business cycle will overtake you in the mature and decline stages if you don’t continually focus on reinvention. I believe in continual improvement whether it is in skill development, better systems, and more but relevant analysis. Adapting to new trends can ensure that you continually are reinventing your business to stay relevant and modern, because each day, your market is maturing and your customers may be looking toward your competition.
Adapting to the right trend provides an incredible opportunity for your business, but you have to be watching and analyzing the possibilities that can fit your strategy. Be cautious to avoid fads, but be decisive once you have researched, modeled and analyzed a trend’s ability to fit into your business.
“Every success story is a tale of constant adaption, revision and change.” – Richard Branson
How have you researched and adapted to business trends in your industry? How successful was it, and what would you do differently?
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Copyright Stephen McLain-2016