Introduction
In this post, I want to discuss early warning signs that could point to the obsolescence of certain business models and how market shifts can impact your products and services.
We’re all familiar with brands like Uber and Airbnb, companies that disrupted and revolutionized their industries without owning traditional assets like cars or hotel rooms.
These companies changed the game in ways that many didn’t anticipate. And if you think about the taxi industry, or the hospitality sector, these disruptions hit hard.
I was recently speaking with a video editor in Canada who had a wake-up call about the changing landscape of sales.
He worked at a company that had moved from a traditional sales model with business development reps (BDRs) and managers to an online platform where the role of the salesperson was minimized.
His role, essentially, became redundant.
It got me thinking: Is this the beginning of the end for certain professions or models?
And if you’re in a similar position, are you prepared to face the challenge?
As business owners, it’s easy to get complacent and think that things will stay the same. But the truth is, the market evolves constantly.
The real question is: Are you paying attention to the early signs of change?
Take Responsibility
The reality is that it’s your responsibility to stay ahead. You have employees, stakeholders, and clients who rely on you to steer the ship.
Sure, you don’t have to monitor everything constantly, but taking a proactive approach to understanding your market is crucial.
Here’s an approach I recommend: carve out just one hour each month, or host a team meeting every quarter to discuss emerging trends and potential disruptors in your industry.
This can be a highly valuable exercise for your business.
Involve Your Team
When thinking about potential market shifts, include everyone in the discussion. It’s not just the senior leadership team that will offer insights.
Everyone from your entry-level employees to your senior managers might have a perspective that could influence your strategy.
For example, customer-facing staff or even someone in a less obvious role, like the cleaner or security guard, might overhear things or notice patterns that could inform you of potential issues or opportunities.
By getting a range of opinions and perspectives, you’re likely to uncover insights you wouldn’t otherwise have considered.
Focus on Relevance
As I often say, it’s about staying relevant. If you were in the taxi business 10 years ago, could you have predicted the rise of Uber and Lyft?
Probably not.
But, you might have heard murmurs about ride sharing apps or seen early signs of their impact. And if you were plugged into the right channels, industry blogs, conversations in reddit, or even conversations within your community, you could have had a head start.
It’s essential to stay aware of the emerging trends in your industry. Whether it’s through reading thought-leader blogs, attending webinars, or simply keeping an ear to the ground, you need to have access to the right information.
Monitor Emerging Threats
How do you monitor emerging threats?
- Is it through market research?
- Networking with other professionals in your sector?
- Or perhaps following industry leaders who keep you in the loop?
If you know that a new entrant could disrupt your market, it’s better to face it head-on than wait for the competition to get the upper hand.
Be proactive, even if it means making some difficult decisions.
What’s the Next Step?
So, what should you do with this knowledge?
If something is emerging in your market, it doesn’t necessarily mean you need to react immediately. Sometimes it’s about assessing whether this shift will affect your business directly. If it does, is it worth changing course? Can you afford to adapt quickly?
The goal is not to panic, but to stay informed and stay ahead of the curve. It’s not about predicting every change, but understanding the potential consequences and being prepared to act when needed.
I’d love to hear from you. Is there something emerging in your marketplace that could have a significant impact on your business?
How are you preparing for it?
Always here to help you start, grow, and thrive. Let me know how I can support your next big move.
