How to Successfully Disrupt Your Industry in 6 Steps

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Market disruption strategies can be very advantageous for companies as they allow companies to enter new markets and gain a competitive advantage. However, it is important to note that no all interrupts succeed. Many companies have tried and failed to disrupt their respective markets. To increase the chances of success, companies must carefully assess their industry landscape and develop a well-thought-out plan before attempting to disrupt their chosen market.

Related: A massive, ignored market is ripe for disruption

What to look for in a market disruption

Market disruption is when a company creates a new product or service that completely changes the game. It is a breakthrough that breaks the status quo and sets a new standard. Market disruptors are known for their innovation, efficiency and speed. They are pioneers who lead the way for others to follow. There are two key components to market disruption: the product or service and the company behind it. The product or service must be truly innovative and the company must be able to bring it to market quickly and efficiently.

Market disruptors are often its most prominent advocates, as they are passionate about their product or service and its ability to change the world. If you want to create true market disruption, you need a product or service that is completely new and different from anything else on the market. It has to be a game changer that sets a new standard. And it needs to be supported by an innovative, efficient and fast company. Market disruptors are changing the world one breakthrough at a time.

Related: The big disruption is here: how to reposition your thinking and your teams for growth

A step-by-step guide to planning a market disruption strategy

First, optimize. Using existing resources, what existing services or offerings can be produced more efficiently and sold more profitably today? Where in a process can efficiency be increased?

Businesses are always looking for ways to optimize their products and services to increase profitability and efficiency. In many cases, this can be done by using existing resources and improving existing processes. For example, a company can redesign its website to make it easier to use and increase sales. Or, a manufacturing company may choose to streamline its production process to save costs. Companies can often find ways to optimize their offerings and improve their bottom line by taking a close look at what they already have.

Second, determine key perceptions. What are people saying about the brand? This includes customers, prospects, competitors, partners, vendors and employees. Current customers may perceive a business as reliable and high quality, while others may see products or services as expensive and overpriced. Meanwhile, potential customers may see the business as a good option, but they don’t know everything that’s on offer. Competitors may see a threat because of a strong reputation. Sellers may see this as demanding but ultimately fair. While these are all important groups, focusing on the perceptions of potential customers is vital as this group drives growth.

Third, operational improvements. What structures, systems and resources need to be added, improved or removed to protect stability and enhance growth? Protect stability by ensuring that commodities remain high quality and reliable. Continue to invest in your customer service infrastructure to resolve any issues quickly and effectively. To support growth, expand sales and marketing teams and invest in new customer acquisition channels. Improve our financial planning and forecasting processes to secure the capital needed to support your growth plans. Finally, review the organizational structure and revise it as needed to ensure the company can execute plans effectively.

Fourth, explore. The future depends on exploring new opportunities. What new markets, innovations or systems have the potential to change, disrupt or expand what a business will offer tomorrow? This constant scanning is essential to staying relevant and keeping customers in mind. Being proactive and looking for new ways to improve ensures that companies are always ahead of the curve. This doesn’t mean chasing the latest shiny object, but every business should be open to new ideas and willing to experiment. Only by constantly exploring can any company continue to grow and evolve.

Fifth, competition. Several factors can limit the ability to be more competitive:

  1. The presence of other companies or organizations in the same market can make it difficult to acquire market share.
  2. Perceptions about a company or products can make it difficult to attract and retain customers.
  3. Pressure from shareholders or other interested parties can force companies to make decisions that are not always in their best interest.
  4. Economic conditions may make it difficult to invest in new products or expand operations.
  5. Competition from other companies or countries may limit the ability to be more competitive.

Consider strategies for dealing with each obstacle. Economic conditions may be out of your company’s control, but your strategy can use them to increase success.

Sixth, key audiences. There are key audiences to consider when it comes to success. These groups include potential customers, existing customers, employees and investors. Understanding what motivates them and what drives their decision-making is critical to ensuring that a business can continue to succeed in the future. For example, potential customers will always look for value. They want to know that what is being offered is worth their time and money.

On the other hand, existing customers are more concerned about quality and service. They want to know they can continue to receive the same high level of service they expect. And finally, employees always look for stability and security. They want to know that they can count on a company to provide them with a good job and a safe and stable work environment.

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