On XFM this week, we had a conversation on why business leaders need to embrace disruptive digital innovation to survive, expand their market, and to increase demand for their product or service.
Changing the way the industry operates is the key and we have tools today to do just that.
Transistor radios displaced analogue radios. Pocket calculators displaced desktop calculators. Flat screen TV displaced CRT TV. Smart phones displaced regular phones. Deliberate disruption is the only path to growth and success
Big book selling chains lost out to Amazon, big hotels are loosing out to AirBnB, electric vehicles are slowly replacing combustion engine cars, DVD rental lost out to Netflix.
The size of your business doesn't matter!
Mobile payments are already gaining traction. Everything will become "on-demand" Drones will change the game for logistics. Experiences are now more important than products. Seek to understand & leverage emerging technologies.
In the eyes of a disruptor, no one company is so essential that it can't be replaced and no single business model too perfect to flip.
Disruption starts with an inferior product and gradually improves it over time to attract the mainstream. Disruption flips a prevailing norm on its head. Disruption is a change in the way things are done.
Even the tech giants don’t always see the disruption coming. Bill Gates once downplayed Google’s potential to expand beyond search. Jeff Bezos once said that the iPad wouldn’t be a competitor for e-readers.
How can you expand your market? How can you increase demand for your product or service? The answer lies in changing the way the industry operates. Disrupt by targeting a new market!
Disruption displaces an existing market, industry, or technology and produces something new and more efficient and worthwhile. Disruption often comes from rearranging the way a market operates, not from the customer.
Intelligent attendants such as Microsoft Cortana, Google Now, Amazon Alexa, and Apple Siri will become staples in how people navigate life, shopping, and work. How are you going to integrate them in your customer experience?
Disruption displaces, innovation doesn’t.
Disruption begins with customers overlooked by the incumbent. Disruption originates in new markets. Innovation often comes from the customer. As a business leader, instead of thinking outside the box, get rid of the box. Deliberate disruption is the only path to growth and success.
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