3 Trends That Cost The Businesses & Industries That Ignored Them. Don’t Ignore Them

by Griselda K Togobo | Follow me on Twitter HERE

trends that cost businessesMy son loves dinosaurs. I couldn’t stand the sight of them before I had him but having spent far too many hours reading “Mad about dinosaurs” (one of his bedtime reads) I know far too much about dinosaurs.

Nobody knows why dinosaurs become extinct but one of the theories being bounced about by scientist is that they couldn’t adapt to the changing climate. So, the world woke up one day and dinosaurs were gone. Each time I read about dinosaurs, I’m reminded of just how important it is to be adaptable in life.

Being flexible and able to adapt in business is essential for survival. Yet, I’m still amazed by the number of people I meet a who refuse to be flexible or change even though they can very clearly see evidence that there is a shift happening, trends building up in their industries that cannot be avoided.

1. Kodak ignored the digital shift in photo production and see where it landed them.

2. There is an evolution happening within the publishing industry that traditional publishers can’t afford to ignore. Self publishing and digital books are killing their revenues streams and they need to find ways to work with the shift or die trying. There is no point trying to fight it. Alot of publishing houses have bowed out and more are still scratching their heads about this one.

3. The way we listen to music was changed by iTunes (the cd had no chance) and now online streaming services like spotify are giving iTunes a run for their money.

On-demand TV is changing the TV experience and how big businesses advertise on traditional mediums.Not to mention piracy of movies and the impact its having on the movie industry. Infact there are lots of other examples of industries on the brink due to these trends. Customer services is now being delivered with social media because that is where the clients try to reach them. Youtube has has given everybody a platform for self published videos. You don’t need a record label if you want to start producing music and building a fan base. Journalism has been transformed by blogs and social media. All these are digitally driven shifts.

Of course there are lots of others shift but these are massive shifts businesses in these industries cannot afford to dismiss. These trends are not isolated by the way.

There are more subtle but still power trends happening with our clients as well and how they want to be served.

Small business owners are more exposed to challenges just we also have the advantage of being small enough to move quickly and evolve. That is why we need to be opened minded, alert and ready to change and adapt to the trends we see so we can leverage them to serve our clients better.

To do this you have to pay attention and engage with new things. You cannot afford to dismiss them.

It’s not ok to say you don’t like certain things and so refuse to use them in your business. You run the risk of being extinct. Just like dinosaurs. You may not like the way the world is headed with social media replacing everyday connections – I don’t. You may not like that digital cameras are everywhere (something I just can’t seem to get used to) or that “evasive” technology is getting more and more ingrained in our most basic everyday activities.

You may not like it but your clients may love them. The world is changing and the quicker you learn to embrace and leverage these changes to do business, the better it’ll be for you.

You need to keep up with the times – at least try. Are you trying enough?

So what trends are you intentionally ignoring because  you just don’t like them?

What would you do differently if you chose to embrace them rather than dismiss them?

How would that change the way you are currently doing business?

I’d love to hear from you.

 

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