We live in a constantly changing world. This is a very positive thing, as this change drives progress in society. However, it also can create significant challenges for your business if you’re unable to remain relevant in this ever-changing landscape. Conversely, businesses that are able to create their new relevancy as our world evolves will have an upper hand on their competitors. Ultimately, remaining relevant is one of the keys to business growth.
There are countless examples of businesses who failed to stay relevant and paid severe consequences. The most obvious example is Blockbuster Video. After dominating the video rental business for well over a decade, they failed to see the way technology was changing their business landscape. Customers no longer wanted to drive to the store to find a movie to watch. Netflix changed the paradigm by having DVDs delivered to your home, and then changed it again by ushering in the streaming era. When Blockbuster failed to adapt to these changes, they became irrelevant and eventually went out of business.
The taxi industry is another example of what can happen when you fail to remain relevant. For years, taxi companies had a monopoly on their industry. However, when apps such as Uber and Lyft created a more convenient model for consumers, taxi companies were left behind.
While remaining relevant is clearly essential to ongoing business success, it is also easier said than done. At Webolutions, we try to live this every day. One of our core values is “We Continuously Improve.” This means something very specific to us: we embrace constant change and learn to evolve to create new possibilities. By living this value, we’re constantly focused on creating our new relevancy in today’s changing world. We also work closely with our clients to help them remain relevant as their industry changes.
In order to better understand what it takes to remain relevant in your industry landscape, we recommend reading the following article from Forbes:
Key Takeaways from this Article
In this article, members of the Forbes Business Development Council provide 14 tips on ways you can remain relevant to your customers in a world that is constantly changing. Many of these tips can be grouped into several key themes, with some of the tips applying to multiple themes.
Understand the Needs of Your Customers
To remain relevant, you must continue to address the needs of your customers. In the Blockbuster example above, they didn’t understand that their customers’ needs had changed – specifically, a brick-and-mortar shop that charged you late fees if you weren’t able to return a rented video in a specific time window was no longer meeting their needs.
The following tips can help you continue to stay abreast of the needs of your customers:
- Reach out to your customers personally and engage them in conversation to see how they are doing and what else they need
- Ask your customers to complete a survey that helps you understand what they value about your products and services, and what other challenges you may be able to assist them with
- Hold customer workshops and roundtables that explore the challenges your customers are facing and how your products can more effectively help them overcome these challenges
- Engage your customers in a collaborative process where they have the ability to provide input on your upcoming innovations
Invest in Your Business
It’s easy to get so busy that you simply adopt a “business as usual” mentality. However, this can limit your ability to engage in the self-reflection and strategic planning necessary to continue to evolve with the changing needs of your customers. The following actions can help you continue to stay focused on creating relevancy over time:
- Continuously refine your operational processes to build greater efficiencies
- Focus on improving the value your products and services provide
- Improve your customer service to strengthen your brand and build stronger customer relationships that will improve retention
- Create a strategic business plan that helps you remain focused on your company’s goals and how to better achieve them
- Conduct competitor analysis to identify changing trends and how your competitors are reinventing themselves to stay on top of these trends
- Diversify your product or service line to target a new customer base
- Build connections with individuals in academia who can provide deeper insights into your industry and help you to better understand current trends
Spread the Word
One of the critical components of staying relevant with your customers is to remain on top of mind. This requires an investment in smart, targeted marketing strategies. Some ways in which your marketing efforts can help you remain relevant include:
- Leverage your customer database to create a longer sales funnel that keeps you in front of your audience for longer
- Create new content on a regular basis that serves two purposes: to tell your audience about the value of the products/services you provide, and to establish your business as a trusted industry thought leader
- Develop new business segments to reach a wider group of customers
Additional Resources to Help You Understand How to Create Your New Relevancy
We recommend the following articles to further expand your knowledge of how to create your new relevancy in our ever-changing world. Many of the tips you’ll find in these articles are similar to the takeaways from the Forbes article, but when taken together, they can help give you a deeper insight into how to approach these strategies.
Using this Information
Remaining relevant requires constant effort. Perhaps the biggest takeaway from this information is that the key to remaining relevant is to truly understand the changing needs of your customers. Without this knowledge, you won’t have the insights necessary to continually innovate and provide the value they need. If you’re not making a concerted effort to engage your customers in conversations about their needs, this should be the first place to start. As you learn how you can better address their needs, you’ll start understanding what adjustments in your business are necessary to stay relevant.
Let Webolutions Help
At Webolutions Digital Marketing Agency, we regularly work with our clients to help them remain relevant as their industry changes. When you begin working with us, we’ll conduct a through Market Positioning process which helps you to better understand the transformations your business creates for your customers. We’ll also build out detailed customer personas which delve deeply into the needs, challenges and concerns facing your customers. We’ll help you clarify the type of messaging that will best resonate with your audience in order to differentiate your business from your competitors and remain relevant over time. We’ll also conduct a thorough competitor analysis that identifies opportunities for innovation in order to ensure you’re staying ahead of your competitors.
You’ll come out of this process with a clearer understanding of your company’s purpose, the value you create, and how you can leverage these strengths to better meet the needs of your customers.
Webolutions is a full-spectrum business consulting and strategic implementation company. We help businesses across the country identify and effectively bring their unique story life, allowing them to scale faster, smarter and easier.
Our specific areas of expertise include:
- Differentiating Brand Development
- Marketing & Communications Strategies
- Customer Journey Planning & Implementation
- Enterprise Website & Application Development
- Systems Integration
- Organizational Development Strategies
- Team Alignment & Performance Solutions
- Business Performance Intelligence Systems
To speak with one of our experts about how you can create an amazing customer journey for your company of at least $5 million in annual sales, call us at 303-300-2640 and request a Free Differentiating Your Relevancy Consultation. During this 60-minute introduction, we discuss your audience, your specific customer benefits, share ideas and insights, and help you start outlining your plan. You can also email any questions to firstname.lastname@example.org.