4 Vital Traits That Keep Businesses Relevant For Customers
Summary: Staying relevant
should be the priority for the entire organization and not just one function,
product, or service. Those that understand this stay in business while others
fade into the sunset.
Since the
foundation of growth and success for every business is staying relevant to
their consumers, companies always try to focus on it. However, over the past
few years, the dynamics of business have changed. Earlier, once established,
companies used to worry about the changes that will make them irrelevant. Today,
these changes take place over months or every couple of years.
A recent example
that tested the relevance of companies across the globe is COVID-19. Small or
large, companies of all the scales were tested at a short notice to operate in
a virtual model and pivot their businesses. Companies like Amazon had inherent
agility built into their business to utilize the moment of disruption. And this
is why they sustained. But many startup businesses failed
to even sustain themselves for the first few weeks and collapsed.
At the pace the
world is changing, companies can no longer stay glued to familiarity.
Entrepreneurs must learn that transformation is not an endgame. So, it is
critical to provide value to their customers at all costs.
Here is a
‘Formula of Four’ that can position your startup
businesses in a better place than others to stay in the game no matter
what:
1.
Customer is the Only King
To embrace a
customer-driven approach is not an option, but imperative for companies. Making
it an obsession to value customers can be the ultimate key to success. By
placing the customer at the center, startup
business can prioritize their activities with ease, pivot quickly when
needed, and optimize their products and services.
For instance,
the ideology of Airbnb`s- create a world where anyone can belong anywhere- is
the major driving force behind the strategy in the customer service, product
development, recruitment, and the markets that they explore.
2.
Innovate or Die
Conventional
business practices and processes are passé. It is time to embrace an inclusive
approach that looks from the customer`s point of view and then translates it
into a product or a service. Creating exceptional customer value is the need of
the hour. To reach this stage, you must understand the broader context and the
driving forces behind the change.
For example,
Adobe, when moved to a cloud-based subscription model their revenue dropped
initially, but later registered much higher growth than before.
3.
Reinvent Yourself
Once
established, startup business should
keep reinventing themselves. Self-disruption helps to embrace the future by
building an organization that is constantly becoming better with each passing
day. However, it also challenges entrepreneurs in more than one way. It puts
more emphasis on progression than on perfection, on learning than knowledge and
founders have to reimagine conventional ways of thinking, working, and
executing. If you want to make your startup business a winning company, think
without fear. Winning organizations are unafraid to disrupt themselves.
4.
Learn From Failures
Self-disruption
is not for the weak-hearted. It is easier said than done and involves great
risks. Failing small and building big on success, taking calculated risks and
small bets, and encouraging it as an organization-wide culture is vital to stay
relevant in the business world.
Hence, learning
from failures and to keep exploring multiple small ideas is the key to becoming
a successful small business.
In these
challenging times, staying relevant is a constant journey of inventing,
reinventing, and not about landing with a perfect solution. And this should be
the quest for the entire organization and not just one specific branch or
hierarchy.
The idea of
managing a business is easier said than done and we completely agree with you.
This is why to help you move forward with your business goals, we at Bada
Business offer an exclusive Business Coaching Program that
comes with Foundation courses, specialized courses, and value-added courses.
Get your
Business game back on track. Grow through self-learning and see your website
traffic increasing with marketing collateral designed especially for you. To
know more, visit: www.badabusiness.com
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