The Importance of Brand Innovation and Keeping Up with Market Shifts
These days, especially considering the global pandemic we’re experiencing here in 2020, it is imperative as an entrepreneur or business owner that you are informed on various ways to operate your business. Otherwise, you may find yourself having to close business due to not being able to adapt. Even before COVID-19 was a household term, being able to “pivot”, as many in business put it, was essential to being able to survive as a business owner. For example, when social media became an everyday way for people to communicate and find news, entrepreneurs and companies of all sizes had to adapt by creating and building a social media presence. The term “Social Media Manager” has even become a job title that strictly requires someone to be well-versed in what is now known as social media marketing.
Going back even further, the introduction of the worldwide web otherwise known as the internet changed the way people present and market their business, because people began to use it as a main source for finding businesses of interest. In addition, once Google had established itself as the most used search engine, businesses with websites had to adapt to learning ways to get good placement in Google’s Search Engine results. Introducing a term now known as SEO or “Search Engine Optimization.” Even before the internet was a thing, going back to the pioneering times of radio and television, businesses had to learn how to effectively market themselves on the various radio & TV platforms, as it had become a way most people were looking for businesses of interest.
Let’s take a look at Blockbuster for example. Blockbuster was once a very popular way for people to rent and purchase movies and video games. But, after the internet had become something almost everyone was using and because Blockbuster didn’t adapt by creating and building an internet presence, they were forced to go out of business, closing down all of their stores worldwide. Another example is RadioShack. In February 2015, Radio Shack filed for Chapter 11 bankruptcy protection. RadioShack failed to adapt and stay relevant when most electronics sales shifted online, and the retailer was stuck in brick-and-mortar locations only. Another great example of how a business failed to adapt to change is Nokia. In the late 1990s & early 2000s, Nokia was the global leader in mobile phones. However, when the internet became more popular, other mobile companies started understanding how data, not voice, was the future of communication. Nokia failed to switch their focus to software and kept focusing on hardware because the management feared to alienate current users if they changed too much.
You don’t want to be that business owner who feared change and eventually had to discontinue business operations or even worse...file bankruptcy. I employ you to take charge of the survival of your business and relevancy of your brand by making sure you stay up to date with ever changing trends in the business world. It’s one thing to still be in business, but it’s another thing to actually thrive and stay in business.
For a list of valuable tools and resources to increase your revenue and brand awareness, pre-order my book "100 Tools & Resources to Boost Your Brand."
Written by Jordan Nichols a.k.a. Yerodin Ghedi Adwin Beluchi b.k.a. Preech