Image via Wikipedia
For instance, within the auto industry
, Porsche and Rolls Royce
are known for quality, but they both have relatively low market share
, right? Neither are among the top leaders in their industry. High quality may contribute to success, but does high quality guarantee success? Aren’t there car companies
with lower quality than Porsche or Rolls Royce that have more success?
Next, think back again to a few of your leading competitors. Do your leading competitors have the cheapest prices of any of your competitors?
Probably one of the least expensive autos
ever made was the Yugo
. In spite of extremely low prices, the Yugo’s popularity in the US
peaked in 1987 and quickly plummeted. Today, you may notice that there are fewer Yugos out on the road than Porsches
. Low prices may contribute to success, similar to high quality, but do low prices guarantee success? The last year that any new Yugos were sold in the US was 1991.
Image via Wikipedia
So, high quality and low prices could contribute to success. However, there have been many high quality cars that you have never even heard of. Further, there are thousands of inexpensive used vehicles that people choose not to buy in favor of buying more expensive alternatives.
You may know some of the factors led to the success of your leading competitors. However, even those factors may not be enough to continue to improve the success of those businesses
. The factors that produce success can change over time.
For instance, consider the example of AT&T
. Early in the history of AT&T, telegraphs were a big part of their business. By the way, AT&T stands for American Telephone & Telegraph
Do you know how many telegraphs AT&T sold last year? AT&T is still one of the leaders in the telecommunications industry, but not because of selling telegraphs. The factors that produced success for AT&T have changed over time.
What is the one main advantage that will bring a new level of success to your business? Is it focusing only on lowering your prices? Is it focusing only on raising your quality? That is not how AT&T maintained success for decades. AT&T had to change with the times in order to be consistently successful. Further, what has been working for them in the past is not a guarantee of future success.
Adapting is just as essential to long-term success as it is to short-term excellence. AT&T will have to keep changing with the times in order to continue their success. The same is true for Porsche and Rolls Royce, which have been updating their products and their policies for decades.
In fact, in order to promote the long-term success of their business, Yugo adapted by focusing on the regional markets in which its products were most competitive. New Yugos were last sold in the US in 1991. However, even Yugo stayed in business for 30 years total, which is better than many businesses, before finally closing in 2008.
Adapting is essential. If AT&T had insisted on marketing telegraphs even after the consumers demonstrated their preference for telephones, AT&T might not have lasted past the 1880s.
Before we tell you why you may choose us to assist you in adapting in the future, let’s think again of your leading competitors. What could be your one main advantage over them? What factors most influence the specific results that you and your competitors produce:
how about this: how well you adapt?
how well you adapt to… trends in how consumers select businesses (like ads in phone books or newspapers compared to rankings and reviews online)?
how well you adapt to… trends specific to your industry (like technological change, innovative products, or franchising with a leading brand)?
how well you adapt to… global trends (like global fuel prices)?
how well you adapt to… national trends (like changes in national political regulations)?
how well you adapt to… local trends (like rates of population growth or decline)?
Now, if you want assistance adapting, then you want to work with someone who is attentive to the which trends will be the most influential in the future. Here are a few examples of trend analysis:
“He frequently appears on several CNBC and Bloomberg Television programs. BusinessWeek named him Top Economic Forecaster. He’s been honored by Money magazine.” However, was his advice valuable or negligent?
2004: This author asked: “how many dollars will it cost to buy a gallon of gasoline next year?”
In 2003, he asked:
I began working in the advertising field in 1999. I began studying trends in 2002 and I published my first analysis of trends in 2003 (linked above). In that first publication, I forecast the emerging global credit crisis
, the eventual resulting downturn in real estate, and the inevitable resulting instability in stock markets. More importantly perhaps, I featured the sector of 15 US stocks that went on to rise by over 1600% from 2000 to 2010.
Have you ever noticed that at the same time as some industries are shrinking, other industries are growing? Have you ever considered the possible benefit of changing specializations or even changing industries to adapt with changing trends?
You can reach J.R. by phone at 480 265 5522.