No matter what it is about: a product launch or rationalizing the current business, the focus stays on the same point i.e. Innovation. Innovation actually influences the market by offering something new to the market and thus, receiving the major attention. Unless you do not come up with an innovative idea, there are not many chances that you will able to make your product or business much success.
The best way to save your business from damage and loss, with the introduction of any innovative technology or trend, is by helping it in its promotion. Instead of fighting back a change, one should adopt it and utilize it in the best conceivable way. For example, with a change in the pattern of accessing music digitally instead of purchasing CDs, Apple availed this opportunity for its own benefit by providing cheaper access to music as compared to the market to retain and maximize its consumers.
Focus on starting a business, or adopting such a strategy that can easily be innovated with the changes in the market trends. Businesses with such agile models have benefited over those big companies who are reluctant to leave their conventional policies and strategies with the changing requirements. For example, Netflix responded to the changing market by pivoting from mail rental DVDs to streaming video. Whereas, Blockbuster – although being a famous brand – lost its place by sticking to its old model.
Famous brands earn more benefits when they will adopt such an approach of adopting the change and imperilling a significant pivot to contest against the disruptive innovation in the market. Along with altering the changing market, one is required to do the proper marketing as well. Brands need to be as much inventive with the promotion of their products as they are with the production of their products. This bold and audacious step once taken by renowned brands can pay back more generously in numerous ways to the brands.
This acceptance to change by a number of companies in today’s world enables them to think differently and innovatively. Once they are willing to leave behind the conventional methods, strategies, and techniques, they become able to avail startling opportunities. So, brands should focus on deliberately promoting their products to the customers in the market. Otherwise, they will be bound to lose their place in the market.