Five Questions You Must answer to stay relevant in your business and industry
Don’t joke with question four.
It is always painful to see a BUSINESS Start, grow, then all of a sudden crash.
What I am about to share with you are five mind-blowing thoughts and questions.
If you answer correctly, will enable you to build a business that would survive the future.
Have you ever wondered what happened to KODAK?
Let me Gist you.
Kodak had a market capitalization of 30 billion dollars and a revenue peak of 16 billion dollars but suddenly crumbled.
Probably that is too far,
let’s come home.
What about Nokia?
They dominated Africa for decades, however, became obsolete and irrelevant in a twinkling of an eye.
They were attacked from the future.
One thing about success, it blindfolds the eyes of the gullible that they don’t see ahead.
Your Business right now might be booming, raking in sales, smashing projections with a milestone, expanding and growing exponentially.
However, have you thought of the state of the business ten years from now.
The aim of this article is to help you structure your business process to withstand futuristic Attack.
What products and services are people buying from you now?
We cannot make an impact tomorrow without understanding today.
So if your clients and customers are buying from you today chances are they will still do that tomorrow.
Your clients or customers are more likely to buy gradual improvements on familiar products.
They’re already comfortable paying you (or your competitors ) to solve their problem, so unless you completely change the product or service, they’ll know it still serves their needs.
2.What product or service did someone ask for recently that I didn’t have?
Making products and services that are tailored to the requests and needs of your clients is the best Business strategy.
Instead of acting like a juggernaut that thinks He/She knows what the people really wants.
Understanding this will give you a clue to products or services you can include or pivot to in the future.
3. What products and services can I include in the business?
This is one of the most critical questions you have to answer to stay relevant in your industry and business.
- Apple started with hardware computers, later on, included iPod, and then started manufacturing iPhones.
- Amazon started as an E-commerce-website but also has one of the best cloud hosting platforms.
- Facebook started with its platform but have acquired Instagram, WhatsApp, Oculus and the rest.
These three companies are doing this to stay relevant in the future.
And also notice, the services and products they included, are somewhat related to their industry.
Adding services that are not related to your industry suddenly, will affect your brand integrity and promise.
Let me give you an example.
Coca-Cola is more likely to thrive opening a fast food outfit than moving into manufacturing of cars.
Hope you have gotten it?
4. What is the future of your products and services?
In answering this question you will consider two things.
- How will your products and services be served in the FUTURE?
You have to stay updated with the industry, learning ways of Proffering your services in the future and staying very flexible to your methods of delivery.
Kodak refused to accept digital photography quickly and they crashed.
Nokia did not embrace Android soon enough and they were bought over.
Becoming acquainted with what is happening in your industry is a strategy.
- What is the lifespan of your business and industry?
It is wise to tell your self the truth here.
Those in the oil and gas industry knows that Bioenergy is the future and they already getting ready for it.
Those in the car manufacturing industry knows electrics car are the way forward and they are embracing it.
Don’t be like Kodak and Nokia.
Embrace the future.
The last question is extremely important.
5. What five things my customers like about my product or service?
Knowing what your customers like about what you sell right now is all the insight you need into where you should focus your improvements.
And it helps you know what to look out FOR when branching into other products and services.
Don’t be attacked by the future.
Rather move into the future.
I have given you strategies to future proof your products and services and also to stay relevant in your space.
I hope you not just a reader but a doer.
Thank you for taking out time to read through.
My LOVE for you knows no bounds
However, Jesus Loves you more.