The scheduled article for this week was supposed to be about B2B Innovation, but in light of the recent election results dominating the news, I have decided to talk about what companies who are market leaders in their industry could learn from the 2017 New Zealand Election instead.
Now to start with, I want to make it clear that, although I do indeed have personal political views like anyone else, this article is not going to be discussing the perceived benefits or disadvantages of a Labour led government Vs a National led one.
Because it’s going to be a short week, I am very quickly going to highlight 3 take outs that I personally feel could serve as a timely reminder to all industry market leaders operating in today’s increasingly competitive commercial landscape;
1) Communicate your vision to the whole industry (even if they’re not your customers today).
The achievements or failings of the current National government is not the topic covered here, neither is whether or not the new Labour led government have a clear vision for the future.
All customers (much like voters) need to believe that a market leader has a clear plan for where the future of the industry (or country) is heading and that the vision has considered their personal place in it; otherwise they will either explore other options, or not even approach you to review yours.
Regardless of its own belief in its vision, a market leader needs to ensure that they are staying connected with ‘all’ their customers and are taking their current (and potential future) customers on the journey with them.
2) Keep connected with changing customer requirements.
What worked yesterday, may not work tomorrow, or even today.
As market leader, you may be doing a fantastic job delivering today’s requirements, but the needs of your customers (much like those of voters) are not static and are always changing.
It’s just that those changes are happening at a faster rate, because we are living our lives at a faster rate.
Products or services (much like policies) need to adapt at the same rate as customer requirements, otherwise you are not meeting the needs of the market.
3) Plan ahead for disruption.
Although market leaders may have chosen the market they operate in, the customers are the ones choosing who they buy from.
Whether its taxi rides (Uber), hotel accommodation (Air BnB) or home entertainment (Netflix), no industry is immune from disruption and market leaders need to always have one eye on the horizon and one ear to the ground to see what the future holds and hear what their customers are saying about it.
Even if you’re in a market leading position today, you must plan for possible market changes in your industry and never underestimate the possibility of a disruptor (NZ First) coming along to scupper the best laid plans.
I’m sure there is nothing revolutionary here for many of you, but there is no harm in being reminded of it on occasion.
Many thanks for reading and I promise next week’s article will be about Innovation.