I try to stay ahead of the curve. Even if you’re ahead, I believe, you can only benefit from looking over your shoulder. I’ve spent the last few months analyzing how I can keep my business current. New information technology is produced constantly. And as a result, changes in the marketplace seem to be taking place more rapidly than ever.
If you feel content with your business and its success, don’t be fooled. Enjoy the contentment, but don’t be complacent! If you don’t try to anticipate changing consumer needs and desires, your product or service could become obsolete. Ask, “What could I be doing better? How can I adapt my business to new technologies?” The nearest Hollywood Video to my house closed several months ago. Last week, I found out the closest Blockbuster is closing as well! These giants used to be super-successful. But with the advent of Netflix and Redbox, driving to rental store, waiting in line, searching for a DVD, and paying late fees just doesn’t make sense.
Ultimately, new companies replace old ones because they find ways to increase access and affordability for the consumer. Try assessing your own business, as I’ve been doing. What makes the most sense for your consumers in our fast-paced, digital world? As an educator, I need to make sure I’m providing information to my customers in the easiest way possible. Am I giving them options? In the past, there were limited ways to absorb information. Some of my customers may still want to open a book to read, but others might not. How else can I transmit my knowledge to them?
If you don’t spend time analyzing the market and new successful business models, you may get passed up. Don’t let that happen! There is no guarantee that a product that works ‘just fine’ now will in the future. One of the best ways to do so is simply to talk to the people who use your product. Ask them what could make their lives better. And keep tabs on your competition! How are they responding to new needs? Are they changing it up? Staying ahead of the curve makes your service or product stand out. And that’s desirable.
Stephen Key is a successful award-winning inventor who has licensed
over 20 products in the past 30 years. Along with business partner
Andrew Krauss, Stephen runs inventRight,
a company dedicated to educating inventors about selling their ideas
and the skills needed to succeed. You can listen to the weekly radio show on inventing. Get In The News, list your invention to have media outlets find you for news stories.