06th Oct , 2022
This is especially true in the business environment, where competition is rife. Therefore it is imperative to embrace change, adapt to the market and take advantage of sound opportunities as often as possible. This is just to stay ahead in the “new normal” i.e. our fast moving and challenging business environments.
Marketing our goods and services in the digital world will continue to grow and morph at a faster rate, which will constantly change the way we must do business or just get left behind. So the risk of not doing enough in this digital space becomes one of survival. The digital world itself has become the competition.
The imminent digital danger is the ongoing challenge to keep up with the inevitable technological advances. These are in platforms and methods of social media and the electronic capture of information, customers and sales where appropriate and useful to your business.
Critically you need to be adept at the use of digital approaches to research and seek out new opportunities, while remaining flexible, but disciplined, so that your digital competitive approaches do not compromise your normal policies, compliance and safeguards.
The rapid rise of Asian business and markets, particularly that of China and India have also fundamentally changed how the rest of the world must do business. A prime example of this is how profoundly the manufacturing industry has centralised into these growth economies over the last 15 years. Yet despite these changes many businesses have adapted, and become innovative and evolved their business models and strategies, so not only have they survived, but have flourished. This is a lesson to all businesses to understand the dominant strategic changes we face, and then adapt to take advantage.
We do nothing at our peril.
Changes in demand worldwide are being felt and are driven by increasing populations, with fast changing demand patterns. This causes increases and demands into certain goods and services such as housing, medical requirements, planning and infrastructure. Consumer goods and services can move from old ideas of products or services to new ones rapidly.
As individual consumers’ incomes continue to rise in China and India the demand patterns of these groups will develop further and as customer groups will dominate the consumer markets worldwide for decades to come. What is your business doing to supply this market?
The companies and businesses in these growth markets will continue to increase their resources and will invest outside of their regions into the supply chain servicing back to their home markets to meet rising demand. What is your business doing to support these supply chains?
The increase in the ageing population and the changes in the way retirees spend their twilight years, will lead to surging demand for their accommodation, lifestyle choices, medical requirements and a wide range of other service. All these changes effect relevant businesses and represent significant opportunities.
Younger generations in the western developed countries have changed factors impinging on their demand patterns compared to earlier generations. The rapid increase in online interaction and the advances are being driving largely by mobile technologies. These younger generations have a huge commitment and ability to interact with their digital world, to research, make suggestions and contributions. They can influence or be influenced rapidly by their relevant peer groups and the social media platforms and their content.
This is an exciting era to be in business. These new generations and their interactive environment represent a massive opportunity to deliver new ideas, products and services. And these can be delivered, marketed and sold through the evolving digital platforms and supported by the social and online awareness.
Your business or service provision needs to be ready and take full advantage of these massive generational and market shifts.
In a competitive business environment success is not achieved by simply keeping up with the broad spectrum of changes. It is by the traditional strategic approaches of understanding the competitive landscape, keeping abreast of changes then being innovative, taking advantage of the sound opportunities for your business.
The approach to developing a competitive advantage needs strategy and adaptation to markets. You may need some help to drive it along and think outside the square. Your own International Business Mentor can assist in these critical processes and help you better to succeed.
Tap into your international business mentor’s skills, knowledge and experience to assist you strategically, to identify opportunities and avoid pitfalls, rise to the challenge, seize opportunities and you will gain that confidential strategic support that may not otherwise be available.
Christine Cartney June 2015