Do you think that technology alone, like some new gadget to sell to consumers or an innovative customer value management software platform, is all you need to shake things up and forge a new path through the market your business occupies?
While that certainly holds some sway, the truth is that your prospective customers — not apps or programs — are the main driver of business disruption. Specifically, dissatisfied customers are the ones that create the spark that can shake an industry. Here’s what you’ll need to know to make the most of these potential opportunities.
What Is Disruption?
Before jumping in, it might be helpful to define what we mean by disruption. At its most basic, disruption refers to a process where a new (and often unknown) product or service grows in popularity, becoming widespread enough to supplant the conventional product or service in a certain market. Disruptive innovations often start by targeting smaller markets, and provide a kind of streamlined simplicity that their predecessors overlooked.
The Customer And Business Disruption
It might seem counterintuitive at first, but pore over this 2019 interview with Professor Thales Teixeira, and you’ll soon realize that technology really does take a back seat to customer whims. To make a long story short, there is often opportunity when customers are dissatisfied with the current state of an industry. Perhaps there’s a particular service that people want but traditional businesses in the space don’t offer, or there’s a process that’s currently tedious but consumers long for a better way.
Teixeira terms this “decoupling,” and notes that all it takes is for a savvy business to come along and figure out a solution to those customer woes to strike it big. It wasn’t the technological or process innovation that came along first. It’s the customer and their displeasure with the current state of affairs that spurs on that creativity. As a business, you’d do well to listen to the gripes of consumers, then identify areas where improvement could net you some serious growth.
Adapting To Disruption
Once you’ve identified an opportunity, it’s often in your best interests to pounce on it as soon as you’re able. In the process of taking on a disruptive angle, you’ll want to prioritize your existing customers (as these are the ones who stand to bring you the most revenue), and focus on delivering superior quality that will set your business ahead of the competition.