We are in an age of technology and disruption. Every industry that can be shaken will be shaken. And every startup hoping to establish itself in today’s overcrowded market must be ready to disrupt its industry.
Disruption isn’t new. Powerful companies like YouTube, Uber, Netflix and even Google got to where they are today by successfully leveraging innovation to disrupt their conventional industries. Blackberry failed to see the threat that Apple’s disruptive iPhones posed until it was too late.
If you want to establish a company that’ll shake up your sector, like Apple, we have three entrepreneurial strategies that will help you build a brand that even your competitors will dread.
But first, before we begin…
What Exactly Is Industry Disruption?
According to Joseph Bower and Clayton Christensen, disruptive innovation occurs when a new company develops a product with a lower cost that assaults the market from below until it outperforms the significant players and establishes itself as the authority in that area.
So, without further ado, let’s dive into the strategies required in launching a disruptive business.
- Find an Industry that’s Ripe for Disruption
Change and disruption are both inevitable. However, when you start your business, keep an eye out for technology that can change the way business is done in the future.
Don’t delay adopting ideas from other sectors because the technology that would disrupt your sector is already changing another industry.
And, in the same way Uber transformed taxi services, Tesla transformed the auto industry, Amazon transformed ecommerce, and Netflix transformed the entertainment industry, pay special attention to businesses that appear resistant to disruption, companies that ignore the demands of their potential and future customers.
After you’ve identified these companies, it’s time to create a good disruption strategy, and some of the greatest techniques you can employ are:
- Providing a lower-cost version of a premium product or service
- Developing a product that adds additional value
- Make a product digital
Beyond Meat and Tesla shook their respective industries by introducing memorable products that left other established companies hurrying to catch up.
- Watch your Competitors but Follow your Customers
Competitors are constantly looking for new ways to improve their products, so you must pay close attention to every move they make. Be quick to adapt and innovate any creative shift in the products or services offered by your competitors.
But, while you’re keeping an eye on your competitors, don’t forget to also monitor and closely follow the direction your customers are taking.
Monitoring customer reactions to products in an industry you want to disrupt would give you a clear indication of the market’s direction. This would allow you to provide products that are relevant to your customers.
Keep an eye out for the following while watching your customers:
- Customers who use a product reluctantly because they are open to trying an alternative solution that meets their needs
- Customers who are willing to pay a fraction of the price of your competitor’s product
- Customers who are unable to use your competitor’s product due to a lack of skill or simply because they cannot purchase it
And don’t just focus on products that are relevant now, but also on products that will be valuable to customers in the future.
When Amazon first entered the market, the value—or disruption—it brought to its industry was not temporary but remained relevant over time to a point where Sears, a former-leading brand, couldn’t meet the new standard and stagnated.
- Get a Striking Brand Name
Recognize that every industry can be disrupted, and—besides technological innovations—what better way to disrupt a highly traditional industry than by entering the market with a unique and exciting brand name?
Using a unique name is critical to the success of your disruption because all of your efforts will be futile if you use a bland name. And that’s because customers tend to avoid companies with boring brand names and gravitate towards brands with captivating names.
Apple completely changed the naming system in the tech industry by choosing a name that compelled customers to pay attention to its brand in the industry. Beyond Meat, Uber, Airbnb, and Ryanair are examples of companies that used catchy and distinctive brand names to attract their customers.
So, even if you have a revolutionary product that will disrupt your industry, make sure you back it up with a compelling brand name that’ll be impossible to forget.
And if you need to get a catchy brand name for your business quickly, then one trusted path that countless entrepreneurs rely on is using a powerful business name generator.
Listen to the Heartbeat of the Market
Keep an eye on market trends as you develop your disruptive brand because they’re the heartbeat of the market. We live in a digital world where businesses hoping to shine must make a significant shift toward technology to remain relevant to their customers and the market.
So, keep an eye on the trends in the market so you can avoid being caught off guard.