Facing the fact of becoming irrelevant as a business is one nightmare that every entrepreneur must have gone through. Every year there are a lot of companies that come up with passion and the dreams of revolutionising the world. Some make it Big while some stay only at the theory level. The business world has seen companies like Blockbuster, Radio Shack and Toys R Us closing down business and this proves that none, not even the ones who are doing great at their businesses are immune to being irrelevant. Entrepreneurs who want to keep their business going must make it a point to be forward thinking and think closely about marketing position and PR. Evolution is a necessary element in business that is needed to keep a business going strong. Let us look at three companies and the three ways that they have kept their company going strong in an ever changing marketplace.
- Modernize your Business:
Entrepreneurs who are looking at keeping their business running well in the future must think of modernizing their business.DataBlockchain.io (DBC) is one company that is doing great with this formula. It has managed to be the star of an industry that only the large organisations had a privilege of accessing by including Artificial Intelligence, Blockchain and other technologies into data merging and making this a reality.
Adam Mittelberg who is the Chief Marketing Officer at DataBlockChain.io says “Our team has been working in an industry that isn’t ‘sexy’, but we’ve managed to implement two of the most talked about technologies changing business today–AI and Blockchain.”
“We believe that if more data is accessible, it enables businesses to run more effective marketing and ad campaigns. We wanted to democratize the data we already had in-house (using blockchain) while also partnering with niche and data providers to enable small businesses to get the essential information they need to compete in the marketplace.”
DBC has made it possible for small companies to access data and have made themselves relevant.
- Make your Industry Relevant:
When people are focusing on making their company relevant it is also important that you make your industry relevant too. Alex Mihaljcic is the vice president of Product development of Eterbank.com. This is a company that works to save Cryptocurrency from being irrelevant. This is forward thinking for you.
He says that “The current long-term prognosis for cryptocurrency isn’t good. It is still seen mostly as having a ‘nerdy’ audience, hardly being understood by the general public, and categorized as a speculative investment.”
While there are people who are still trying to figure out all about cryptocurrency there are the ones like him who think way forward and help it from becoming irrelevant. This is one thing that can help an entrepreneur from keeping their business from going irrelevant.
- Make Transformation a Part of your Industry:
Transformation is something that can keep your company going strong. The Chief Transformation Officer Stevens Sainte-Rose of the American brand Dawn said that “Customers need to know and see that you care about their business and consumers as much as they do, and that you are invested in their success. You are not there to simply sell more of your products.”
Dawn understands that it is impossible to remain in the industry just because of its long history and is open to making the needed transformations in all its aspects.
Here are a few quotes by the greatest minds that backs the thoughts on this article:
“Companies that grow for the sake of growth or that expand into areas outside their core business strategy often stumble. On the other hand, companies that build scale for the benefit of their customers and shareholders more often succeed over time.” Jamie Dimon, President, and CEO of JPMorgan Chase.
“Firms need to ensure that their ability to provide effective customer service keeps pace with their growth. If you’re marketing your firm to new customers, you better be able to provide them service when they do business with you.” Arthur Levitt, Former Chairman of the U.S. Securities and Exchange Commission
“You need in the long run for stability, for economic growth, for jobs, as well as for financial stability, global economic institutions that make sure that growth to be sustained has to be shared, and are built on the principle that the prosperity of this world is indivisible.” Gordon Brown, Former UK Prime Minister.
The way to keeping your business relevant need not be something that you should ask others. Yes, it is great if you can take ideas but mostly the way to keeping your business relevant is something that would come to you naturally. Different businesses have different approaches. The idea is to find out what works for your company. It is nothing new to see many businesses come up with passion but many lose their passion midway. The mantra to keeping your business relevant is to be forward thinking, look forward and be open to change. Change is the only constant and the business world knows it better than anyone else. While it is good to stay rooted and involved in the present it is also important that entrepreneurs look and think out of the box and think about how they can secure their future while creating their present. Things like history, legacy and brand can work only when it is backed by the technology and the updates of the current business world. An organisation might be decade old but its audience are the young people who has a lot to differ from their age old policies. The inclusion of the latest technology and way of doing things also has an important role to play. Inclusion is key when it comes to keeping a company relevant across all ages. The big companies who has enjoyed decades after decades of success are all similar in the fact that they welcome change, are forward thinking and have their customer’s happiness in their mind. Learn from them and keep your business relevant.