Every morning, during my commute to Brattleboro, I listen to a major drivetime show. I was surprised to find out the station’s lineup changed significantly with no explanation. It took me the better part of the week to figure out it was because of technology.
Businesses of all types are finding it hard to compete against the convenience of smartphones and online services. In order to retain market share the station needed to adapt to its audience. Rather than keep the same programming, the station changed to keep listeners tuned in longer.
No matter the type of business, we’re all competing against cell phones and online conveniences. Retailers have to compete against online shopping, news agencies against instant online news and service businesses against how-to videos. For better or worse, smartphones and online services make the world smaller.
Changing a hardened business model to compete against cell phones is a tough task. Some business models may be best suited accepting technologies and others may want to go head-to-head against them. Some businesses may find it best to rewrite their business plan altogether.
Working with cell phones and instant information works best for brick and mortar retailers. Sourcing and inventorying hard-to-find or specialty items along with commodities seems to be a logical model. Customers will come seeking the specialty item and will leave with commodities.
Creating a value added service in addition to products has the potential to increase profits. A friend of mine was going to purchase her next bicycle online until she realized it didn’t come assembled. The additional $200.00 for the convenience of not having to assemble the bike was money well spent.
Competing against technology is difficult at best. Modifying a business model to go head-to-head against cell phones and internet is very difficult. A local plumber has completely disregarded online advertising and is going against his competition with word-of-mouth. Unfortunately many consumers now rely on the internet first.
Last year a customer told me she had no intention of changing how she conducted business and went out of business three months later. She decided that not changing was in her best interest because her business could compete against technology. There was nothing differentiating her business from any other.
Completely rewriting a business plan may be the last resort for some businesses having a hard time competing against technology. There are some businesses that are great businesses, but their products or services just don’t stand out online. Developing a technique for showcasing those strengths may be a their only resort.
Competing against online products and services can be difficult. With the click of a button customers are bombarded with many choices. Making your business, product or service stand out from the crowd is perhaps the hardest part of running a business today. Capturing those customers is the hardest.
(Jeromy Patriquin is the President of Laptop & Computer Repair, Inc. located at 509 Main St. in Gardner. You can read past articles at www.LocalComputerWiz.com.)