The world constantly changes, as the saying goes ‘change is the only constant’. What does this mean for businesses? It means constantly evolving, and keeping an eye on the future, especially on consumer trends. You have to be one step ahead at all times. This can be a difficult task, since the critical driver of change is your relationship with your customers. Leading businesses have always been those that best understand their customers, but the way they do so is changing. The challenge is to work out what kind of change you need, and how to achieve it.
In this blogpost:
Shining examples of companies that aren't afraid to reinvent themselves
Why change forces you to stay on top of your game
How you can manage change within your company
Follow the leader
It can be difficult for your company to stand out in the crowd as consumer needs are always changing. Yet some of the world’s biggest companies have been selling the same products or services for decades. You might be asking yourselves, how do they do it? They succeeded to adapt the way they market their products to the ever-changing needs of their customers. LEGO for example, has been selling their lego bricks since 1940. For decades they only targeted children and parents, ignoring their adult fanbase. As soon as they realised this, they changed their marketing strategy to fill in this gap. So as from 2005 they started selling sets for adults, which was an immediate hit. Ready to get your geek on? Check out this blogpost, listing the 10 best Lego Sets for adults in 2019!
Another example is Netflix. When they started in 1997, customers could rent DVDs by mail. Their business was thriving, but they realised that with technological changes, they needed to change their strategy as well. They predicted streaming videos would replace DVDs. Safe to say there were right, because by 2011 they had 23 million subscribers. Who doesn't own a Netflix subscription nowadays? On top of this, they started create their own series and movies (Stranger Things! Narcos! House of Cards!), disrupting themselves in many different ways.
Why is change important?
As LEGO and Netflix show, looking further than your current strategy is essential. Otherwise you might fail to meet the ever-changing needs of your customers. LEGO is the perfect example of companies that are very well aware of how audiences change and modify their brands to meet those changes.
Another important factor is the constant stream of technological advancements. Incorporating change in line with new technologies helps you edge out your competitors, as Netflix did.
Change also means that you have the opportunity to grow. By implementing change, you can create the opportunity for your company to grow economically, but also literally by expanding your business. Enlarging your company could accordingly increase your customer base.
However, don’t let all these reasons make you feel pressured to change for change’s sake. Change is only useful if you have a clear view of what your customers expect. The best way to do this is by simply asking them!
Get your employees on board
Evolving can be difficult for the whole company as it requires good planning and execution. Implementing new strategies could lead to dissatisfied employees, which is often a reason why evolving companies fail. You need to inform them beforehand on what you will change and more importantly why you plan to do so. Providing them with a clear vision of what and how will make them feel at ease.
Proper communication is key: organise informative sessions in which your employees can ask questions. Explain what is in it for them and for your customers. Wipe concerns off the table by telling what difference it will make, if things are getting better and what you hope to achieve to increase their engagement! Which will be - as you can see in the visual - a big win for your company.
Give change a chance
To wrap up, these are the things you should or should not do when you are thinking of evolving. First you should look where you can change or improve. This is important as changing for the sake of change can do more harm than good. Then you should think of the right strategy of how you will implement your change and plan this well in advance. After all this it is best to inform you employees, tell them what and how so that you get all of them on board.
One of our key values at Hello Customer is that support companies that want to evolve or that are already going through this process. Want to know how we achieve this? Don't hesitate to contact us! We’re glad to help you!