Raising the bar on yourself inflicts pain on competitors

If you run a business in a legacy industry you may be in one of these three places. 1) The industry has recently transitioned due to technology changing the way people acquire your products and services. 2) A bank-like competitor with plenty of resources is acquiring competitors and consolidating the industry. 3) If you are not experiencing a technology affect and the industry has yet to host a consolidation that shift is still in the offing so, you still have time to get in on the fun.

Successful legacy companies have a way of raising, then meeting new expectations for themselves and in so doing distancing themselves from their competitors. First, let’s discuss what legacy industry means and what I mean by fun. A legacy industry is one that was around before the Internet had its effect on commerce. Businesses born after the Internet were shaped by it from the start. New business ideas required the digital world to help shape its personality and dictated how all interactions would be conducted.

In a new industry category we say that the firm that is first to market gets to name that category. Such an example might be Jeep with all-wheel drive vehicles or Jacuzzi and their jetted tubs. In the legacy world, it is almost like a second chance to become associated with the right digital mix and emerge as the innovative leader. Zappos is a great example of rethinking selling shoes to consumers.

In the legacy world you might call this objective out-of-the-box thinking. By raising the bar on yourself and your employees now, you have a good shot at emerging as the industry innovator. Step away from me-too behaviors and consider how improving your own operations, culture and business development process can become a long range challenge for the companies that compete with you. 

What would a fresh look at the offering entail? Ask yourself, is what we are selling what the world wants, if not what would it love? Can I develop ways to get more sales from existing products, by creating different pricing or bundling with other items. What about refreshing every touchpoint between customer and company? There are always better ways of serving customers. Ask them, if you could change one thing about the way we serve your needs what would you wish for?

There are lots of ways to service customers, cut operating costs, improve delivery or share knowledge. Making the decision to improve your operations as a route to a more sustainable future will benefit your organization and will likely cause pain for those that are not ready to change. Change is constant, take the step before you are forced to react and make these changes under pressure.

If your business has less than 50 employees, and is struggling with today’s competitive challenges my firm could change that reality. If you know a company that is underperforming or exhibits dysfunctional behaviors, consider forwarding this article now.