Remember the time when companies like Netflix and Amazon started the subscription economy? It is one of the greatest examples of digital disruption strategy. This disruption within the media and entertainment industry changed how consumers accessed content and monetized by advertisers. It has been seen that digital disruption can make or break companies. Having said that, it is inevitable.
What is Digital Disruption?
Many people misunderstand the term 'disruption' and see it as something negative. In reality, ignoring digital disruption can prove to be detrimental to your company. The term "digital disruption" refers to a change brought on by new digital technology and industry methods. These cutting-edge latest technologies and business models have the potential to transform the worth of existing goods and services in the sector. The term 'disruption' is used since the introduction of these new digital goods/services/companies brings change to the existing market and necessitates re-evaluation.
How can Digital Disruption affect Your Business?
The smart thing to do is- keep an eye on the changes taking place in your industry and take the plunge before anyone else does it! Going with the flow and embracing the change is the right way. Don't let the wave of digital disruption wash away your success. Instead, produce more prospects and growth. Going with the flow helps you meet the evolving demands of the new customers while maintaining the existing
needs of the current customers.
Digital Disruption Strategy - A Guide
We have compiled a few digital disruption strategies you can follow for your business.
When you first hear about an upstart competitor, don't take it for granted. Acknowledge that transformation is happening, and you can learn something from it to better yourself.
- Now is the time to start!
You must strike a balance between reacting quickly and acting strategically when upheavals in business are seen. Take small steps at innovation.
- Build your business identity
Rather than relying on a single good or service to represent your business, build a powerful identity — a recognizable statement of what your business does well and sets it apart.
- Create the future of your customers
Think about what your customers will need in the future. Work on it and offer them what they need. It needs an obsessive focus on your part to make their issues disappear. Make things less complicated for them while lowering the prices of goods and services they need.
Almost every major disruption lowers costs in some way. Consumers are more receptive to price drops than to other sorts of value improvements. You draw customers, scale up your new business model, and propel adjustments that make it more challenging for competitors to compete when you set your rates low.
- Profits from overlooked assets
Many digital disruptions make use of assets that have yet been unused. Because of the way digital technology minimizes conflict and shows opportunities, this strategy is practical. By exploring methods to produce value from underutilized assets, you, too, may disrupt your industry. These can be found in any part of your company. Overlooked assets don't have to be physical always.
Recognize the ability to identify undiscovered gaps in the rules while you're facing disruption or starting a disruptive initiative. Disruptive activities tend to go behind laws and governance systems that have been in place for a long time, letting individuals internalize the behavior and make it the norm.
A leader is always prepared for the future. To build growth systems and instruments of transformation tomorrow, enroll yourself for Innovation Courses at MIT ID Innovation. We started with the purpose of breeding a new generation of complete innovators - people who are informed by design thinking, impacted by future technologies and trends, and inspired to leave their mark on the global political, social, economic, and technological landscape.