Staying Relevant

Staying relevant- businesses need to stay relevant to stay alive. Period.

In the article "Disruptive Technologies: Catching the Wave," the authors point out several companies like Sears and Xerox that have faded in relevance because they failed to adopt new technologies quickly. In "Why Mobile is the Future of Advertising and Marketing" the author points out that the digital landscape is becoming increasingly mobile and businesses need to catch on to mobile advertising to stay in any place of prominence.  These articles analyze, speculate and predict what business should and could do to remain relevant. As a business student, I feel like I read way too many articles just like this. I am tired of them.

In my opinion, to be adaptive and successful business in any industry you just need to keep your eyes and ears open and be willing to change and innovate.  If you define your customer base or your mission to narrowly you are setting yourself up for failure, regardless of the technological changes that occur. It's that simple.

For an example of being extremely adaptive, look to Nike. Now I may be a little biased because I interned for the company last summer, but just look at their history. Nike was founded in 1964 as Blue Ribbon Sports. Back then it made shoes pretty much just for track runners. Does it now? Absolutely, but it also makes shoes for every type of athlete under the sun. They didn't confine themselves to what their original customer base said they wanted- they expanded beyond that and found new customers and new niches in the market. They keep their eyes open to new trends and technologies and they embrace them. They now have a business that has evolved far beyond just shoes and incorporates nearly every aspect of physical fitness and fitness technology. The company doesn't say, "We serve professional and collegiate athletes." They say, "Everybody is an athlete*- *if you have a body you are an athlete." This literally has expanded their market to every single human in the world.

Now it is completely understandable that every company cannot consider everyone in the world a potential customer, but the point is that Nike was constantly aware an open to opportunities. They always were willing to adapt. Succeeding as a company depends in any industry (even the tech industry) is about so much more than the technology you use. It is about being aware of the market, the climate, the culture and how you can adapt and innovate.  If a company is unable or unwilling to adapt, there is literally no place for them in the market and that's okay because new businesses are going to be able to fulfill the needs that those companies aren't.