Grab Opportunities & Profit From Market Changes
Posted by Sant Qiu in : Marketing Maneuvers on October 5, 2007 , trackback“Change Before You Have To.” - Jack Welch
As the world moves faster and faster, things change at a more rapid pace. And as things change, opportunities are created. For you to profit from the opportunities that are around you, pay attention to the changes around you.
Charles Darwin once said, “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.”
Similarly in business, it is not the biggest who profit the most, nor the most experienced/oldest/intelligent, but the one who is most responsive to change.
One of the ways to be the most responsive to change is to create change. When you’re the one innovating (changing/improving), you have the potential to be the leader, the trend setter and gain the biggest market share. One great example of such a company is Gillette.
Gillette owns the majority of the shaving razor blade market. And they manage to maintain their dominance in the market because they constantly innovate their razors.
Before any competitor can come up with something to catch up with their latest razor models, Gillette would have introduced something newer to replace them. Eg. the Mach3 Turbo to replace the Sensor Excel. Then came the M3 Power—a battery operated razor, promoted by famous football celebrity David Beckam.
But Gillette didn’t stop there. There is now The Fusion, a 5-bladed razor that is an improvement of the Mach3 Turbo. Continuous change and innovation like this ensures that Gillette continues to have a stranglehold of the market.
Ask yourself, what’s the first brand you think of when it comes to razor blades?
So start innovating in your business.
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