Market disruption is creating an era of relentless change. In recent years, we have witnessed more disruption in the market than ever before. This is due to several factors, including the rapid pace of technological change, the globalization of markets and the growing power of consumers.
As a result, companies are facing unprecedented challenges in meeting consumer demands and expectations. New entrants to the market are offering products or services that are so different from those of the existing players that they are creating new market segments, displacing established competitors, or even revolutionizing entire industries.
In this rapidly changing environment, it is more important than ever for companies to be agile and adaptable. They need to be able to listen to the market, adapt to change quickly and build deep relationships with their customers.
Here are some tactical ideas that companies can use to inspire market longevity:
Listen to the market
Companies should closely monitor the market for new trends, technologies, audience behaviors or competitors that might disrupt their business. This requires a commitment to frequent market research and analysis to identify potential disruptors.
Brands must be willing to adapt to changes quickly to stay ahead of potential threats. An innovative mindset is required. The company must be open to entertaining new ideas and pursuing a new approach – while being prepared to “zag” if the market demands.
To reach consumers quickly and take advantage of newly available promotional dollars, the Florida Department of Agriculture tapped our agency to create a large statewide radio campaign. The radio campaign consisted of more than twenty 30-second spots, which were produced in two consecutive days.
Develop deeper audience relationships
Strong relationships will help brands stave off market disruptions. Brands should focus on building trust and loyalty with their audiences by delivering exceptional personalized service, exceptional experiences and relevant content.
As an energy provider, AES Ohio is an understated yet consistent part of the lives of its customers, and the utility values those privileged relationships by continuing to better its service and reliability. “Family of the Future” is a campaign the agency created to closely communicate how AES Ohio is improving the energy grid for faster power restorations, more efficient service and a more convenient day-to-day experience for the families living in the Miami Valley. This campaign is designed to build trust, create a sense of community and improve customer satisfaction.
Invest in new ideas
Companies should invest in ideation to stay relevant and competitively distinct. This might mean investing in R&D, new product development or partnerships with startups and other forward-thinking companies.
Diversify the revenue streams
Companies should strive to diversify their revenue streams to reduce their reliance on a singular product or service. This expansion could include penetrating new markets, developing new products or creating new business models.
During the slow, post 2022 holiday season, Charlotte Douglas International Airport (CLT) was looking to raise the awareness of official CLT parking products and increase online parking transactions. The agency strategically took advantage of social media to leverage the excitement of sweepstakes prizes, including a grand prize of $10,000 toward one winner’s dream vacation. This approach proved successful and resulted in 50,000+ bookings, 49,000 new e-mail subscribers and 99,975 total entrants.
Build a meaningful brand
A meaningful brand can help a company weather market disruptions by creating customer loyalty and differentiation. Brands should invest in building a strong identity, messaging and marketing strategy to ensure they stand above competitors in a crowded market space.
Overall, surviving market disruption requires a combination of strategic planning, innovation and agility. By staying ahead of the curve, building strong consumer relationships and investing in new ideas, companies can not only survive, but thrive in a disrupted market.