Kodak missed digital cameras. Their success in the film business rendered them unconscious. They were on autopilot. In 2012, after years of struggling, they filed for bankruptcy.
“People will always want a way to print off, view and share photos” they said. “They want better quality than digital can deliver.” And “They will never pay that much for a digital camera.”
So they continued unconsciously on their merry way until it was too late.
This Week — ask the following questions to make sure that you or your business is not on autopilot.
- That potentially disruptive technology, approach, business model, or start-up? What must happen that will trigger us to innovate our strategies to respond?
- Those customers that left us for another solution or because they were dissatisfied? What would this trend have to look like for us to take action?
- That legacy product or solution that majority of our revenue comes from? What would the average margin, rate of growth or decline, etc. have to be for us to begin to harvest it and shift resources to a new growth engine?
You might notice that each of these questions create a trip-wire designed to snap you and your team back into consciousness. Use these questions to trigger your own trip-wires specific to your business. Please send me the questions that you come up with!
Need help defining your strategy?
If your strategy is not a clear as you think it could be, I encourage you to take a look at our new suite of services. From half-day workshops to multi-month engagements, we have several ways to help you and your team quickly get clarity around how you can win.