Because the calendar yr modifications: two issues are persistently predictable: articles will abound about New Years resolutions and lists of scorching traits for the yr forward. I believe enterprise leaders ought to take into consideration — and presumably take motion — based mostly on an evaluation of the lists of 2021 traits.
These lists spotlight forces exterior your organization that would profit or harm your organization. This raises questions: When you’ve got not acted on these forces, how ought to you resolve whether or not they’re a headwind, a tailwind, or irrelevant to your online business? If related, how must you change your online business technique to make the pressure a tailwind that can increase your progress?
To reply that query, here is a listing of 9 tech traits that the Wall Road Journal says will “change your life in 2021:”
- Merchandise that resolve pandemic-induced issues equivalent to higher webcams, masks, and instruments that de-virus the surfaces of your units
- Quieter, cooler, and extra power environment friendly laptops
- Watching extra new films at residence, somewhat than in a cinema
- “Assisted actuality” glasses that challenge textual content, photos and video feeds right into a person’s area of view
- Extra distant exercises and physician visits
- Rise of e-commerce from Amazon rivals
- Extra month-to-month subscription-based providers
- Changing office-based work with work at home and in-person firm occasions
- Greater electrical autos — equivalent to SUVs and vehicles
Listed here are 5 questions to contemplate as you resolve whether or not to vary your online business in response to those traits.
1. Is the pattern a chance or a risk?
Enterprise leaders ought to rent an unbiased analyst to categorize every pattern as both irrelevant, a possible alternative for progress, or a looming risk to the corporate’s survival.
If, for instance, your organization delivers sweet to film theaters, the pattern of releasing new films on-line and in theaters concurrently represents a risk to your online business — no less than till the pandemic ends. Nevertheless, you would offset among the misplaced income by offering a fast sweet supply service to folks’s houses earlier than they watch a film there.
2. If alternative, will it profit clients or staff?
Information the analyst to ask clients and staff what binds them to your organization. Ask clients why they purchase from you somewhat than from rivals; ask staff why they preserve exhibiting up for work at your organization and are usually not searching for a brand new employer.
Ask the shoppers whether or not any of those traits will make them roughly keen to purchase out of your firm and why. Discover with staff whether or not any of the traits would make them roughly more likely to need to preserve working together with your firm and why.
Alternatives might emerge from the client and worker interviews. In case you are lucky — as firms like Wayfair and Zoom skilled — your organization is already in the precise place on the proper time to fulfill a surge in demand.
3. What new merchandise or modifications to operations must you launch to seize the chance?
Alternative for a brand new product might additionally emerge from a shift in buyer demand. As I wrote final August, Eden Park, an organization that made ultraviolet lighting for diamond sellers, altered its product to fulfill office demand for killing viruses in the course of the pandemic — boosting gross sales 10-fold.
Or contemplate the rise of Amazon rivals pattern. If your organization sells its merchandise on Amazon; maybe there is a chance to enhance its attain and profitability by tapping into that pattern by contracting as an alternative with Shopify. In so doing, your organization might regain direct contact with consumers whereas reducing its e-commerce charges.
4. If risk, does it weaken your hyperlinks to clients or staff?
The conversations with clients and staff described in query 2, above, might additionally make it clear that among the traits are threats to your organization’s relationships with these key stakeholders.
For instance, in case your staff are all working from residence, the conversations might reveal that they’re feeling disconnected from their friends and are exploring new alternatives with firms that host actions that increase staff’ sense of camaraderie with their colleagues.
5. Can you alter your technique to show the headwind right into a tailwind?
Take into account methods to show a pattern that would threaten your online business into a chance that accelerates its income progress.
An instance from my e book, Goliath Strikes Again, is showrooming: customers go to a retail retailer to resolve which product — say a flat display screen TV — to buy. They then log on and purchase the product on the lowest value
Greatest Purchase’s then-CEO, Hubert Joly, turned that revenue-sapping pattern into a chance by matching the bottom on-line value and promoting the buyer, say, a TV stand, as effectively.
Reply these 5 questions and you would flip 2021’s tech traits into progress to your firm.