ADAPT OR DIE

History and brands that no longer exist today echo this adage: adapt or die! Many business owners (this extends to large corporations) are stuck in their ways of how they have traditionally done things. This could be because of nostalgia, legacy, or maybe fear of the unknown… Whatever the reasoning, if we don’t learn from history (especially recent history), we are planning to fail. Life and business are based on the same principles… what you put in is what you get out. No man or woman alive can predict the future, but we can anticipate and plan. What problems are we solving and how do we continuously improve our offering? Brands that have existed for hundreds of years have mastered the art of continuously improving and reinvention.
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The world is changing and so are consumer expectations. In today’s world convenience is king, and this goes for every industry, product, or service. If a consumer can’t conveniently access your product or service, you need to remember that your competitor is already affording them that convenience and gaining market share. Offering convenience comes from understanding your target market and their point of reference. If the consumers expectations are not taken into consideration, and structures put in place to satisfy them at their point of reference, then you’re already fighting a losing battle.
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Millennials are currently the world’s biggest market segment (this can obviously be broken down into smaller segments), and in the next ten to fifteen years Gen-Z will take over this role. Both these generations are highly tech savvy, value online brand engagement and are not afraid to make purchases using online platforms. This is a telling sign for entrepreneurs and business of the future. With the rapid change and enhancements in technology, we don’t know what type of platforms we will have in ten years’ time, but we can take the information at hand, plan and remain flexible.
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Who are is our target market and how can we best satisfy them?
On which platforms do they engage and consume information/content?
Who are our competitors and what are they currently doing?
What has been working best and what can we improve?
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The above questions are just a few considerations that entrepreneurs need to consider and review on a yearly basis. Doing yearly market audits, reviewing what was done in the previous year, and formulating long and short-term strategic goals makes it easier for an organisation to move forward effectively.
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We go back to the topic at hand: Adapt or Die. What does adaptation mean? Adaptation doesn’t mean that you need to do a complete 360 and change the entire business model instantly. Successful adaptation and change management occurs over time, by continuously looking to improve your offering and how your customers can access you. Failing to do this consistently is how business find themselves in a position where they become obsolete.

The perfect example of adaptation would be what happened when COVID19 hit (during hard lockdown) and the insurance industry. The industry has had players that have been working yearly to establish multiple distribution channels and use

digital as a platform. When the hard lockdown hit, we had a sudden surge and demand for life and funeral insurance products. During the twelve month cycle that followed, the companies that had been working on digital distribution channels experienced the most successful cycle in their 165 years of existence, while other companies experienced a dip and missed a huge opportunity to scale and gain market share. Marketing and creativity are not just about designing posters and making adverts. These elements are part of the bigger organisational strategy and positioning. Think about the consumer first and structure your whole organisation, and operation around them. This approach allows for flexibility and continuous adaptation. Don’t stop moving, keep it flowing…

Thank You
Bold Behaviour - CEO
TM