Do you think the product and service your business is offering are disruptive? If so, can you define exactly in what manner that it is classified as being “disruptive”?
Being disruptive is all the rage these days in the business world. Everyone is so eager to jump in on the “disruption” bandwagon that they forgot about the fact that they literally know nothing about it. Many CEOs proudly declare that their product is “disruptive”, but ask them again when they said so because chances are, they will not be able to articulate the “disruptive” factor that makes their product different from everything else available in the market.
The first thing you must know when you are going into the “disruptive” road is that there are 2 types of disruption, and each one has a different measure of success. Those 2 types are:
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New Market Disruption
– in which a new product or service is created to target customers who have needs that have been ignored and unserved by existing products. To be considered disruptive in this category, the majority of your customers must be unable to use any of the options available in the market before your product came along. Examples: Ryanair, AirBnB, Uber, etc.
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Low-end Disruption
– in which a product or service aims at consumers who are at the bottom of an existing market and care more about cost of use than the features of the product that valued by customers at the high end of the market. You can declare that your business is disruptive in this type if your business model is capable of stealing low value customers from existing firms in the mainstream market. Examples: Kia or Hyundai (cheap automobiles), Dell (cheap laptops), Twitter (cheaper & easier to tweet than to blog), etc.
Only once you understand clearly the distinctions between these two types that you can come up with product ideas that could benefit your business in the long run.
The key to business success is not doing what everyone else is doing, especially when you don’t understand that thing well enough.
You may think you know it all, but maybe that is not true. And if you keep on applying the things that you don’t understand well enough into your business plan, you are creating great risks for both yourself and your business.
This is why Maverick Mentoring has decided to come up with a new program that support entrepreneurs and business owners on their journey to create a difference that could help set them apart from everybody else in the marketplace and give them the ultimate success.
Click HERE to know more about what we can offer you and your business. Take this opportunity to get in Contact now to Build Your Position in the Market Place.
