The Year 2120 is 100 years from now. In another 100 years, you will be dead. Your current consumers will also be dead. Your business will be serving its third generation if it survives. And one of your own blood will seat at the helm of affairs. If bloodline succession succeeds. But if bloodline succession fails. Your business will also be dead or be in the hands of a total stranger.
I don’t know what may happen to your business. But what I know for sure is this. If your business fails to change. It will bleed to death. But supposing your business survives. Will the consumers of 2120 still recognize your business or would they see your business as a business that serves the needs of dead men? What your business will be. And whether it will survive or not. You are already deciding today. To live 100 years from now and serve the consumers of 2120. Your business must remain relevant for many generations.
Relevance is the degree of usefulness of a business to its current and active consumers. It is the ability of a business to become more useful and valuable. Far ahead of competitors and the conscious needs of consumers. Businesses that are relevant are businesses that borrow ideas from the future. Ideas that occupy a central position in the hearts of consumers. And execute those ideas today. There are able to bring into existence.
Solutions that benefit consumers over a long period of time. To maintain business relevance businesses must develop three abilities. The first is the ability to travel into the future ahead of everybody else. The second is the ability to discover a need in that future that consumers will appreciate today. And to be the first to do so. The third is the ability to change and redesign a business to deliver that value today. It is the ability of a business to change in a timely and progressive manner. Based on certain consumer insights that make a business relevant for many generations. Business relevance is thus all about progressive change.
Progressive change is the ability of a business to deliver superior value to its consumers. It is also the ability of a business to raise its bar of value. And inspire consumers to raise their expectations of what is possible and acceptable. Change that is beneficial is the change that aligns with the needs of consumers. It also the type of change that increases consumer awareness of what is acceptable as new normal. Businesses that drive this type of change. Set themselves apart and attract massive wealth. As consumers become inspired to accept and raise their expectations of value. Other businesses that remain at lower levels of value bleed. These businesses lose market share and eventually dies. To prevent businesses from dying. Business owners must move ahead of time and the needs of consumers. Moving ahead of time means driving change rather than reacting to change. To drive change there are three areas a business needs to focus on. These three areas are the three sources of change in a business.
The first area is consumer Interest. The second area is Personal Interest. And the third area is Competitor’s Interest. Consumer interest facilitated change is change that results from consumer’s own pain, disgust, needs, and awareness. It is also the type of change that make consumer demand for a higher standard of value. Due to certain new knowledge and information. Businesses undergo consumer interest change. When there move from one generation to the other. And within the same generation. To maintain relevance in the face of changing consumer interest. Business owners must predict change. There must also develop solutions that meet the ever-changing interests of the consumer. Because consumer facilitated change originates from the consumer. They lack a certain surprise factor. And have a little and short-lived impact on long-term business relevance.
Personal change is the type of change driven by a business owner’s own pain, disgust or aspirations. These include dissatisfaction in existing structures. And a move away from the status quo. Personal change carries the greatest impact on business relevance. This is because it moves beyond the consciousness of the consumers. And carry a certain surprise and appreciation value.
Consumers appreciate proactive and beneficial change that did not originate from them. It shows them that a business is ahead in its thinking and can meet their needs and desires. Personal changes are effective because there break existing value standards. Challenge the status quo and drive consumer’s interests and expectations. Businesses that leads personal changes enjoy three advantages. First, they occupy an uncontended first position in the mind of consumers.
Consumers attach the change or innovation to their name. This increases business profit and brand reputation. Second, they enjoy long-term business relevance. As long as the change they initiated is unsurpassed. Businesses that initiates change remains relevant to the consumers. Throughout the validity of the change. Third businesses that imitates change are successful businesses. They are rewarded with the wealth and profit from the change they initiate before other businesses are given a chance. These three advantages make personal driven change the most effective for long-term relevance.
The third area of Change is Competitor change. Competitor change is the change initiated by a related, complementary or competing business. That impact on the ability of a business to generate revenue. And make a certain profit. Competitive change carries the greatest risk for businesses. Especially those businesses reacting to the change. It carries great risk because businesses reacting to this kind of change. Are at the mercy of the business driving the change. Sometimes they understand and can adapt to the change. Other times the resources, times and skills needed to change are out of their reach. Competitor facilitated change is thus the fastest way to kill a business. Businesses that are affected by competitor change must find ways to act swiftly and adapt to change or risk becoming obsolete. To remain relevant in business for many generations. Business owners must embrace change and continuously meet changing consumer needs.
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Grace Agada is the First indigenous Family Business Longevity and Legacy Expert. With unique expertise in helping Self Made Business Men Transition from Vanishing Mortals to Men with Indestructible Name and Legacy. Grace’s philosophy is simple. Successful Family Business Men do a lot of good in the world. This good should not be forgotten neither should it end with the death of the family business leader. Her goal is to help Family business Men Unlock their capacity to Advance the world. Make strategic contributions that hammer their Name into existence. Prepare their Businesses for Generational Relevance. And Develop a Pipeline of Successors that preserves their legacy. Grace shares her Fresh Perspectives through six of the top Nigerian Newspapers. To learn more about how Grace can help you send an email to email@example.com for a special Program Preview Report.