Adapting to market shifts is a crucial aspect of maintaining profitability. Uncover strategies to stay ahead, from understanding customer behavior to leveraging technology, and learn how to turn market changes into opportunities for growth and sustained success.
For lasting profitability, entrepreneurs should focus on contributing to consumer value
No profitable niche lasts forever, and the more profitable it is, the slimmer the chances are that it will last.
- Even protected monopolies eventually get disrupted
- What you need is to make sure you can stay profitable in the years and decades to come
Profitability is to meet the future
Recognize what businesses are and do from the perspective of the whole economy
- Businesses formulate strategies to position themselves with respect to each other and thereby earn profits
- Maintain profitability by positioning your business so that competitors, suppliers, customers and others have as little sway over it as possible
Customer isn’t king, but consumer is
If you make your customers thrive, your business thrives
- The key is to think about the consumer whether or not you serve them directly
- All businesses benefit from adopting a consumer-value focus
- Look beyond your customer and consider your contribution to the value of the final product
