It is easy to sit back and get complacent once you are successful. But the market is constantly evolving... and you have to keep up with it. Having a big marketshare is neither protected nor permanent.
Someone else can take it away. Having been here for around 30 years, I have seen it evolve, gained experience, and seen successful businesses that didn’t sustain for a longer time. Business today has become more challenging because of the influx of numerous players, innovative ideas, and ever-changing customer’s wants.
There are some prominent examples of companies that were No.1 in their market. They became comfortable, forgot to remain innovative, and soon faded away.
Leading and then...
The first example is one that we are all familiar with; Nokia. There was a point in time where everyone held a Nokia phone. However, when touchscreen smartphones started becoming a trend, they did not adapt, and Apple and Samsung took over and Nokia is nowhere to be seen. Another example is of Sony with TVs.
It had the largest share and was the benchmark. However, now there are others who sell smart TVs with varying features and have surpassed Sony.
Flexible to any degree
The role of a business is to be adaptable. Be aware of what you are selling, what the competition is doing, and, more importantly, what the market wants. Market needs, resources and ideas are changing at a fast pace. There is always cope for improvement in the value that your product brings.
Sticking to one working model and not recognizing market requirements will lead to oblivion.
My main message is to enlarge the basket by providing value-added products. Only selling commodities is not fruitful, one needs to have value-added as well. A simple, easy-to-understand example is of the chocolate icecream. There are numerous brands sell it.
Why a customer prefers one brand to another is because of the value-added through the toppings and flavor. Similarly, create products that meet those extra needs.
Put all your emotions to work in your business, but do not get emotional about it. There is a fine line between vanity and confidence. That I can achieve is my confidence - only I can achieve would speak of my vanity.
This is my reminder to everyone to be mindful of market requirements and be adaptable. This will ensure a market share that can be sustained...
- Anis Sajan is Managing Director at Danube Group.