In fact, dealing with market disruptions is as old as commerce, but their scale and speed have never been greater. Knowing how to survive, even thrive, in such turbulence is essential to every industry.
Disruptive innovation - describes a process by which a product or service initially takes root at the bottom of the market – typically less expensive and more accessible – and then relentlessly moves upmarket, eventually displacing established competitors.
Sustaining innovation - is the process in which a company improves its product’s performance in response to customer feedback found across all channels, like social media, online and phone-based customer service and surveys.
Disruption across all industries is inevitable, but rather than bracing for the change, companies should be confident to embrace it, not presume that the best way to respond to disruption is by becoming the disruptor.
Regardless of whether you end up going through each of the stages listed and march on as a disruptive brand, remember that by committing to sustaining innovation along the way will prepare your company for when disruption occurs.
Is the dietary supplements industry on the verge of disruption beyond the most recent examples?
From the discovery of vitamins in 1920 up through the late 20th century, dietary supplements were sold in stores and by door-to-door salesmen around the country. But once the Information Age hit, it opened Pandora’s box – changing the way brands engage customers.
