To continue from my previous blog Are you in the business of selling obsolete products & services? , Usually obsolete products and services are not in demand or enjoy lesser demand.
Look at erstwhile cinema houses and multi-screen multiplexes , look at Udipi South Indian hotels & fast food/pizza/burger chains, look at housing societies built 10/15 years back and present day housing societies, look everywhere hospitals, retailing , banking - everything has changed and is changing. Everything is moving from being product & services to experience.
It is the need of today. This shift happens with every new generation of consumers. With new generation of consumers comes new generation of entrepreneurs. They break the old way of thinking and create blue ocean for themselves.
Therefore issue is to check whether you are in the business of selling obsolete products & services. Here obsolete doesn't means typewriter vs computer. Here it means old way of thinking about business.
1) If CUSTOMER is not at the center of all your thinking and action , you are in obsolete business.
2) If EMPLOYEES are not considered most important asset of the business , you are in obsolete business.
3) If CRM is the only thing that is happening as far as customer services is concerned , you are in obsolete business.
4) If OFFLINE is the only mode of your doing business , you are in obsolete business.
5) If SOCIAL MEDIA and CONTENT MARKETING is not a part of your marketing plan, you are in obsolete business.
6) If your enterprise is not measuring customer experience and employee happiness along with ROI and ROCE, you are in obsolete business.
7) If your enterprise is only thinking about single bottom-line and not about social and environmental impact of your business, you are in obsolete business.
8) If your branding and advertising is not matching with actual customer experience,
you are in obsolete business.
9) If your board is not comprising of professionals from diverse fields & Corporate Governance is only limited to compliance , you are in obsolete business.
If you escape all the above IFs , YES, you can congratulate your self , your business & its products & services are NOT obsolete.
Even if your are selling TEA and not using any advance technology to produce , all the above pointers will keep you out of OBSOLATION.