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Refusing to change your business practices as industry trends change can prove devastating for your business. It could lead to bankruptcy.
This was what happened to Kodak, Nokia, and a host of others. In the 1990s and 2000s, Nokia was a leader in mobile phones globally. The Finnish company led virtually every continent in terms of mobile phone sales. Nokia could have easily led the way for the smartphone revolution, but the company was more focused on communication rather than on data and connectivity. It kept to its corporate practices even when Steve Jobs was launching the iPhone and everything around the industry was changing. When reality set in, the result was devastating. Nokia’s sales dropped drastically and the company has to settle for the backseat role, cutting expenses to cover its variable costs.
The moral from the story is simple. If you must stay relevant, you need to keep to trends. Be current about industry trends especially. Opinions of business owners on reviewsbird.co.uk have shown that trends can construct, reconstruct, and deconstruct your business. Without trends, your business is simply living in the shadow of its past which might not have become obvious yet. Being current helps your business grow in aspects of customer reviews, product assessments, and others. Here are some other reasons to look at.
Refusing to accommodate trends is the same as not wanting to innovate. And if you are not innovating, you’re not creating, you’re not moving. Innovation is the application of inventions and most times inventions are the force behind trends. By refusing to embrace inventions, your sales would drop as your business gets fewer engagements.
How does it feel to have an old calendar in your room? It feels outdated, right? Exactly how your business feels if you fail to accommodate trends. An outdated company is often left behind in the industry. Consumers consider it rusty engaging with an out-of-date company.
Mostly, companies that fail to capitalise on trends operate with crude or traditional tools. They rarely are creative with product designs, their marketing strategies are mundane, and their customer service is often very poor. The result is that they enjoy less customer patronage.
4.Poor Business Ideas
Trends provide companies with information about the present and the future. Not staying updated with trends will thus keep a company in the dark. You hardly know what to do both in the short term and long term to keep your business afloat if you are not keeping to trends.
A business suffers low confidence if the customer service is poor due to not embracing trends. Trends will get your business familiar with the consumer confidence index. Otherwise, your company is in for dwindling revenue and growth.
No business exists in isolation. Hence businesses need to keep to industry trends. This can be done by adjusting their business practices to meet industry changes. Not embracing trends is destructive as it can ultimately lead to bankruptcy.