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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
5 Successful Business Hacks Disrupting Dinosaur Industries
Bringing a business back to life in a dinosaur industry can seem challenging at first. The normal sales boost hacks often don’t apply in an industry that is more aligned with a traditional vibe. This is prevalent in many dying industries.
However, you may be pleased to hear that there is no such thing as a dying industry. There are only industries primed for revitalization. Most entrepreneurs and startups lay foundations for success based on dinosaur industries.
These types of industries and the niches within them are being raised from the grave with innovation and a tech twist. This makes once dying industries alive, well, and highly profitable in a booming digital era.
Maybe you inherited the family business, or you’re looking to turn around an old venture, either way, the following 5 successful business hacks will help you disrupt a dinosaur industry.
1. Reviving Dinosaur Industries is Common
The most important thing to remember is that you’re not alone. Hundreds of entrepreneurs and Millennial business owners are having success in dinosaur industries.
Many entrepreneurs and startups that disrupted certain dinosaur industries had phenomenal success as well. Look at Netflix for example. Netflix gave the movie rental industry a life saving breath with innovation, making it one of the most profitable entertainment companies in the world. The company is valued at more than $100 billion.
Uber is another success story that has really boosted the idea of sharing economy to mainstream popularity. How? The founders of Uber took the dinosaur industry of taxi services and tweaked it with 21st century needs at the forefront. By combing mobile app technology with getting around, the company went from startup to an estimated $75 million in value.
Now not everyone will revive a dinosaur industry business and make millions, but it has been known to happen. Understanding that you’re business is in a dinosaur industry is the first step. Knowing how to identify what’s causing the business to gasp for air is the next.
2. Get to the Bottom of the Problem
First things first, do so competitive research and prepare a competitive analysis. This is an important step in reviving a business in a dying industry, because chance are, someone is already having success doing it.
Questions to ask during your competitive research are:
- What are they offering (value proposition)?
- What does their website look like?
- Have they integrated any new technologies?
- Do they have a mobile payment option or e-commerce set up?
- What does their social media look like?
- Who have they partnered with?
- Are they offering shipping options?
- What keywords are they using to rank in search engines, like Google?
- How are they catering to old and new target audiences?
These are just a few key questions. Once you see what is working, you can develop a business strategy that will work for you. However, don’t be afraid to reinvent the wheel if you see an opportunity. Think about how you can shake things up while disrupting your dinosaur industry.
3. Shake Things Up
Netflix and Uber didn’t facilitate amazing business results by sticking to the norm. For instance, video rentals are nothing new, but how consumers obtain them is what set Netflix apart.
What does this mean for your dinosaur industry? Don’t be afraid to shake things up. A business in a dying industry is actually in a great position. You don’t need to be wary of new concepts, ideas, tech, and innovation.
You and your team can essentially be as creative as you want, because you can’t break something that is already broken. “There are many ways to do this. Ask different constituencies and create new questions and/or approaches,” according to Forbes.
To have success in a dinosaur industry, business owners need to empower their teams to be creative. If they fail, it’s ok. The most important aspect is that innovation stays on the whiteboard.
4. Entice the Old Guard of Customers
The main problem with dinosaur industries is that the customer base has aged. For example, the marketplace for boat owners can be a challenging industry to revive, but not impossible.
There are a number of boating sites serving up valuable products, services, and authoritative information for the old guard and a new target audience. The key is to deliver value to existing customers using relevant marketing campaigns that fit with their buyer personas. This can increase traffic and ultimately those coveted conversions.
5. Connect Your Business to a New Audience
While offering new products and services geared toward your old consumer base, you should focus on generating new customers. This means creating new buyer personas in order to understand a potentially new customer base.
Let’s say you’re in the pool installation business. This is a very old industry that has minor bumps in the road when it comes to Generation X and Millennials. These are consumers that may not be buying homes, and if they are, may opt for more eco-friendly options.
This means providing pools with an eco-friendly, natural vibe. The core of the business stays the same, but the offering and packaging is different. This also means making your social media presence known and geared toward your new target audience.
Make Your Dinosaur Industry Business Profitable
There are plenty of ways to breath new life into a business. There’s good news for businesses in a dying industry, you can let your creativity take flight. Don’t let your dinosaur industry go extinct. Make it a colossal success instead.
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