Staying Relevant in a Changing World
As business owners, we’ve heard the stories of companies that made it all the way to the top and dominated the market, only to crash a few short years later. They are cautionary tales that remind us to stay on our toes, but how can we really avoid the same fate? This may seem like an oversimplified answer to a complicated question, but what it all boils down to is paying attention to the world we live in and adapting with it. As the world changes, so will what matters to consumers. Here are a few ways you can keep up with it all.
- Build an emotional connection. In college writing courses, students learn that of Aristotle’s three appeals – logos, pathos, and ethos – the most effective one by far is pathos, the emotional appeal. Coca-Cola has done this excellently in recent years with campaigns like Share a Coke and Open Happiness. This is a company that has known for over 100 years that in order to remain successful, they must bring joy and tug on the heartstrings.
- Know your true service and make sure it’s one that is fluid. At Morningside Ministries, our mission isn’t to provide the most comfortable retirement living for senior citizens or to offer caregivers tips and resources, although that is very important. Our primary goal is to enhance the dignity and quality of life of older adults, their families and caregivers with compassionate care. The other two objectives, and many more, fall under that umbrella, but having a mission that’s flexible gives us room to adapt to changing consumer needs.
- Understand and constantly research market trends. There was a time when Blockbuster ruled home entertainment. Enter Netflix – this new company eliminated the need to make renting a movie a shopping trip. Netflix initially saw that people were not appreciative of the time it took to go rent a movie or the late fees imposed for hanging on to the film for a while longer. When they saw that live streaming would be the next big thing, they didn’t hesitate to add it to their services either. Blockbuster now offers on demand services as well, but Netflix gained market dominance by adapting their services earlier. Don’t be the last business in your industry to make adjustments needed to remain competitive and viable.
Always keep your eyes open and don’t try to move against the current. As your business becomes more successful, every step you take towards the top will bring uncertainty about what’s next. Don’t let this scare you. Instead, realize that the higher up you get, the better view you’ll have – more experience, more help, more resources. Use that to your advantage and stay ahead of the curve.
Share This Article:
About Alvin Loewenberg
Alvin Loewenberg is the President and Chief Executive Officer of Morningside Ministries. He is responsible for the oversight of nine senior care communities providing nursing care, assisted living and independent living, totaling 807 units. Loewenberg has been involved in long-term care administration since 1979. For the past 23 years, he has served as the President/CEO of Morningside Ministries. Loewenberg has held various positions of leadership at both the Texas Association of Homes and Services for the Aging (TAHSA) and the American Association of Homes and Services for the Aging (AAHSA).