Just 28 of the original FTSE 100 still exist today
And just 61 of the original Fortune 500 are still around.
88% are gone!
The world of business evolves so quickly these days that you could be a leading brand in one decade, then out of business in the next.
It doesn’t even have to be that your product is no longer relevant either.
Just that someone has evolved it into a better proposition than you previously had.
History is littered with examples of where the lack of evolution of a market leader has caused them to be replaced by a newcomer.
Apple v Nokia
Amazon v Borders
Dyson v Hoover
Netflix v Blockbuster
The list goes on….
The disruptor is probably the biggest threat to most businesses future success.
Especially if you are already a success.
And it is that easy to set up a business these days that you won’t even see it coming.
A business is set up every minute in the UK, every single day of the year.
Whilst not all of these will survive, a percentage of them will become the next big thing in your industry.
If your industry has a problem that customers hate and someone solves it before you do, the chances are they will take a significant share of the market.
Of YOUR customers.
Take Uber as one of those examples.
Only set up in 2009, this company entered a long established industry.
Probably an industry that said “There will always be a need for taxi’s, we’re pretty safe”.
Yet less than a decade later, Uber now owns 45% of the rides that previously went to taxi’s in the areas that they operate in.
In New York, more people use Uber now than they do Yellow Cabs!
How did that happen?
Because they took the elements of getting a taxi that frustrated people and they removed them.
Not sure when your taxi is turning up – We solved that by showing you where your driver is on the map.
No money in your wallet – No problem, we bill you direct to your account.
Prices that vary depending on how hard it is to get a ride – No problem, we’ll tell you in advance how much it will cost.
Not sure what the driver will be like – We’ll only allow drivers to work for Uber with a good star rating.
All through an App.
Take an experience that is less than perfect, and then make it better.
Will people pay for it?
Uber was valued at over $70 billion last year!
This same thing can happen in your industry.
Think it won’t?
Think you are “pretty safe”?
I hope you’ll change your mind…
Before your competitors change it for you 😉
P.S. In case you are in any doubt, in 2017 the following happened:
ASOS became more valuable than Marks & Spencers.
Aldi overtook the Co-op and Waitrose.
Just Eat became more valuable than Sainsbury.
Tesla became more valuable than Ford.
And Jeff Bezos toppled Bill Gates to become the world’s richest man.
Still think disruption doesn’t happen to market leaders?
P.P.S. If you want to discuss how you can stay ahead of your market competitors, book in a call on the link below and we can talk through how to approach it.