Why does anyone disrupt the market? Definitely, to get far ahead of the competitors. What causes this disruption at the market places? This could probably be the innovative strategies of a company. Sometimes the words disruption and innovation go hand in glove and is referred to as disruptive innovation. In today’s world, leadership is defined in no better terms than creativity and innovation. Hence, today’s business world wants leadership which can innovate and disrupt the market in order to see that companies stay ahead of its competitors.
Disruptions strike the market when a company launches a product or service which is
- New to the customers
- Of greater quality
- Of better reliability
- Making things easy and quicker.
It is worth noting that most of the disruptions have been brought about in the market by the technology driven innovations. Hence, every company needs to keep itself updated about the growth in technology in the fronts of IT, IOT, artificial intelligence, automation, nanotechnology and so on and find out how these developments can shape changes in the products and services which are presently being offered by the company.
Remember, your smart phones have disrupted the market of cameras, gaming devices and portable music players.
You can be a master in disrupting the market, if you know your competitors and your customers. Hence, companies which disrupt the market usually have an excellent competitor intelligence and business intelligence department. The big data analysis lets you know further about a customer’s likes, dislikes, needs, wants, aptitudes and attitudes. You can foresee the future requirements of the customer and bring about innovations that truly disrupt the market, enabling you to capture a sizeable portion of the market share as well as the revenue form the market.
Rather than waiting for disruptions to come, you should disrupt the market. A great leadership believes in disruption even if it finds that its business presently is doingwell. It is a fact that the Apple I phones were a disruption for the apple I pods.
As a business case let us examine the entry of Reliance Jio into the telecom market place. Well, have they been able to disrupt the market place? If so, how could they do it?
Let us try and examine the case of Reliance Jio on the factors which usually induces disruption at the market place.
- New to the customers- Bundling of low cost phone/router along with 4G connection.
- Cheaper- Free voice calls and very cheap data rates.
- Of greater quality- Greater speed or data rate.
- Of better reliability- Farther reach and coverage with a great network. No break in data.
- Making things easy and quicker- As seamless data at quicker data rates are available, the smart phone usage is getting multiplied as it can be used for e commerce, money transfer, bookings and downloading and usage of several utility Apps.