Want to identify where a disruptor will enter? Identify the pain point/frustration that your customer has with your current offering
In today’s world, customers are looking to, or already have, taken control of whatever functionality they are addressing at the moment. Via Google and Social Media they’re more knowledgeable about what’s out there and what’s available to them to make things simpler, easier. They’re in the driver’s seat in deciding what’s best for them.
Customers are no longer prepared to tolerate poor service, nor put up with things not meeting their needs. They now have the ability, more than ever before, to find solutions for themselves and they no longer have to depend on your marketing to find what’s best for them.
We live in a digital world and we know that a disruptor typically won’t come from your industry incumbents. So how do you identify where the next disruption is likely to come from?
Firstly, you need to decide what functionality you offer. Apple isn’t merely in the computer/phone business – they’re in the functionality of communications. So what functionality does your offering meet?
Secondly, you need to identify the current pain point, frustration, shortfall in satisfaction that your customers are experiencing with your offering, or from other incumbents in the functionality space, whether they be direct or indirect competitors.
Thirdly, you then need to be in touch with what some of the innovators/early adopters of that functionality are doing to minimise their pain and frustration.
Having identified this, utilise all of the knowledge you can muster from your current competencies and digital capabilities to ease or completely remove the pain and frustration before a disruptor enters with a whole new business model (like UBER) that turns your industry on its head.
Disruptors come into an industry where there’s a value proposition that addresses the pain and frustration that your customers have with your offering, and puts them back in control of how they utilise that now enhanced functionality.