There can be days when you may think your business has run its course. You have served as many customers as you believe your business is capable of serving and you may not think new opportunities exist for your business to do more. While there is a chance you may be correct – there is an equal chance that you may be incorrect.
It’s estimated that Apple sold 31 million Apple Watches in 2019 which would apparently represent a 36% increase over the previous year. In contrast, the Swiss watch industry (think Swatch and TAG Heuer) sold an estimated 2.1 million watches which represents an estimated 13% decline in sales from the previous year. The Swiss watch industry has not been able to compete with Apple successfully for smart watch sales and can’t seem to reinvent themselves or deliver a compelling message to younger consumers. The result has been Apple taking market share which includes finding new market share with a demographic of customers that the Swiss watch industry doesn’t have.
What features or improvements could you make to your products or services in hopes of attracting new customers? If your existing customer profile hasn’t changed much over the years then maybe there is an opportunity to find new customers and in the process change the way you compete for business. To the extent that your business is not able to be a leader in the market it will find its bottom line being eroded away. Want to protect your bottom line? Find a way to do more.