The future of industries is changing and so should your business – nothing kills a company quite like being stuck in the past.
The Destruction of Industry Barriers
One thing that seems to be a part of this new age in business is the destruction of industry barriers. This means eliminating the redundant nature of being in one category, industry or sector. Industries become more fluid and your business isn’t restricted by the redundancy of being in one sector. Categories seep into one another and allow you to move in and out of sectors.
This movement means you do not have one set audience, which might seem frightening. Where will you target your audience? How will you find any consistency in your marketing? However, not sticking to one industry means your audience is far more open and you can target many different markets and see what works best – this might mean you aren’t limited to one gender, one age range, sparse interests or a certain country. You can create more market segments and decide which one suits your company the best, and chop and change when you like.
Competitors Become Collaborators
With the destruction of industry barriers, competitors and rivals can become collaborators and partners. Sometimes one way to advance your own business is to utilise the skills of another person’s company. Partnering up with another brand can benefit your own greatly. For example, you can start to venture into new industries and find new potential customers and clients. You can also gain more knowledge from being in new sectors – this new type of business is called cross-sector.
Should I Do It?
One way to know whether you should destroy industry barriers or not is to listen to your audience. If you release a new product or service, listen to your customers and their feedback. If your customers talk about your product more generally and it comes under more than one category, maybe it’s time to consider opening up your business to a new sector. Products that aren’t bound to one group open up so many new opportunities for you and your business.
Similarly, if you’re starting a business, not categorising your business and avoiding an industry barrier could be equally as valuable. If you enter the market without being tied to one industry, you are more open with your potential audience. Entry and exit barriers in the market are low, therefore new entries on the market can enter and competitors increase. This means the competition is high – by not outlining a single industry, you eliminate the potential of this.
The future of businesses is also changing because of cloud technology and this is another potential benefit to your company too. Cloud technology helps fill in the gaps. For example, cloud accounting helps a business by keeping track of its finances 24/7 every single day of the week. Our service can help free up a lot of time so you can start focusing on the bigger things your business needs, like looking at how you can destroy industry barriers and improve your company.