Did you know that in North America 42% of all meals purchased from restaurants are not consumed in the actual restaurant! Disruptive ideas from companies like Skip the Dishes, Uber Eats, Door Dash and countless others are catering to Millennials’ penchant for ease of use, convenience, and what I call “instant service,” all without having to stop binge-watching Netflix. Some restaurant chains are now opening what are called ‘Ghost Kitchens’ where their only function is to prepare meals to be picked up by a delivery service.
Did you also know that in North America 64% of all retail purchases are made online! Just like the above restaurants, shopping malls are dying.
The result is that slow-to-respond organizations with traditional ‘brick and mortar’ shops are going bankrupt. Remember Blockbuster Video, Sears, JC Penny, Macy’s and countless others. The businesses that are rising up and winning are the ones that have disruptive ideas, incredibly low costs, and fast-to-market execution. Think AirBnB, Uber, Lyft, Quirky, Tesla, …
It’s estimated that the lifespan for ‘traditional’ business thinking with the same strategies has now shrunk to 15 years. It used to be 66 years.
It also used to take over 200 days to get a product from concept through design, production, marketing and into production. Disruptive organizations are now doing it in 29 days by crowdsourcing virtually every aspect of the project. Speed to market is critical!
Moore’s law states that technology speed will double and the cost will half every 18 months. It is actually happening closer to 9 months now.
Your strategies now need to be simple and easy to execute. They also need to take into consideration the Millennial Generation (Both Gen Y and Gen Z) as they are the biggest demographic group in history, and they have worldwide reach due to technology and tech savviness.
Your strategy team needs to have a bunch of 20-year-olds on it. Gen Z are the most disruptive, innovative and entrepreneurial generation in history. Leaders need to listen to what they are saying and point their strategic compass toward what they are saying.
Pay attention to what is going on in banking, healthcare, retail, manufacturing, engineering, technology… virtually everything.
Your strategies need to be different than your competitors or you too will be assigning someone to stick around just to turn-off the lights.
Robert Murray is a Vancouver, BC based Business Strategy Consultant, #1 Best Selling Author, International Keynote Speaker, and TEC Top Speaker of the Year for 2018. For further advice, insight and inspiration on how to unlock your inner leader, follow Robert on Twitter, LinkedIn, and Facebook.
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