Have you ever woken up with that queasy feeling in your stomach that something just isn’t right? Like perhaps a growing realization that your business is no longer an industry leader? In fact, it is a jarring brave new world view that you probably never thought you would have to confront.
But now you do. Without a contingency plan. Without a roadmap. And without the confidence you know why it happened or how to regain that position on the top.
Our client, a manufacturer of products used in movie and television production, came to this conclusion as they emerged from the pandemic and they engaged myself and other members of the Inflection Masters team
After tremendous research into their company, their competitors, their customers as well as discussions with industry leaders, we discovered many reasons to explain how they involuntarily arrived at this inflection point. Why an inflection point? – because the road they were on was no longer the best road ahead.
They needed a new direction and new strategic plan.
One of the more interesting discoveries was that the consumers of their products – movie and TV production personnel – were quickly becoming defined by a digital divide. The older production people (the ‘digital immigrants’ who were born into the analog world and had to adapt to digital) had a different mindset about these products than the ‘digital natives’ (the younger people who were born into digital).
To define it very simply, older production people looked at our client’s product and said “Let’s see what cool things it can do.” The younger production people looked at the product and said “Let’s see what cool things I can do with it. How does it empower me to accomplish what I want to do?”
Our client’s product was oriented to the older people, as the product was rich with advanced and previously unavailable features that solved real production problems. But, it lacked an app-based software component that would empower the younger production people’s expected use cases. Competitors had already begun to exploit this difference.
Fortunately, our client has now embraced the need for change. The company understands that they need to empower their users through an app-based software feature development as well as advanced hardware product development. The management of the company is aligned behind the more urgent need to define the company’s product roadmap in this light and the overall adjustment it requires in how they view and address their target customers.
Just as importantly, they are also prepared for the next time the industry changes so that they are not caught off guard. Because while we don’t know what or when the next paradigm change will be, we do know there is one just around the corner.
And after you have had that queasy feeling once, you don’t ever want it again. If you don’t know how to overcome that queasy feeling, you can contact Mark directly at (818) 625-3517 or email him here.
About the Author: Mark Jaffe is a senior consumer products and technology executive with an active consulting business that enables technology, service, and manufacturing companies to achieve growing, healthy business organizations from a foundation of sound strategic analysis. He is also a member of the Inflection Masters team. He is actively involved in developing and implementing strategic growth plans that involve new products and services as well as rebranding, marketing and sales initiatives for his clients. Mark has successfully served as a catalyst for growth as a leader in these industries for over thirty years. Before consulting, his track record of corporate leadership spanned the consumer products and entertainment industries including many of the major studios, as well as successful new ventures in technology and financial services.
You can Listen to Mark’s podcast interview on Inflection Points here
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