Adaptability is one of the most important qualities that you must encourage within your company. ADOBE STOCK IMAGE

IT’S YOUR BUSINESS: Adaptability is the cornerstone of competitive edge in today’s market

Come gather ‘round people

Wherever you roam

And admit that the waters

Around you have grown

And accept it that soon

You’ll be drenched to the bone

If your time to you is worth savin’

And you better start swimmin’

Or you’ll sink like a stone

For the times they are a-changin’.

– Bob Dylan 1964

There is nothing permanent except change and the same is true about marketing practices.

In the 1960s when Dylan wrote those lyrics the main goal of marketing was to sell a product or service to make a profit while seeking new ways of reducing the cost of production.

The mindset then was more of a focus on creating a product or service, then pushing that to the consumer convincing them that this is what they needed.

In today’s world that concept has changed dramatically. The motivation for creating a product or service places the consumer as the main priority for operating a business. The emphasis is placed on meeting and satisfying the wants and needs of the customer in order to make the company the preferred choice among competitors.

“What you must do now is to adapt. The world belongs to those who can change fast.”

– Maxime Lagacé

With this shift to focusing on the customer’s needs and the changes that have taken place over the past few years more emphasis should be placed on the societal aspects of marketing. This means focusing your business on making or creating products or services that enhance the overall welfare of your customers while taking into consideration the benefits to the community at large.

If anything the current pandemic has highlighted how companies have had to adapt to what is impacting society. Maintaining a healthy environment has become a priority which has caused a great deal of adjustment for many businesses … home and curbside delivery not just for food services but for many other types of retail operations to name just one area of operations.

In the evolution of marketing, it is common to say today that we are now in the relationship era where the customer is in the proverbial driver’s seat.

The goal is to create long-lasting relationships by creating products and services that don’t just meet the customer’s needs but will develop trust and loyalty thus ensuring future success.

This is perhaps the most important aspect of today’s marketing … research has shown that customers will advocate for businesses that they care about.

Adaptability is one of the most important qualities that you must encourage within your company. Whether you are a sole operator or a large organization your ability to adapt quickly to changing customer behaviors, market conditions and in today’s climate new technology will give you that essential competitive advantage.

Joe Smith is a communications consultant and an accomplished fine artist. He can be reached via email joesmith@shaw.ca

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