“What are the best ways that companies have pivoted to meet the changing demands of their consumers?”
The economist Schumpeter (1939) identified a close relationship between technology developments and business cycles. Throughout history technology revolutions have occurred in tandem with business cycles or waves. In simple terms a new wave begins with each new technology bringing a surge of new products, services, skill developments, and devices over a period followed by a period of decline. Schumpeter shows the first wave starting in 1785 with the introduction of water power, textiles, and iron. Throughout the upward surge of the wave companies identify new opportunities and pivot to create new products/services/process or find new ways to do old things for greater revenue and competitive advantage.
Currently we appear to be experiencing the slowing down/decline of the 5th wave of digital networks, software, media, which started around 1990. Digital technologies removed geographical borders so anyone anywhere can conduct business/shop/interact at any time. Consumers have more choice. Also, the explosion of digital access to knowledge has created a far more informed consumer. The overall effect is the consumer no longer has to accept an unpleasant supplier experience because there are so many other suppliers to choose from and other more pleasant options available.
So the best way companies have pivoted to meet consumer demands over the past 30 years is to strive to provide good quality customer-centric all round experiences rather than expecting the customer to adapt to their way of doing business. In other words, its all about the customer.
The customer experience starts from the start of the customer journey whether it be buying in to the explicit company culture, mission, vision, to quality, affordability, availability, convenience, interaction and engagement, satisfaction, to name a few. Hence the explosion for the past few years of surveys, reviews and questionnaires. The data from these sources is collated and skillfully applied to pivot the company to meet their customer demands ahead of competition. As Jack Welch, retired CEO of General Electric said, “ An organisations ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage.”
The ability to dynamically pivot business models, service delivery, products, customer experience, using technologies as the business context changes is key to company survival and competitive advantage.