My leadership tip for you this week is to heighten your awareness, strategize and take action to address how your business of today will change in the next three to five years because of technology and demographic shifting.
One way to do this is to learn from the shopping malls.
You probably have heard, and seen first-hand, traditional malls have been hurting. Consumers have not been going to the mall. They have been consuming online in the comfort of their own home or other convenient locations.
Most consumers don’t want to fight the traffic, look for a place to park, deal with the weather, deal with the crowds and run the risk of not getting exactly what you want because it’s not in inventory have turned to leveraging technology.
When consumers go to the mall, they want an extraordinary customer experience. Why else go?
As a result of the perceived hassle and less than stellar customer experience, shopping mall traffic is down. Many shopping malls are challenged to hang on to their retail store tenants.
This article discusses how financially troubled retailers like Sears, Abercrombie & Fitch, Aeropostale and Barnes & Noble are adjusting in an attempt to survive.
The 3 – key messages I take away from the situation are:
1. You must pay attention to the changing customer landscape.
Ask yourself, not what do our customers want, but who will they be and what will they want?
2. You must have the courage to change your traditional business model to succeed.
Ask yourself, what must we tweak, add to, modify or overhaul in our current model to survive?
3. You will have more success if you are proactive versus reactive to the evolving landscape.
Ask yourself when and how will we plan to survive?
We all acknowledge, every business will continue to be impacted by technology and changing demographics. So let’s be sure we are correctly addressing the challenges.
Success will be there for the leaders who figures it out, has the courage to change and the skills to get their organization to follow. Let me know if you need a little help.