Disrupt or Be Disrupted: Why Your Business Needs a Bold Move Now

Years ago, I studied economics at both school and university. There was something pure about economic theory that made sense to me. Demand equalled supply, and as such, a market was in equilibrium. Over time, surplus and shortages moved the demand and supply curves, but the market always found its way back into balance. It might sound boring, but it was clear and coherent to me.

The reality has been that most markets work like this and, over time, rebalanced themselves.

But as Bob Dylan said, “For the times they are a-changin‘”

Disrupters now strike at industry incumbents without notice and with such ferocity that some never recover. No one is safe.

So, as you read this, you have a decision to make: Stay an industry incumbent, gripping hard to your well-earned market share, or join the disrupters. The defenders of the status quo will lose; it’s just a matter of time. Established practices, especially those proving to be inefficient, will evaporate.

The travel industry is deeply immersed in this titanic struggle today. The traditional model of retail travel agents, wholesalers and International Travel organisations once dominated the market. The problem is they split a 30% commission, rendering the process unsustainable for the travel operator. Since COVID decimated the industry, the situation has changed. The tech-savvy younger generation can now attract clients online with 15-20% margins. This can be done anywhere in the world without expensive infrastructure. Information about where to go and what to do is freely available, making the once valuable travel agent who had toured that area inconsequential. The clock is ticking for the retail travel agent.

Let’s get back to you and your business.

It’s time to embrace radical innovation and adapt to changing market dynamics before it’s too late.

To outmanoeuvre your competitors, you must deeply understand your customers’ pain points and frustrations. What do they want changed, and how can you do it? Spotify is a great example.

Then, you must create a superior value proposition that resonates with your customers. This won’t happen with conventional thinking, so don’t be afraid to think differently!

Create a decision process that allows you to be agile and adaptable. A slow decision process will cripple innovation.

When you have the answer, shout it from the rooftops. Own your idea with conviction.

Use technology to leverage your offering and create new ways to interact with your customers. Doing so will create a competitive advantage that incumbents will hate.

This process only works when you prioritise your team. Build a culture of collaboration and risk-taking, set targets and celebrate wins. You can’t do this alone. Boundaries are going to be pushed; make sure you have a team around you willing to jump into the fire without reservation.

Disruption isn’t a short-term tactic that may be fun to try. It’s a strategic move that will dominate the industry for years, potentially changing it forever. Will it be you or your competitor? You can spend your days frustratingly watching your market share and profit margin erode.

Or you can fight to grow.

Disruption is all about understanding a need and then creating a revolution. Are you up for it?