First of all, let me answer the question of what is a brand? a brand is the personality of a business, from its values, purpose, identity, logo, colours, style and tone of voice. Your brand should enable your direction and growth plan.
So, how can your brand disrupt an industry?
In this blog I’ll explain what it means to disrupt an industry and how you can do it.
What does it mean to “disrupt” an industry?
Every business wants to come up with a revolutionary idea but disrupting an industry doesn’t necessarily mean that you have to come up with a completely new product or service that will replace an old one. Simply put, it requires you to create a way of doing business that will resolve customer pain points, add value and cause a change, a shift that will lead others to follow. It is more operational.
To reiterate, Clayton Christensen, Harvard Business School professor, explains there are two ways to disrupt:
- New market disruption – a product or service that addresses a market which previously couldn’t be served.
- Low-end disruption – whereby an existing product or service is reinvented to be simpler, cheaper or a more convenient alternative to what is already out there.
Brands causing disruption
To stand out from the crowd, disruptive brands transform the world we live in and change the way we do things. They stand for something, bring something new to the table, an idea and a vision that makes life easier or more incredible. Disruptive companies create communities and followers that pave the way for ongoing success.
There are two examples that really stand out:
Airbnb: Their platform gives homeowners the opportunity to rent their homes or spare rooms to travellers at a low price. This has unlocked the door to so many new and even unusual places for people to stay. It’s changed the way people travel, causing the holiday industry to rethink how they work. It’s also caused a spike in the number of people exploring the world.
Uber: To reinvent how we book taxis, Uber based their business model on a mobile app. They put people in control of being able to offer their services and enabled customers to take greater control of their travel across the world.
So, how do you disrupt?
To disrupt an industry, you need to reinvent the wheel. To find a way of doing this, begin by answering the following questions:
- What would you like to challenge or change in your industry?
- What are your customer’s pain points?
- Why is this reinvention important to you?
- Where do you see your industry in 20 years’ time?
- Why should your customers come to you?
Your answers to the above questions are your starting point. They’ll help you identify gaps in your industry that you can fill. The next step is to find a way of filling that gap and to disrupt the industry.
There are lots of ways to disrupt, you could find a way of cutting the cost of a product or service by 70% or more, provide it “on demand”, make the complicated into something simple. The truth is that you don’t have to create the next great idea; just making an existing idea fantastic is enough to set you on a path to stardom.
To ensure success, you may wish to consider creating a new business plan, but that doesn’t mean you need to create a new business or brand to disrupt an industry, but as explained on USBMakers.com, “Re-branding has the potential to be a disruptive strategy, so it’s not a decision that should be taken lightly, and when it is the route that you want to take it should be initiated with care and precision.”
The reason for this is that rebranding is an activity that announces to the world that you’re changing and have something new to offer. It reaffirms your brands position in the industry – Which is worth considering and you might be surprised at what factors can influence your brand perception, which is something you can read about in my article here.
Think about the future of your industry and work your way back, creating a plan for you reach your goals before your competitors. Having a vision is just the first step. The hard work comes in managing and creating change.
As Neil Patel explains on Entrepreneur.com, “The only way to change your industry is to induce large-scale upheaval inside your business. Only then will you be ready to effect a positive and profound revolution on a wider scale. Only then will you win the sobriquet disruptive.”