There are always changes going on in our society. Everyday we are introduced to new ideas that are changing the way we do business. 20 years ago, taxi service companies were building up a business across major cities in America and after all those years of perfecting the business, Uber came and pretty much knocked them out of work. Streaming music has changed the way music artists make money within their careers. Albums sales are decreasing with the increase of streaming. It started way back with YouTube and has now progressed with Spotify, Apple Music, Tidal, and other streaming services. Advertisers used to bank on TV ads and radio commercials, which are pretty much ignored in todays world. Changes are always going to be happening.
In a world of change, we have to learn to adapt to those changes without business models. We have to be careful not to become too attached to any business model without the thought of it having to change eventually. Companies that learn how to adjust, are those who stay in business. We have to learn to utilize the resources that are available to us now, then as changes are taking place, don’t complain, but learn how to maneuver through those changes. The beautiful thing about these changes is that it forces us to be creative. It forces us to do more to meet the needs of consumers and puts the control in the hands of the consumers.
The key is to sit back and watch how consumers are responding to the different changes in the marketplace and adjust to those reactions. You definitely always want to be a student of human behavior and learn what it is that people really want. It isn’t about just providing what we feel is valuable to people anymore. It is about providing content or products that people find valuable. Thanks to the internet, we have a much better way to analyze and study consumer behavior. The thing to remember is having the patience to sit back, learn, then respond accordingly.
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