What would you do if you discovered that a completely new type of player entered your market with a ground-breaking approach? This is a situation that almost every industry faces at some point. To mention a couple of examples:
- The Nordic IT start-up Skype challenged telco’s bread-and-butter telephony together with mobile applications such as WhatsApp eliminating SMS and MMS
- Streaming services such as Spotify changed the music industry
- Online companies such as the Danish nemlig.com are trying to change the retail sector
- In financial services, the insurance value chain is being challenged by companies such NEXT Forsikring
- In banking, the companies, which are regarded as the biggest threats, are Google and Amazon
The next question to the marketing executive: Are the commercial processes and the marketing plan, which are guiding this, flexible enough? They should be suited for a quick response to a potential threat like some of the above-mentioned – knowing that it might be part of a necessary change of the existing value chain over time. This is where the concept of Agile Marketing becomes of vital importance.