Do you remember when the internet was founded? Or when websites became the hot, new thing every business needed but so many were hesitant to adopt? For some companies, the refusal to embrace this wave of technology was a death sentence – we’re looking at you Blockbuster.
Refusing to embrace technology now leads to the same outcome. Today, embracing technology means wrapping even seemingly low-tech companies in powerful software solutions. These solutions include highly responsive websites, mobile applications and custom software for managing inventory, logistics and other business processes.
Technology Adoption – The Difference Between Thriving and Dying Out
Earlier this year, we watched one of our oldest and most traditional industries – the restaurant industry – adopt technology at lightning speeds. Online ordering and curbside pickup went from a luxury offered by tech-savvy restaurateurs to an industry-wide necessity utilized by 5-star steakhouses and mom-and-pop eateries alike. For many businesses, this was the only way to stay afloat as the pandemic gripped the industry.
Those that couldn’t adapt fast enough – or were struggling with other business problems when the need for further innovation arose – didn’t make it, including these restaurants in Dallas.
For Long Term Success, Innovate Before It’s Required
Proactively pursuing innovation, regardless of your industry, can protect your business from the economic and social obstacles you’re sure to encounter, from pandemics and recessions to simple changes in buyer behavior.
Consider workout equipment manufacturer (and tech company), Peloton. Realistically, an at-home exercise bike doesn’t need to be innovative. A screenless stationary bike and a Peloton bike really serve the same purpose – providing a convenient ride for those looking to exercise at home. But, the people behind these popular machines had the foresight to leverage technology to create a competitive and international exercise community.
For Peloton bike owners, the accompanying Peloton app allows them to join live rides and compete with other members. Why limit access to Peloton equipment owners and neglect a massive portion of the market?
Well, they didn’t.
Peloton’s app is available to people who don’t own any Peloton equipment. Instead, the app provides access to a wide range of live workout classes, from yoga and meditation to outdoor running, for $12.99 a month.
The live Peloton classes can be accessed from a phone, tablet or TV through FireTV, AndroidTV, AppleTV and other services. The app also allows members to experience the Peloton community, interact with fellow members through in-class high fives, track workout progress and more.
This innovative approach allows apprehensive shoppers to experience a wide range of Peloton classes and submerge themselves in the community without requiring the $2,245 investment of Peloton Bike ownership – all while producing monthly, recurrent revenue for the company.
Think Beyond Industry Norms to Better-Serve Your Market
It’s this ability to think beyond the traditional industry boundaries that allows businesses like Peloton, Netflix, and InstaCart to succeed. And, to be frank, there’s no reason why your company can’t do the same.
At 7T, many of our most exciting and successful projects have come from companies determined to upend their industries. For instance, the PHP Agency revolutionized their corner of the financial services industry. Thanks to an innovative spirit, mobile application and custom software solution, “over 14,000 individuals have become licensed agents and more than 200,000 families have been served through life insurance products and financial education” through PHP Agency.
Create an Actionable Digital Strategy with Technology Consulting
For companies looking to achieve this type of future-focused success, innovative thinking and custom software are of the utmost importance. 7T offers technology consulting to help your company identify these revolutionary opportunities within your industry.
If you’re ready to turn your traditional business into a “tech company” that will overcome the obstacles thrown in your path, reach out to 7T today. From consulting to development and execution, we have the expertise required to transform your company into a business others aspire to emulate.