The corporate environment of today is frequently in motion. Companies confront a struggle to maintain their relevance in the face of a changing market, regardless of whether these changes are cultural, economic, or technical. No matter how successful a business may be, it may still be susceptible to prevailing trends or quickly developing new technology.
Fortunately, some corporate executives are able to shift with the changes. Some people are not only able to adapt, but they can also make advantage of altering behaviors and revolutionary new technology, which finally led to great growth.
Progressive: Telematics and Analytics
The secret to Progressive’s usage-based vehicle insurance program’s success is its 14 billion miles of driving data. In order to determine a premium that is just for the insured and the insurer, insurance underwriting has traditionally depended on financial and historical facts. But modern technology and big data analytics have assisted insurers like Progressive in developing more customized insurance plans that better anticipate dangers.
Progressive’s Snapshot program, which was introduced in 2008, uses a telematics device to capture information on driving behavior, including mileage and harsh braking. Progressive makes use of the data collected by the gadget to offer discounts for good driving conduct and raise premiums for bad driving behavior.
Starbucks: Mobile App Payments and Gamification
Starbucks has a history of innovation. Starbucks recovered from a 28% earnings loss and shop closures during the recession by using social media interaction to get back to its community-centered roots. Starbucks introduced their mobile payment and rewards systems with the same passion for innovation.
PayPal: Full-Service Digital Payments
Since its launch in 2008, PayPal has become a household brand, although for a while it struggled to reinvent its services. As rivals entered new areas including in-store payments and mobile payment technology, PayPal’s dominance began to wane.
In recent years, PayPal has taken attempts to adopt new technology by buying businesses that were experts in more current payment industries. It purchased Braintree, a firm that specialized in processing payments for online and mobile platforms for businesses like Uber and Airbnb. Venmo, a peer-to-peer payment program for mobile devices with a social networking component, was also owned by Braintree. In order to expand into a full-service payments company, PayPal also bought out additional businesses including mobile payments startup Paydiant, cybersecurity company CyActive, and international remittance platform Xoom.
Netflix: Online Streaming
Netflix began as a DVD rental home delivery business before becoming a dominant force in internet streaming. Netflix combined its DVD rental service with its streaming service in response to the rising popularity of internet streaming. Subscriptions first reacted negatively to this change in focus due to the price hike. However, a spike in subscriptions was sparked by the release of their highly acclaimed original material, including House of Cards and Orange is the New Black.
Netflix’s innovation demonstrates that innovation doesn’t always entail putting the old aside in favor of the new. They have been able to maintain a devoted client base while reaching out to new audiences by maintaining their DVD-by-mail business while expanding their online streaming operation.
National Geographic: Integration of New Media
The National Geographic magazine with the yellow border has gone a long way. The journal, which was established 128 years ago, was in danger of disappearing along with several of its colleagues in print publishing due to digitization. From $289 million in 1999 to $211 million in 2009, their subscription revenue decreased.
Massive reorganization efforts were made by National Geographic in an effort to expand their media outlets. In order to enhance and unify their material, they made editorial modifications after signing a $100 million cable programming contract with Fox in 2012. Their website has been updated to provide easier access to the articles, photos, and videos produced by the editorial staff. Additionally, National Geographic made effective use of social media to connect with brand-conscious, new consumers.
By carefully combining several media channels, National Geographic was able to effectively make the switch to digital and offer a smooth, omni-channel brand experience. No matter whatever National Geographic platform their readers selected, they received the same engaging material.
These five instances demonstrate the huge impact new technology may have in a cutthroat business. Technological advancement might be the difference between a company’s success and failure in a market that is always changing. New technology may assist a company in exploring novel approaches to rekindle client affection for their brand and even provide access to unexplored markets, regardless of whether the company is doing well or failing.
