Certain dynamics can make a CEO think more than twice about how to ensure their company is not “left behind” like archaic brands of the past. Remember BlackBerry? Blockbuster? Yahoo? Their riches-to-rags stories reveal that these companies did not stay agile, ignored market warning signs, and found themselves severely impacted or bankrupt.

Disruptive Trends in 2024

Like the post-tech boom era, when so many companies failed to adapt and pivot, small to midsize businesses (SMBs) are facing many business disruptors today in 2024. Here are four disruptive trends worth noting:

1. Technological Advancements: Rapid advancements in generative AI have the potential to impact businesses by revolutionizing processes, supply chain management, and customer interactions. Company leaders will likely experience the influence of AI within the next six months.
2. Economic Uncertainty: Economic fluctuations and global events can affect B2B purchasing decisions, project budgets, and investment priorities. We have global changes and conflicts underway that have an impact when it comes to B2B interactions, both at home and abroad.
3. Evolving Business Needs: Factors such as industry trends, regulatory changes, and competitive pressures are a few of the areas that necessitate changing B2B strategies to meet new challenges.
4. Market Competition: Intensified competition from both traditional players and disruptive startups can challenge SMBs to differentiate themselves and stand out in the market. Some industries like custom software development have seen vast increases in competition, where there is so much fragmentation it becomes increasingly difficult to differentiate themselves. Combine that fact with the introduction of generative code and it’s easy to see the challenges that await these B2B companies.  

In addition to these disruptors, we must also consider the significant impact of a U.S. presidential election year, known to have the potential to introduce unforeseen dynamics and challenges to the economy.

Rise from the Ashes

So, what happened to Yahoo? For business leaders of a certain age, the story is well known. Despite its early success as one of the Internet’s first search engines, the company struggled to reposition itself effectively against Google and Facebook, which had both embraced advertising as a revenue driver. Simply put, Yahoo failed to innovate and differentiate, leading to a hasty selloff to Verizon in 2016. This failure to pivot amid disruption is a cautionary tale for companies about the importance of staying agile and responsive to market dynamics.

Today, Yahoo has been sold again (in 2021) and has been gaining momentum and re-inventing itself with key acquisitions. Despite being “left for dead,” Yahoo is emerging from the fire like a Phoenix rising.

Strategic Positioning: Finding the Sweet Spot

I recently worked with a client in the Tech Space. When we first engaged, there was a discussion about better articulating their positioning. As I gathered more information from the company’s ecosystem, a theme emerged around the need to more clearly express 1) the strength of their services and 2) where they wanted to play. We ended up with vastly different positioning that pinpointed some unique strengths to a very targeted audience. Today, the company is thriving in its sweet spot doing the work they do best, and the CEO, Joe Leo, praised the insights and strategies we brought to the table.

"Working alongside Chief Outsiders and Mary Doizé gave me the confidence to shift strategies, seize an opportunity in an otherwise declining market, and reposition Def Method for continued success."

With all the market disruptors in play in 2024, this is a good time for CEOs and leadership teams to step back and think about their company brand. Here are a few thought-provoking questions you can ask yourselves to start the conversation:

1. Does our brand showcase our technological expertise and ability to provide scalable, integrated solutions that meet the evolving needs of business clients?
2. Do we offer flexible pricing structures, value-added services, and strategic partnerships that help clients navigate economic uncertainty and achieve their business objectives cost-effectively?
3. Do we demonstrate our industry expertise, thought leadership, and a deep understanding of our clients’ business challenges?
4. Do we clearly emphasize our unique value proposition, innovate product offerings, and show a track record of success?
5. Is it time to re-position our brand to capitalize on emerging opportunities, address evolving client needs, and stay ahead of the curve?

Seeing the Bigger Picture

SMB CEOs are often heads-down and working on their day-to-day business. More accurately, they are working in their business, not on their business. What is the difference? When a leader is heads-down, they aren’t looking up to see the big picture in terms of economic and industry trends.

These leaders need to take a step back, do the hard work, and ask the hard questions like those above. They have internal resources to help with analytics and measurement. They have research partners to share trends in pricing, marketing, and business operations. And, increasingly, they are turning to third-party consultants like Chief Outsiders for valuable, turnkey business strategy oversight and implementation.

In 2024, will you seek to embrace disruption and be a Phoenix Rising from the ashes? Or will you end up mired in the fire like the long-lost brands of the past? Contact me and Chief Outsiders for help with your B2B SMB strategies and positioning.