Don’t be afraid to cannibalize your own products and services


This post is written with digital products/services in mind, but these thoughts can be applied to other (offline) businesses as well.

Your competitors won’t be afraid to do this for you

It’s nice to have a steady stream of income and to feel safe about the future. The thing is you shouldn’t. This has happened many times before — both recently and more in the past. One of companies that have lost everything because of this is Kodak. One company that has gained because of this is Apple. 
Kodak were feeling pretty sure about their business for a while. And why shouldn’t they have?
On the other hand, Apple weren’t afraid to risk and develop iPods, iPhones and more recently — iPads. Before them these were non-existent  markets. They just had more aspirations than others who also could’ve pulled this off.

There are a lot of non-existent markets which will disrupt a lot of industries and companies

The latest advancements and changes in technology, services and products in the world might seem like huge, but I am pretty sure (and you should be too) that it’s just a tip of an iceberg. Ways how consumers do things have changed a lot. And they will change even more. Everything will be available faster, better and everywhere. Even products and services that we can’t imagine at this moment. 

If you actually can shift your consumer behavior, it’s a good sign. Because their behavior will change anyway — be prepared for that. They’ll want more and someone will fill that need. Be the one who does that.

You can pull that off

Would we have Apple as we know it if Steve and Vozniak continued to make their computers by hands? Nop, I don’t think so. 
Of course it’s risky, of course there’s chance to lose money. But think about it this way — do you want to still be in  business after 5 years? 10 years? Lifespans of companies nowadays are getting shorter and shorter. Among other reasons there’s that new and better products are popping up faster than ever. But don’t let that scare you — if you know what’s your business and how you can serve your customers better, it will actually be pretty easy.

Any thoughts on this? Leave them in comments. And sharing is caring! ;)