The economic and business environment has been volatile in the last decade. It has become increasingly challenging for companies to thrive during this period of volatility. How are businesses, large and small, responding to thrive in times of change?
In this video, I share three cases of businesses that have adapted and pivoted during crucial periods to succeed and thrive.
How do you thrive during periods of change? Unfortunately, there is no one-size-fits-all strategy to ensure that businesses succeed. Despite differences innate in businesses, learning from other businesses has been proven valuable. Doing so provides insight on the challenges they faced, how they chose to respond to them, the outcomes of decisions, and the lessons learned from these experiences.
Let’s look into some examples of businesses that have recognised change and how they adapt to dynamic markets.
Case 1: Netflix
As the streaming market became more crowded with competitors like Disney+ and HBO Max, Netflix focused on producing more original content and on expanding its international presence. They have implemented many changes in the last two years, all meant to help them become more competitive.
They cracked down on password sharing—a customer behavior they previously embraced but dismissed. This strategy worked because it led to more sign-ups than cancellations. They have also experimented with new pricing models and introduced a mobile-only subscription plan in some markets to attract more subscribers.
They understand that while they are currently the must-have streaming service for many households, this can change drastically if you compete with giants like Disney and HBO.
Case 2: Zoom
Zoom experienced a boon during the pandemic and well into 2021. However, they stumbled in 2022 when financial decisions impacted their bottom line. This led to laying off 150 employees or 2% of its workforce in the beginning of the year. They also enforced cost-cutting measures. These are good financial decisions that hopefully bring back their bottom line and stock prices to healthy levels.
But this isn’t the only thing they did well with. They also listened to their customers. With the rise of hybrid work models and increased demand for remote collaboration tools, Zoom expanded its product offerings to include more virtual events and online training features. Despite competition from Google Meet and Microsoft Teams, Zoom remains the standard for video conferencing. This is because they focused on improving their platform’s user experience and security to address concerns about privacy and data protection.
Case 3: Single O Coffee
“Take something that people are familiar with” … and do something different and better with it. This is Emma and Dion Cohen’s philosophy about their business, Single O Coffee, a home-grown café that started in Surry Hills in Sydney. They have been in the coffee business since 2003. They are a community café with a lot of loyal patrons. Their philosophy about coffee and business allowed them to survive during the global financial crisis of 2007/08 and the pandemic in 2020.
As a café, they are known to innovate. They pioneered the Juggler Café Milk Tap System, a hot milk dispenser that reduces waste by 80%. They are also the first café to introduce a self-serve batch brew bar, which dispenses coffee like brew taps. And during the pandemic, they made bold moves that are paying off today. They expanded to Japan. They also sold coffee beans to both retail and commercial customers. Their expansion in Japan led not only to two cafes but also to supplying coffee beans to over 100 cafes in the region, a feat in itself as the Japanese market is notoriously difficult to penetrate.
These examples demonstrate how businesses in various industries adapted their strategies, business models, or operations in response to competitive and changing market conditions. By focusing on innovation, customer experience, and strategic partnerships, these businesses were able to stay competitive and continue to grow today.
