A key difference between a fad and a trend is time. Fads are a form of behavior that are intensely followed by people for a short period of time. Trends get stronger over time and tend to remain.
Differentiating between the two is a difficult endeavor. It’s important to determine the difference and how it relates to your strategy. Is a particular trend right for your organization? How will it impact your operations? Knowing the difference will help your business make the right decisions. To be disruptive identifying trends and fads.
Fads are useful but are often tailored to things as opposed to experiences. For example, digital retailing is a new trend in automotive. The tools you use to execute a digital retailing strategy may be fads.
With trends such as digital retailing starting to gain traction in the auto industry are you doing everything possible to ensure you are on the forefront? Better yet, should you care? Disruptors are able to identify emerging trends and then capitalize on them. Conversely, not being ready to make a change can leave you scrambling and missing out on opportunities.
Determining which opportunities will become staples of the industry can ultimately determine your success.
Is it necessary to have weekly meetings to see what trends or fads are out there and how they incorporate themselves into your current engagement strategy? Of course not, but making the right decisions, at the right time, will enable your business to continue its success. Failure to make these decisions could leave you behind your competitors.
Blockbuster is the example everyone uses when talking about disruption. Their failure wasn’t that they didn’t see Netflix coming. Their failure was that they weren’t able to act at the right time. They had the opportunity to buy a young Netflix for only $50 million, and they turned it down because they had something else in play, but because they couldn’t capitalize on this trend, we’re following the countdown to the last Blockbuster location. Their inability to gauge the market caused them to fail.
We all know that consistency, readiness, and the desire to be the best will enable you to succeed. But that isn’t enough today. You need to be ready and equipped to disrupt. To stay ahead of the curve, it is integral to constantly be aware of what changes are happening and deciding when to make a change yourself.
Using your 20-group will be a great indicator of where you could/should be. To get to where you want to be having a pulse of the market, ideas, and goals. In addition, you need to get a fresh perspective on what you can do to capitalize on emerging trends and be the first.
DrivingSales Presidents Club you will hone your dealership strategy with other top performing dealers in the nation. Join us and see what’s next. Learn how to maximize the potential of your capital, brand, and people. We will provide the tools for you to become a beacon of success. Our influence helps dealers differentiate between trends and fads allowing them to leverage themselves to be as disruptive as possible. This is an intimate event with world-renowned experts and top business school professors who will provide market insight on today’s challenges and opportunities. We hope to see you there.
Don't miss out on this opportunity to learn and collaborate with other forward-thinking dealers.