The term ‘new industry paradigm’ sounds like just another one of those airy-fairy, wishy-washy terms in business. And for the uninitiated, it can seem like more meaningless marketing jargon that won’t really make a difference to your strategies. To truly unlock the value that comes with this term, one must first understand what it means. A paradigm is a set of distinct concepts including theories, standards, and research methods. In business, industry paradigms are a set of parameters that the market currently operates within. So while these parameters help measure success in a certain sphere, it also tends to restrict new business thinking. Understanding this, it becomes clear that finding a new industry paradigm (or new parameters for success) could mean new ways of reaching and engaging with your customers.
Creating a new paradigm in your industry category can be a daunting task. Firstly, you’ll need to re-examine factors within your industry that have long been overserviced or neglected. This means going against valued beliefs and breaking free from widespread industry mindsets. Using the four questions framework and putting on an objective lens, decipher factors within your industry that can be eliminated, reduced, raised, and created. By systematically digging through different ideological paths within and outside of your field, you’ll be able to identify areas where your brand may diverge and excel.
Another strategy you can utilise is examining alternative industries and how they speak to your target audience. This will help you understand how brands outside of your marketspace position themselves to your buyer groups. It’s also important to consider relevant functional and emotional orientations and where your sphere sits within that spectrum. Are your competitors communicating in a more technical way? Then try to engage your audience at an emotional level. This slight change in communication and language could mean a world of difference and create a space for your brand that your industry has never seen before.
It is also worth considering your impact on the future of the world. In this new paradigm of business, companies will need to embrace frameworks that join the call to serve people and the planet. Employees and consumers want to see restoration in both areas of life- and leave behind exclusion, fear, scarcity, and despair. People are aligning with brands that believe more than ever that doing good is synonymous with living well. So if your industry is slow on the uptake of more socially conscious and environmentally aware products and services, perhaps your brand can take up that mantle and become industry leaders for good.
With all that in mind, are you ready to break free from the competition and move into and dominate new market spaces? We can show you how, so get in contact today.