Our world has been shaped by disruptive businesses. These are the bold, innovative businesses that invent game-changing products and services while simultaneously transforming their markets. Take Google, Apple and Amazon. It’s hard to imagine life without internet search, smartphones or online shopping – market disruptions that this trio of tech giants helped to pioneer.
So, how is the next generation of business disruptors changing our day-to-day existence and what are the secrets to their success? That is the question I explored in my book, referenced in my author bio. To answer it, I studied 15 of the most disruptive and groundbreaking businesses of our time, from film company A24 through to social media platform TikTok. I discovered that successful disruptors:
Take bold decisions
Who would unleash a revolutionary chatbot on the world and make it freely available?
That’s exactly what artificial intelligence lab OpenAI did when it launched ChatGPT in November 2022. In doing so, it kickstarted a new era of generative artificial intelligence – one that will result in far-reaching changes that we probably can’t even imagine today. Through its boldness, OpenAI has established itself as a household name and one of the most influential organisations on the planet.
Execute a concept better than anyone else
The first entrant to a market won’t necessarily be the most successful just because they have a head start. While getting in early is an advantage, it is also important execute the concept better than anyone else. Home-sharing platform Airbnb was not the first website in the US to offer short-term property rentals. But it got ahead of its rivals by developing a better product and a more distinctive brand.
Stand out from the crowd
Even their own inventors thought that Crocs were ugly. But that didn’t stop the moulded-foam resin shoes becoming an instant hit. It turned out that people loved their comfort and sheer practicality. What’s more, the ugliness of Crocs turned out to be a powerful differentiator in the market. The brand even capitalised on the shoes’ unusual appearance in its advertising, using the slogan: ‘Ugly Can Be Beautiful’.
Experiment with their marketing
It can be hard to reach customers who think they’re seen everything before. That’s why disruptive businesses often experiment with their marketing, continually seeking out new ways to engage and inspire. A good example is entertainment company A24, which set up an account on dating app Tinder for Ava, the lead female character in its 2014 science fiction thriller Ex Machina. This stroke of marketing genius generated excitement about the movie and secured free headlines for the A24 brand.
Tackle huge problems
Today the world is wrestling with some huge problems, including the existential threat of climate change. Many disruptive businesses are actively engaged with the fight against global warming. For example, electric car maker Tesla is on a self-proclaimed mission to build a world ‘powered by solar energy, running on batteries and transported by electric vehicles’. By producing attractive, high-performance cars, with a long range, Tesla has confronted consumers’ previous negative preconceptions about electric vehicle, helping the global electric car market to take off.
Secrets of the disruptors
These are five key strategies commonly adopted by disruptors, but there are others as well. It’s worth highlighting that disruptors embrace technological tools to differentiate themselves from competitors. They also use data in sophisticated ways to drive sales and personalise their services to customers.
Although disruptive businesses share many similarities, the business model of no two disruptors is ever the same. Ultimately, the success of every disruptor will come down to its own unique ideas, products, mission and strategy – as well as the talented people who drive its success.
