How to Have an Inflection Point for Your Business
Posted: Sun Dec 22, 2024 4:44 am
The inflection point is a proper business term. It is a turning point in a company, economy, sector, or geopolitical situation. When a company reaches that point, the market can expect dramatic change. Such changes can have either positive or negative results. In mathematics, the inflection point is where the curve changes direction. The financial crisis of 2008 was an inflection point. With the coronavirus pandemic, we are in the midst of another.
Every business will reach inflection points, where change is inevitable. There is no wrong time to innovate. But there are several critical points in the growth of your organization. They demand innovative thinking. So how can you have inflection points for your business? You can expand into a new market. Or you can launch a new product. Responding australia number for whatsapp to changes in your industry can be an inflection point. So can seeking investment capital, or new competitors entering your market.
Innovation Processes
Blue Ocean Strategy
Most firms function under strong competition and will do anything to get market share. Companies using the Blue Ocean Strategy have very little or no competition. This strategy aims to make competition immaterial by presenting a product with superior features. An example is the invention of the Blackberry smartphone. The company can set higher prices than if it were in a competitive market. Thus, the Blue Ocean Strategy sets the stage for massive profits.
Every business will reach inflection points, where change is inevitable. There is no wrong time to innovate. But there are several critical points in the growth of your organization. They demand innovative thinking. So how can you have inflection points for your business? You can expand into a new market. Or you can launch a new product. Responding australia number for whatsapp to changes in your industry can be an inflection point. So can seeking investment capital, or new competitors entering your market.
Innovation Processes
Blue Ocean Strategy
Most firms function under strong competition and will do anything to get market share. Companies using the Blue Ocean Strategy have very little or no competition. This strategy aims to make competition immaterial by presenting a product with superior features. An example is the invention of the Blackberry smartphone. The company can set higher prices than if it were in a competitive market. Thus, the Blue Ocean Strategy sets the stage for massive profits.