Digital Darwinism: Who Will Survive?

In an age where digital disruption is causing chaos for even well-established brands, who will make it out alive?
We all know by now that Digital Darwinism is very real, and that it can have disastrous consequences for businesses who are late to adapt. Industries across the board have been forced to change beyond recognition to avoid digital displacement; in today’s booming startup environment there’s always a younger, more innovative and potentially stronger competitor waiting in the wings to challenge your company. Many industry veterans have fallen foul of this surge in new technical talent, but some have remained steadfast.
So in the survival of the fittest, who’s managed to stay afloat?
For companies like Blockbuster, it was their inability to recognise the need for change which led to their downward spiral. Indeed, Blockbuster didn’t predict that the great global customer would one day find a new easier, cheaper and quicker avenue for their movie rentals until Netflix revolutionized the rental space. Contrary to popular belief, though, Netflix was actually launched in 1997 in direct competition with Blockbuster; it was their ability to adapt their product following a shift in customer needs that allowed them their longevity as a company and huge global success.
The music industry has been particularly hard hit by Digital Darwinism, suffering from a steady decline in music sales throughout recent years. Although the industry has continuously evolved to accommodate new technologies (does anyone remember buying their music on a cassette?) it has struggled to monetize emerging platforms sufficiently and taken a huge hit from online piracy and low-rent streaming sites. It seems, however, that all is not lost for our favorite musicians, as the industry is slowly harnessing the consumer power of the streaming trend to their benefit. Companies such as Apple are tapping directly into this emerging market, with their Apple Music service attracting a huge 11 million trial users in the first month.
What traits does a company need to be a contender in today’s business-scape?
Forward thinking. Today’s businesses need not be working to satisfy the consumers of here and now; they should be embracing the technology of tomorrow, and providing a product or service that contemporary society doesn’t even know they need yet. If you only focus exclusively on satisfying today’s clients you can guarantee that another innovative company will be two steps ahead of you.
Fluid. If anything is certain in the digital business-scape, it is that nothing is certain. The habits of the global consumer shape the way we do business like never before, and business fluidity has never been more important; the ability of your company to be reactionary and “adapt or die” must be strong.
Innovative. When discussing Digital Darwinism we usually hear the phrase “innovate or die”, for innovation is at the heart of all things digital. For any company hoping to survive digital disruption, innovation must be at the heart of their brand DNA.
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