Brilliant essay by Maxwell Wessel and Clay Christensen:
Accepting the existence of a new competitive paradigm is never easy. It often forces us to acknowledge an inevitable loss of business. It may require us to develop disruptions that cannibalize our existing businesses. Failing to come to terms with these realities does us no service.
But neither does prematurely convincing ourselves of the singular superiority of a competitor’s disruptive advantages. After all, Kroger, Whole Foods, and Safeway still perform important functions for millions of people that no online grocer will be able to perform anytime soon. Before leaders engage in reckless price competition or squander resources and effort in the futile defense of lost causes, they owe it to their shareholders, employees, and customers to take stock of the entire situation and respond comprehensively—to meet disrupters with disruption of their own, but also to guide their legacy businesses toward as healthy a future as possible.
Instead of prescribing solutions, it’s really a deep look at your own business and how and why you do what you do.