There has been a shift and they know they needed to make some radical changes in the way they run their business because it’s certain what they have relied on for years is no longer working.
A good example of this ‘The Great Digital Divide’ is what happened to the music industry. For 60 years they owned the music, they owned the artist, the music itself, the channels of distribution, radio stations, etc. but then technology empowered everyday fans to have access and control and decide what they wanted instead of what the industry dictated to them. The music industry almost completely collapsed from its position of prominence as a result. They owned it all but they did not own the fan! That’s the case with most businesses today whether they know it or not!
The marketplace has become so complex, so ever changing so without well designed strategy… a business not only can get lost in all of this but it will be exhausting trying to figure out how to keep up and stay relevant.
Business is changing and evolving very, very fast and you do not have the luxury to lean on very much trial and error or not being in the know. Strategy and knowledge are key factors coupled with creativity to stand out in the marketplace.
Designing your strategy involves creative thinking, LOTS of research on your customer, your marketplace, feedback, testing, focus and execution to name a few. Marketing research is one of the fastest growing sectors in business today.
Maybe now’s a good time to take a fresh look at your customer, who you have on your team your goals for 2015, how many creative’s are working with you, who are the thought leaders are you plugged into, how much research are you doing and is this all documented? Sounds like a lot of work right? It is! But that too is something this new economy has ushered in The Great Digital Divide in Business!
One of the thought leaders I follow and admire is Brian Solis and I think he sums up my message here rather well with this statement…
“In the circle of life, connected consumerism is the new reality. Those businesses that don’t disrupt their own markets will find their markets will disrupt them.”
That’s it for this episode of Thrive Local. Thank you so much for joining me! I look forward to sharing more tips and insight that will empower you to more effectively market your business to those to YOUR local community.