As the iPhone 5 is about to be announced, many companies are wondering how they can continue to keep prices up and sell in an old school supply and demand economy. The fact is that most companies can’t.
We are now in a very fast paced economy, fuelled by the number of people who are buying and using Smartphones, with people expecting and finding knowledge about anything they want at their fingertips on their ubiquitous devices. Are you well represented there?
The new economy is known as the Knowledge Economy, based on knowledge creation and diffusion. A problem with this economy is that it is being driven by mobile using market segments containing mostly students, marketing and IT people.
I speak at a lot of conferences as you can see on my LinkedIn Bio and often I find myself preaching to the converted at these events, with the people that really need the information are too busy working in their business, rather than on it. When I presented at a mobile marketing conference in Auckland last year, only 3 retailers and a couple of banks sent representatives.
We regularly talk about how we live in a world where the only constant is change, yet most people continue to do business the way their industry has always done it. This is a fatal flaw as we have seen in many industries including books, music, newspapers, tourism and retail in general. What we should now be saying is disrupt or be disrupted. The problem for most business people is that they don’t see the change coming until it is too late, or they don’t know who to turn to for advice.
In today’s society many of us change roles many times during our careers for various reasons. This is a very good thing because each industry we work in complements the knowledge we have gained in past roles. For those who have stayed in one industry, most will reach a point where they just keep repeating past behaviours, what I think of as BAU or Business As Usual, some people say If It Aint Broke, Don’t Fix It. Same thing, but the reality is that if you don’t keep renewing your business, you will be sitting outside wondering what happened, not understanding why your business is no longer growing or profitable.
How do you find access to new ideas, people, processes and methods? How do you use mobile technologies to capture profitable business?
At SoLoMo Consulting, I can give you a fresh look at your business or industry segment, without having any skin in the way you used to do business. Your business needs continuous innovation and the areas of social media, location based services and mobile are pivotal opportunities for you stay relevant in the fast changing Knowledge Economy.
You could go and get a book at Borders to help you understand more that is specifically relevant to your business. Oh, wait, no you can’t, they don’t exist here any more.
If you want an impartial perspective on your business and where you want to take it, why not contact me for a chat?