“Those who fail to reach for the stars will get lost in the e-clouds.”
We are traveling through colossal e-cloud and digital tech-transfers coupled with mammoth brick retail upheaval and disruption. We are traveling through vastly complicated hyper-digital enhancements in a new era of business titled, “The Post Digital Economy.” If we pause for a stark, reflective lesson from the industrial revolution in the 1760’s, we realize those businesses that did not take advantage of new industrial machinery quickly died. They tied their future to their demise- particularly to the largest museum of failed products, intentions, pocketbooks and hearts.
Continuing to make five pairs of gloves by hand a week while competitors used new machinery to produce five pairs in an hour caused a crises of business confidence in 1790 as well as profitable pylons of opportunity for savvy competitors. Savvy viceroy businesses during the industrial revolution recognized, reacted and capitalized on new evolutionary and revolutionary commerce advantages. They recognized and recapitalized through the greater fuel of industrial change through tech-transfer, licensing and purchase. They smartly and aggressively invested, creatively re-fueled their rusty, sluggish old-line horse and buggy productivity models to ensure a decade ahead of competitive advantage.
August market leaders led briskly, profitably through the industrial evolution. Consumers demanded the same as they do today, which includes the best brands, products, services and price points. If a business at the time did not recognize or act upon evolutionary production tools to fuel celerity, competitive produce, consumer demands then the future or lack of is very clear. The ask of all leaders, department heads, and investors is simple. Are you ready? Are your competitors ready right now? Can you auger the mission and corresponding strategy to invest smartly and gain new headwinds of market opportunity?
As we march briskly through 2019, it is important to recognize our days ahead will mirror the bump and grind of the post industrial revolution. The industrial evolution punished the unwashed in business. Punished the uninitiated caused by their inactivity to invest in smart machines and technology transfer. Tech-transfer is the appropriate language as in transferring, licensing or purchasing a unique business model, a market making product or service, a plug in digital technology to create opportunistic change. Savvy transfers during the industrial era harvested and disrupted opportunity all at once. The same can be said about our post digital economy, in which advanced cloud platform enhancements include cloud and mobile based tech-transfers.
Our untethered wireless mobile lives today create mammoth new market opportunities just like during the industrial revolution. Savvy competitors today are tech-transferring and re-calibrating their entire operating foundation. How? By encompassing new digital and mobile tools, e-machinery that will enable cloud-progressive and mobile-muscled companies to become flinty market makers, market takers. Uniting all consumer/customer facing touch points into one demanded brand, product and services convenience versus competitors is in itself a modern-day version of tech-transfer. After all, the truest end product of any tech-transfer, especially speedy cloud based tech-transfer is profitable commerce.
CEO’s and CMO’s are in highly visible and unique positions to be aggressive harbingers of tech-transfer and change. Whether they want to or not, they will be held responsible for opportunity or losses through cause and effect: through smart or lackluster digital catalysts of technology change centric to consumer demand.
Today, smart companies invest in four key areas to re-define, re-calibrate market opportunities inside our post-digital era:
1. Social Consumer Relationship Management (SCRM): According to Deloitte, 60 plus percent of our online population is connected to a social network. The intense growth of consumer based social media causes smart companies to find efficient ways to respond to consumer conversations regarding their brands and to become a greater part of social communities. Expansion opportunities include a mature company-wide SCRM philosophy coupled with a written strategy enveloping technology, business regulations, departmental workflow, data capture, data mining and social-centric magnetizing tools.
“It’s All About One On Won.”
2. The Dignity of Knowledge: Organizations need to invest in revenue-generating, market-based intelligence that becomes fully engulfed and enveloped throughout the organization. There are a multitude of platforms, apps, toolsets, data relevant intelligent warehouses available for transfer. Unfortunately, too many are underutilized, undercapitalized and underappreciated. In our post-digital era, the acronym CMO stands for “Chief Metrics Officer” where the art of the possible in marketing is re-anointed as the science of intellectual measurement. The goal is to serve, support and sell to the individual, not to push widely to the masses. Through this digital sagacity of intelligently measured cause and effect cloud and brick and mortar kingdoms will be won and lost. It’s all about “one on won.”
3. Wired, Mobile Era: Mobile affords endless aisles of shelf space publishing for retailers and various business models. However, consumers also have publishing command, dynamics and power in the clouds. The importance of fueling mobile marketing and selling initiatives is a fleeting glimpse of the obvious. To succeed, businesses must create mobile strategies that include and embrace relevant, one-to-one consumer facings. Mobile strategies must pull, not push consumers through highly relevant, magnetic and socially-elastic content.
4. Profitable, Social-Advantaged Engagements: Your CMO (Chief Metric Officer) is trolling through dangerously entangled digital complexity in their daily efforts to reach, engage and sell your customers. Your CEO, CFO, CMO and CTO must work harmoniously together through complex one-to-one and all-to-one transactions, Omni-initiatives. Your entire organization from sales to marketing to services must embrace and adopt a company-wide socially centric publishing mentality which benefits and glues current customers to your brand, products and services.
This marketing, measurement and robot-to-consumer accounting strategy is the three-legged stool of daily union, review and augmentation for our post digital era. The truest and most effective trilogy to attract, convert and retain customers daily, to over exercise profitable engagements.
If we do not treat each consumer as a powerful and influential editor and publisher of their own social network, we will have missed the greatest opportunity for success. Consumers can no longer be pushed around by brands, products or retailers in our post digital era. Consumers are in digital command and will pull what they want. Yet they are willing to do all the pushing for us in a maturing new era when we pull them with intelligence and one to one relevant conversations through their social and mobile lives. Time to tech-transfer invest, time to address heightened levels of digital investments before the post digital revolution announces our current day winners and losers.
Peter Weedfald is author of Green Reign Leadership available at Amazon and also available at Barnes and Noble and other book retailers.