You would probably have to be Rip Van Winkle not to notice we are in an era of change. The economy, the government and yes, your business world, is changing. No matter how hard we wish it wouldn’t, the evolution (or maybe revolution) isn’t slowing down to wait for us. The question is, are we going to leverage it to our advantage or go down in flames? There isn’t much middle ground.
Take this quote from a Fast Company article, “Mayhem on Madison Avenue“, “First the news business, then the music business, then advertising. Is there any industry I get involved in that doesn’t get destroyed?” If destroyed means, fundamental business model changes, then no, probably not. If your industry wasn’t mentioned, don’t feel left out….publishing, banking. Greeting cards, healthcare, construction, manufacturing, senior care and others are all changing at an increasing pace. Technology is making things cheaper, faster and better. It doesn’t just apply to enabling what we are already doing, but helping us re-think how we do things. That is the key.
If you haven’t taken a hard look at how you are doing what you do, you are likely quite susceptible to being left behind. The biggest threats may not be from where you expect, such as traditional competitors, but those willing to do things quite differently.
In advertising, co-creating organizations that can tap into brilliant minds across the globe without overhead, such as Victors and Spoils in Boulder, Colorado, are picking up interest and headline clients. With digital marketing, and data tracking, marketing now can be measured for effectiveness, increasing accountability for marketing execs like never before.
Your industry is changing too. Have you looked at your business model lately to determine how to best evolve to capitalize on trends rather than be threatened by them? If not, no time to waste. It is time to Wake Up and realize this will impact your business, Stand Up and figure out what needs to change, and Rise Above the rest of your industry by being a company that figures it out, accelerating growth while others languish!
p.s. Since it often helps to have an objective eye and a skilled strategist to assist with this work, when hiring an outside resource, be cautious about hiring one that specializes in your (traditional) industry, as they are more inclined to help you learn/repeat what competitors are doing in your industry, rather than helping you figure out how to change the game to your advantage!