By Sheila Bacon, BGGMobile
One thing about a recession is that the rate of change in technology still poses serious threats to many established businesses, while simultaneously presenting attractive opportunities to entrepreneurs. Take Social Media for instance. Or, consider one of the most widespread media channels in the world—mobile media and its impact to your business.
How your company handles the opportunity to embrace these challenges often determines the success or failure of the enterprise. Yes, change is a constant today. But in the midst of these economic challenges there are some attractive opportunities. For example, social media offers marketers the opportunity to obtain the same advertising reach, frequency and sales impact as traditional media — but at a much lower cost.
Mobile media allows you to engage people to solve problems such as overcoming boredom, the need to connect with something outside themselves, to relax by playing a hand held game, to enter a contest, get a coupon, find a place to eat, locate a person, watch a video, download an app or just find some news of interest. Mobile gives you all of this and talking. Wow. (Notice– I did not mention email access so if you are still stuck in that place where you think email is the only important part of business mobility, you may need to experiment more with your mobile device.)
We also know that several factors, many first identified over a decade ago, still represent very pressing challenges for incumbent companies and some of the most attractive ways in which entrepreneurs can successfully enter a market.
Customers have more choices. They’re interested in the newest, best, fastest, and cheapest.
People are talking to each other online, researching your company and what they say to each other is more trusted than your brand messages.
There is global competition for your service
The rate of change in social media technology is directly impacting your ROI weather or not you realize it
Mobilization is the future
The importance of speed
To paraphrase Will Rogers: “Even if you’re on a fast track, you’ll get run over if you just sit there.” The challenge is how to best handle change. There is one rule of thumb that seems to apply well to how best to handle change: speed is of the essence. Nimble entrepreneurs who are fleet of foot can often be successful against larger, well-established competitors. In turn, to successfully defend their businesses, incumbents need to react fast to entrepreneurial threats.
So in this time of recession, it is important to remember that you need to:
Get more done with fewer resources in less time
Almost by definition, new entrepreneurial entrants have fewer resources than incumbents, and that often translates into more flexibility and less bureaucracy. And that, in turn, translates into speed. The challenge for a large incumbent company is often how to duplicate this behavior.
Time lost in not making a decision can never be recovered
For the incumbent, never being able to recover lost time means the new entrant may well have had sufficient time to achieve its most critical — and deadly – advantage: market acceptance.
Sooner is better. Right now is best
A sense of urgency pervades successful new market entrants, for they well understand the inherent advantages of speed
Engage with social and mobile media. Find opportunities to engage, listen, talk and learn.
The economic headwinds are causing many companies to revaluate their investment in digital marketing. What have been some of your ‘key lesson’s learned’ in this process?