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Profit by Managing 3-Major Disruptions Headed Your Way, Part-1
Profit by Managing 3-Major Disruptions Headed Your Way, Part-1

Profit by Managing 3-Major Disruptions Headed Your Way, Part-1

Cleveland, Ohio
October 06, 2017 11:10am | Updated: December 16, 2017 11:13am
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isruptions in business can be a tremendous opportunity if you are prepared. The hard part is recognizing the disruption “before” it happens. This is not always easy because disruptions can develop slowly then seem to suddenly pop-up out of nowhere especially if we are too busy working “in” our business for our customers today and not investing enough time working “on” our businesses for our customers tomorrow.

Discover how you can profit from 3 different disruptions that will affect your business sooner rather than later if it hasn’t begun already.

The first disruption we will dissect is the obvious the technical disruption. The most recent Tech disruptions began with the microprocessor that fueled the internet. Some predict the rapid growth of the microprocessor (often measured by Moore’s Law) will begin to slow. Considering the incredible advances in quantum computing I wouldn’t count on it which means the technical disruptions will continue at a breakneck pace for some time to come. Note to self: “Schedule time every week to work “on” my business”.

Technical disruptions powered by the microprocessor have affected our businesses inside and out. Inside, we now enjoy equipment and processes that have reduced costs, improved quality and allowed us to provide faster more reliable service.

This can be a double edge sword if it reduces the cost of entry to new competitors or even customers doing it for themselves. On the other hand, if the technical disruption increases the cost of entry it may deter local competition but create an opportunity for well financed tech savvy startups to burst on the scene seemingly from nowhere taking customers away from you.

Outside our organizations the disruptions is even more dramatic. Advances in the microprocessor have reduced the cost and enabled the internet for everyone. In fact, an incredible 90% of the population in North America is online. The internet disruption is now fueled by 1 to 1 and 1 to many communication channels with average daily usage by internet users is still growing at the expense of traditional media.

The many new communication channels are obvious but how to profit from them to grow your business may not be. The key is understanding why your Next New Customer is using the search, social and review channels online.

Search is being used by everyone online in short, to solve a problem or improve the quality of their life or the life of someone they care about. They are searching for us every day to the tune of 60,000 searches a second or 5.4 billion searches a day. If done properly we don’t have to find them anymore, all we have to do, is make sure they can find us.

Your Next New Customer is using social media channels for various reasons that are important to them. People predominantly use Facebook to keep up with family and friends, reconnect with classmates and more and more to follow the news. Facebook reports they have over 2 billion active monthly users. Facebook users are increasingly seeking ratings, reviews and even purchase advise from people they know and even people they don’t know. A recent study published by Inc. magazine online demonstrates people trust online reviews from people they don’t even know just as much as from their own friends.

LinkedIN, recently purchased by Microsoft is used primarily by business professionals. LinkedIN users are typically using the channel to grow their business, advance their career or find a new job. LinkedIN is reported to have over 500 million users. There are many tactics you can use to attract your Next New Customer using LinkedIN. An overwhelming majority of LinkedIN users believe professional networking is important to their success. Growing your connections and helping them grow their network is a good place to start. Feel free to reach out if you would like to discuss LinkedIN strategies specifically for your business.

Ratings and review sites are becoming more important every day. Your Next New Customer feels ratings from multiple sources are democratic in nature providing trust in the combined results. This may be true but depending on the channel ratings and reviews can usually be left by anyone including that one-time customer that was having a bad day. Worse, they can also be left by disgruntled employees, ex-spouses or even your competition. It is critical to have new positive reviews posted on channels important to your business to counteract the inevitable negative review that pops up from time to time.

The next article will cover how to grow your business during the disruption being caused by massive demographic shifts in the population. If you are doing business with baby boomers this will be an absolutely must-read post.

Part-2

Keep those calls and emails coming, I look forward to hearing from you.

Thanks,
Mark


 

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Your next new customer has changed the way they buy . . . Have you changed the way you sell?