An expert shares what your business model needs in the global landscape
Every once in a while, I like to lift up my head and look around at the global disruptions that will impact my business. When I read Nicholas Forsan’s blog this week, I gained new insight into the global trends that will disrupt all businesses and found a new way to look at my current business model to shore it up against chaos. Here are a few of Forsan’s insights that I found worth watching:
- “The digital world gives us the tools to make smarter decisions, e.g. to generate commercially viable insights from customer shopping patterns, maximize the efficiency of our operations through real time monitoring, innovate our business model.” I am upgrading my analytics to take advantage of this trend and to help my clients gain a clearer picture of our activities—not only from an ROI perspective, but to protect our brand reputation in the digital space.
- “The internet revolution and the rise of mobile as a platform have created new marketplaces”. Mobile marketing will soon be the primary way prospects learn about products and services. Like many companies, it is important that we change how we pop up as a business on smart phones and examine ways to use mobile marketing to grow the business. I’m sure that our web presence is awesome on a traditional tablet or laptop—but not so sure it holds up on the smallest of screens. That has to change since Forbes wrote that “9 out of 10 mobile searches lead to action. More than half lead to sales.” (Source: SearchEngineLand)
- “Our workforce will also become younger and ever more diverse, and not only will we be expected to manage such a diversity but also satisfy these employees with motivations and expectations of work very different from our own.” My subcontractors’ have very different expectation for work. They’re mostly young and hungry (i.e., inexpensive so that I can make a decent margin on their work) new professionals who are building portfolios and will undoubtedly leave my business for greener fields once they produce enough to impress a new employer. I respect their viewpoint and spend a lot of time trying to figure out what makes them tick—after all they are the future!
With all this in mind, I am going to get back to the CBM Framework and revisit two sections: Sales and Marketing Strategy and Marketplace and Target Audience Identification. I’ll do a little more research on mobile marketing and managing my target audience and marketplace in light of emerging global trends. Then I’ll put my head down again and get to work.