Posts Tagged ‘Business’
The Future of Business – Don’t Sell, Just Engage
You’ve either heard me say it, or you have read it here many times, ” The Future of Business is not a skill set, it’s more about how we think”. For some reason business owners always end up at tactics, they come back to the ground level and try to do what they have always done. A great example is the Old Spice Campaign, they went out and created an amazing series of commercials, ran them and missed out on the most important part. Engaging with the audience! Instead they went right to tactics to get more views and more followers instead of actually talking to their audience. They really missed the boat here, they blew it big time. What happened, it became just another advertising campaign that was clever and amusing.
We are entering a huge crisis for business owners, it gets more urgent the longer you wait to educate yourself on how business really is today, and will be tomorrow. Part of the challenge is in the business owners head, they believe they know what is happening, and they don’t want to look foolish either, so they plod along not asking for help.
With everything going mobile and social, more and more to tiny screens, some on larger surfaces, we are moving away from what we have always done. We used to be people of the book, now we are people of the screen (a Kevin Kelly quote). In fact, Kevin wrote a bitty on 6 trends:
1.) Screening
2.) Interacting
3.) Sharing
4.) Accessing
5.) Flowing
6.) Generating
I’ll let Kevin Kelly fill you in on the details of these 6 trends, which he wrote about in 2008, I’m just going to touch on a couple.
Everything is flowing now, it’s endless rivers of content, endless streams. Business today is shifting and flowing from one thing to another. We are going from pages to streams, the PC to the cloud, from Today to NOW (real-time streams), from me to we, from items to data. Gerd Leonhard claims Data is the new Oil, how we harness that data can determine much of our success in the marketplaces. Today, everything generates a stream everywhere. Gary Vaynerchuk calls it our legacy, the trail of digital crumbs that we publish on the Internet is how people will remember us.
Ultimately, our business world online is shifting to a very uncomfortable place, we live in a world where everything is moving to free, or feels like free. Someday soon, like music, all books will eventually be $0.99, and will stay in long tail for many years, generating longer cash-flow. We have been moving to where the only things of value are things that can’t be copied. Business owners need to realize, where ever the attention flows, money will follow.
The psychology of tomorrows entrepreneurs is simple, they want lifestyle not work-style, they will look for ways to get attention, this attention will provide the lifestyle many of us have worked for 30 years to get. They will do it in months instead of years. These entrepreneurs don’t value ownership, ownership of home, ownership of car, they are for more willing to rent, the shift from ownership to rental, where access is better than ownership. The likes of Netflix and services of that nature are driving this new theology. It’s not skill set, it’s how we think, we need to pay attention, listen more, and we have to build things that can’t be copied, like Trust. How do you build trust, get to know your audience, interact and build relationships. Don’t sell, just engage.
Are You A Possibility Thinker?
What I love about going to a futurist conference, or sitting down with other Futurists and innovators is, you will never hear them say your nuts, that’s crazy, or it will never work! There is nothing more energizing than an open mind, a willingness to be taken far from the comfort zone, where would we be if there were no Futurists or innovators?
I can only speak for myself but, have you ever shared an out of the box idea with someone, and they just stare at you with a blank expression? It happens all the time in my community, and I’m older than most of the people I share with in most cases. I mean you would think at 53 years of age I would never talk about the extinction of paper money, the end of the cash register as we know it, that giving your product or service away for free will make you more money than charging for it, or sharing Ray Kurzweil’s singularity vision. It amazes me the masses don’t know what’s happening to them through all these advancements in Technology. If they did pay attention, I’m not convinced technology would advance as quickly as it is. We are far too eager to accept new technologies without seriously considering what the consequences might be.
Now, if you are a futurist or innovator, you have probably felt or thought the same thing at some point in your studies. My focus is on The Future of Business, or commerce. Much of what we know today is leaving us far more quickly than anticipated, but we are struggling to let go of the past. The Gen C kids, under 20 demographic, and the generations to follow, will re-write the rules and laws of business to the point most of us won’t recognize it. I’m convinced they’ll shake their heads when they hear us talk about the future, chuckling under their breath, waiting for us to move on.
Imagine what we would learn if we could get inside their heads, how they view the world, and how they would organize work after we are dead and gone. We would tell them they were nuts, crazy and it will never work, I certain of it.
I would rather we put some future thought into or day-to-day lives, I don’t mean planning your 2 week vacation, we already give that too much attention. I’m talking about how we will learn, how we will work, how we will consume, and how we will provide goods and services. Start spending time around the Gen C demographic and ask them what they see, get around those who are Futurists and Innovators, you will find you have to unlearn much of what you know.
I challenge you to never say the words, your nuts, your crazy, and it will never work. If you are someone who does, you are holding back our future, you are part of the problem and not part of the solution. We have much to do from an energy perspective, the coming water shortage, and possibly a food shortage. In the next 20 – 30 years, we may find ourselves killing others for what we throw away today.
I challenge you to open your mind, to think possibility thinking, creating the impossible, and above all, value the innovators and futurists of today, as they the looking glass of your future.
Which one are you? A possibility thinker, or a person who says it will never fly, it will never work.
The Future Of Business – Twitter And FaceBook Credits
The Internet has changed how we view our world, it has changed how we spend our time and our money, and it has most definitely changed the way we do business. The future of business is getting more and more sci-fi, it’s hard to compute (no pun intended), but we are headed to a world we used to watch in movies.
Get ready for Facebook‘s virtual currency, Facebook Credits, will become the official coin of the realm beginning July 1, 2011. Imagine that, being able to purchase products and services with Twitter and FaceBook Credits, next you will be able to pay your mortgage with those credits. I’m all for that. In fact, in November 2010 The Dallas Mavericks Basketball team offered Free FaceBook Credits for Twitter Followers. Soon you and I will be able to make direct deposits to our bank accounts without ever having to go there, you will do it on your mobile device anytime, anywhere. Payroll direct deposit is archaic compared to the swipe technology of today. You will also make most of your purchase with this swipe technology on your smart-phone, it is predict 60% of all commerce will be done in this fashion.
The real future of business will be Virtual Reality and Hologram technology, but that technology is still developing, we will shop in our homes and never have to go out into the masses of people. Imagine being able to try on clothes without ever actually having to try on clothes, say what! Social Networks will handle all the market research, the data will be staggering, there’s a business to start, organize all that data and sell it back to the business sector. eMarketer has a similar model, they are a great resource but, you better have some coin to get the real valuable data. As Gerd Leonhard of The Futures Agency says, Data is the New Oil.
We are moving to a place where you can’t hide, you can’t lie, and you can’t have a bad product or service if you want to survive in this new business landscape. The world is becoming more and more mobile and social, that’s a hot tip for you right there.
So how do you succeed in the future of business? At a high level it’s simple really, grow bigger ears, get very mobile and social, and above all else, engage with the people formerly known as consumers, it’s not business as usual kids, pay attention. The business landscape is getting more open & free, that’s the business model, Open & Free. It’s an access first society, people want access more than they ever want to be sold and forced to pay upfront. Figure out how to give people access, and you will find the revenue follows, the toll booth is no longer at the front gate, it should be almost invisible and seamless.
Would you make purchase with Twitter and FaceBook Credits?
The Future Of Business – Klout & Influence
Most of you believe that Klout & Influence are important, you want it, and you tend to work towards finding ways to get it. I warn you, be careful what you wish for, you may get it only to find you don’t want it. Everyone, and I mean everyone wants their 15 minutes of fame at some point in their life, it’s part of human behaviour, and especially in affluent countries.
In the future, the next 15 years or so, it is predicted there will be 1 Billion Millionaires in the world, that number isn’t really that impressive because, the population will be over 9 Billion when the time comes. The majority will not be millionaires, it’s just more of what we have today.
In the future of business you will hear a lot about Klout & Influence, social networks are measured with these two terms as a way of determining who’s who. Websites like Klout and others are trying to bring credibility to individuals through mathematical measurements, it’s a digital representation of one’s possible klout & influence, not something human and tangible like integrity. One’s character and integrity should be in the equation somehow, it should be part of Klout & Influence scores in my humble opinion. But how do you measure motive and or doing the right thing, not too mention keeping your word.
Now Klout & Influence are not always related to money, so the number (millionaires) at the top is pretty small. The thing about Klout & Influence is, it wasn’t meant for those who have it. Those who have Klout & Influence are merely stewards of it. It’s really meant for those who don’t have it.
Martin Luther King had Klout & Influence, but he didn’t use it for his own gain, he used it to make the world a better place, more specifically for people that were being exploited, murdered and abused. For all people, not just black people to be blunt. This individual set an example of how Klout & Influence should be exercised, not hoarded and hidden away for private use, it was and is meant to help and serve others who don’t possess Klout & Influence. Unfortunately, we are greedy, we want more, and we want to be the one who says who can have what and when, we want control. I’m not convinced this is going to change anytime soon, it might change shape, but it will still be a problem for mankind for as long as we are on this earth.
Social Networks has brought out the kinder side of the human race for the most part, we genuinely want to help others, sometimes without expecting anything in return, but the dark side lurks. Unfortunately, there will always be those who take advantage of folks trying to make the world a better place.
The Future of Business, and success, will be measured by Klout & Influence, it’s the way we are headed, and it will be difficult to determine the true sense of the word success. It will be misleading at times, but I think it’s personal, we need to figure out how to link Integrity & good character into the equation. To ensure we are dealing with honorable individuals.
Your Klout & Influence should answer one question in your sphere of influence, your immediate world, How Many People Are Better Off Because You Lived?
Why Is Social Media So Hard To Understand?
I’ve been struggling with this question for some time now, I could go in so many directions on this question but, I’ll just share some random thoughts. Why is it that we default to our old conditioning when we don’t understand something? It’s a natural human behavior to either lash out or try to fit what we know to make things work. The square block into the round hole kind of thinking. Some businesses treat Social Media like any other advertising channel, they continue to practice what they have always done, they advertise, they yell, and then try to force you to listen, and then force you to buy. A HUGE mistake if you are asking me. The future of business is not business as usual friends, we are in the midst of a paradigm shift we can’t control with old practices.
To make matters even worse, the mobile movement is going to reshape not only how we communicate, but the landscape of commerce in the digital world. But that’s another topic for another time. The RESET button is being pushed, business is trying to prevent that reset. Why? They don’t understand what it means, and worse yet, they realize they can’t control it.
In order for the business of the future to survive, they will have to figure out how to give up some control to consumers. Provide access before revenue, actually listen to their customers, build a different relationship, and hire the right people who have a better understanding of this space called Social Media. This list is long and confusing, it requires a willingness to admit your business doesn’t get it. Humility will take you along way if you are willing to risk embarrassment.
In my community, we have people being hired to market on social networks, some of these people either don’t understand what to do, or they are being told to do things in a traditional manner because that’s what they know and understand. Business owners need to get out of the way, but how can they, they are wired to be in control. Taking risks in business these days only seems to happen in the start-up phase, why is that, probably because they believe the community needs what they are offering and will do whatever it takes to make it (risk). Once established, they lose they ability to risk again because they go into a management mode over what got them there in the first place.
Social Media has the ability to keep your business moving forward if you are willing to risk again. Let me give you a very low level, low risk, and simple example.
When a company wants to change something, it could be anything, what do they do? They go into the board room and try to find a solution to the problem, they look inward rather than outward. They try to solve their problem with the same thinking that got them to where they are, with a problem. Why not go out onto one of the Social Networks like Twitter or FaceBook and ask the world for a solution to your problem. You will be very surprised at the response you will get from the people formerly known as consumers. These are smart people, why not hire them for free and have them help you solve your challenge. Talk about building trust, an opportunity to actually have a relationship with those who buy your products and services. Your transparency and willingness to listen changes the relationship at a level yet to be calculated.
You as the business owner or leader, have an opportunity to take this even farther, what if you were to recognize the person or person’s responsible for solving your problem in a very public way? I’ll let you ponder that one.
We all are becoming very public, more and more we are putting our lives out there for all to see and learn. There is a risk in that act alone, consider long and hard what you put on the Internet, it’s now your legacy once it’s out there.
Building relationships is not new or changing, it like 60% of commerce has merely gone via the digital realm, that changes the rules, ummmm….what rules? Maybe the rules are the problem, maybe that is what the business world struggles with most, I think it still goes back to one thing and one thing only, Control.
When it’s all said and done, Social Media is not that complicated really. It’s forcing businesses to be human rather than machines that run by unchangeable rules. Start giving your business away to customers, let them help you and more importantly, treat them with the respect they deserve. Why? Because that’s what a Social Business does, it values those the same way you value people in your personal life. Stop trying to complicate Social Media by thinking too much. I could go long and deep on this topic but I’ll let you do comment and add value to the subject.