…far from it. Advertising is NOT dead either. Neither is mass media.
But changes are imminent.
With all these hype (and the majority of my writings) about the new media and new way of doing business, on or offline, I think it’s necessary to make my point clear: the so-called traditional businesses are going to dominate the world for a long long time.
They just need to change with our world. And even if they don’t, they are bound to stick around. Fading, maybe, but still alive and kicking.
Here are some changes:
Information: most information is no longer concealed from us. Businesses who hide information from their customers, need to change. Suppose that your customers know everything there is to know about you, your competitors, and your industry, what would you do differently?
Information II: information is also becoming cheaper. Businesses who sell information need to seriously consider a change. When someone gives away something for free, and you sell the same thing for $1,000, what would you do differently?
Choices: the number of choices increased dramatically. Businesses that based on the limitation of choices, need to change. When the number of your competition just grew from 2,000 to 2,000,000, what would you do differently?
Location: the location factor is becoming less of a factor. Some local businesses should not be satisfied with staying local anymore. When your customers can buy from someone overseas just as easily as they buy from you, what would you do differently?
Speed: the speed of business has increased. The timeliness of delivery, response, and service need to change. When you can finish a 24-hour task in just 24 seconds, what would you do differently?
The list goes on.
Traditional market leaders need not worry when a new competitor comes along and offers a product that’s 10% better than theirs. That barely calls for concern.
The problem is: sometimes the newbie just happens to stumble onto something that’s 100 times better.
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