Take a look around you. Have you noticed the new economy and new rules? Created by smaller computers and expanding communication. I’m sure you’ve noticed, because it’s left the big corporations scrambling, the confident desperate for direction and the small start-ups and businesses a shot at prevailing.
Communication (which in the end is what this digital era and media is all about) is not just a sector of the economy. Communication is the economy. With the maturity of the internet—the connection machine— almost every organization now has the ability (and probably the responsibility) to communicate directly with the world, with customers, with supporters, with viewers, with prospects and with those impacted by their actions.
For years marketing (advertising) was about controlling the message, attention, and communication. The new economy tears down that model and most businesses aren’t prepared. You see the president of the bank isn’t used to hearing from a customer about to lose their house. A retailer in Texas isn’t used to hearing from a potential customer in New York. An artist is used to being entertained by A&R guys, not by maintaining a permission list of 50,000 fans and 25,000 Facebook friends.
This direct communication is an asset or a risk, depending on how you look at it. But this has always been true: “If your goal is growth, marketing is all that matters and marketing is all about communicating to (and now with) consumers.”
Communication is the key factor in determining:
- whether a customer is retained,
- whether the customer spends more time with you, and
- whether you outsell the competition.
The new economy is about communication, deep and wide. The internet has provided every brand or company with the ability to communicate, making that part of the equation (for marketing your business) easier to solve. The question is: “Will you or your company join in?” Because every time the deck is reshuffled, the early players profit.