THESE THREE TRENDS WILL IMPACT YOUR BUSINESS
When Sirius and XM satellite radio were first developed, the skeptics asked why anyone would ever pay for radio when they could already get it for free.
The answer is the value placed on location independence.
Consumers want to take their lives with them wherever they go without any effort. Consoles to transistor radios to iPods to cell phones. Travel agents and calling reservations to online to phone apps. That same thought process is impacting business-to-business products and services.
How are your markets impacted by the growing expectation of location independence?
Network tv was surpassed by cable and then satellite, which is being replaced by Netflix and other streaming services. What's the attraction? Users want control over what they enjoy, as well as when and where. The days of traditional entertainment companies pushing their schedules on consumers are gone. "What is the theatre showing tonight?" is becoming an irrelevant question.
That same user controlled pull trend is reflected in services like iTunes and Spotify that have changed the economic model of music, and Uber which has impacted car ownership. I've written elsewhere about manufacturing joining the sharing economy.
How will your company respond to the growing expectation of customer-controlled pull?
The third trend is one bifurcated by market: Bitcoin is an example of devotion to efficient and completely untraceable secrecy while Facebook is an example of the desire to publicize everything.
Does your market care most about secrecy, or about publicity? Some businesses have multiple markets split among those needs. I have clients that won't allow listing them as clients, and others that love being featured in my many published articles. Because I am aware of that distinction, I can serve the wants of both segments.
Every business should evaluate leveraging these three trends—location independence, user controlled pull, and secrecy vs sharing—to maintain relevancy.
Transforming Operations. Transforming Business.®
Let's discuss how Manufacturing Greatness can help you become a better manufacturing operations leader. Additionally, my latest book, Start Smart, Finish Strong: Forging Your Path to Operational Excellence and Long-Term Success in the Manufacturing World is available at Amazon, Kindle, and iBooks.
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