Business has changed. Technology has turned commerce upside down and given it an almighty shake. Every profession and industry has been impacted by widely available technology, more rapid communication and changing consumer expectations.
The last two hundred years or so were the industrial era. Businesses succeeded and grew by being faster, more efficient or cheaper than their competitors, and the result was an endless array of cheap, mass-produced goods.
Geographic, language and cultural barriers are falling away in the face of unrestricted information flow, viral sharing and the universal appeal of visual media. With the incredible potential of cloud delivery and the speed of global distribution networks, people no longer care about where a product is designed, manufactured or warehoused.
Customers suddenly have unlimited capability to search until they find exactly what they want. And nobody is going to settle for less.
Big businesses are trying to respond by offering personal service and customised product bundles, but are hindered by the very standardisation and production economies which allow them to perform efficiently on a large scale. They simply can’t afford to specialise enough to meet the diverse needs of all their potential customers.
For big business to adapt it needs to become more social, more personal and more authentic. It means listening to your customers, not just selling to them. This is a difficult adjustment to make!
This means the door is wide open for small businesses and entrepreneurs to capture and delight those customers. A whole new business ideology has developed around these amazing opportunities within the digital arena to identify a niche market – and establish a position as a leader, a trusted expert, within that market. With the right tools, strategy and mindset you can identify a profitable sphere and become influential within it.