While we have been reading about digital marketing. The hows and whys of digital marketing. There are bigger challenges to that which are:
What makes me say is that both of them are a result of getting out of the comfort zone. Remember one subject being a favourite, the other difficult or boring. Well that is how aour mind is accustomed to. Anything difficult makes us shy away or makes avoid going that way.
Exactly that is what hampers from looking at newer ways or technology. Plan for future expansions, you will find numerous companies doing very well but avoiding investment in securing their business. There are many examples that have big companies to lose growth opportunities in their current businesses. At times even leaders have not been able to envisage technological opportunity and make more revenue. Those who have been able to adapt to technology have made big time revenues.
Examples of Successes one them disrupted the older players themselves:
- Founded by Mark Lancaster in 1992, SDL started out as a language translation company, but has since grown to $500M in sales, with 3,000 employees worldwide, through an aggressive expansion of the use of technology. Today, 72 of the top 100 companies in the world use SDL products and services, which are all rooted firmly in technology.
- Arguably the most modern version of the bank, Simple claims that “you’ll never miss your bank branch again,” and judging by the reactions of current customers, they may be right. As a new alternative for your checking and savings accounts, Simple has completely disrupted the banking world by providing the best of online services in a user-friendly, state-of-the-art platform.
Some of the reasons to shy away from opportunities are:
The knowledge itself – Most of the knowledge is based on what others have to teach not themselves (Self learning missing)
Averse to technological changes – When everything is fine why invest and lose on immediate profit
Short term strategy – As a CEO you want to prove your worth in a year
While you will hear many of the CEOs speaking of change, the action on ground is amiss. Well mindset and change may not be too different but both of them make people uncomfortable or get them out of their comfort zone. Actually the fear is based on the fact that many leaders value their own job more than taking a risk (calculated) and succeed. At times arrogance too may lead them into a pit fall. Xerox never knew what hit them two decades back when photocopy went out of business. They were not able to anticipate change in their business. Change lies in the hand of the customer and their needs are very dynamic.
Examples of business who embraced change are:
- Uber and OLA moving out of the conventional business of owning a fleet of taxis. To giving business to individual private taxi owners. Not only it was a success for them, it was a convenience fro the customer, reduction in price, as well as was an increase in earning for the individual taxi owners.
- In 1984, IBM was the undisputed king of the computing world, with its iconic PC – The large and lumbering IBM was slow to innovate, allowing nimble competitors to undercut its prices. In 1993, IBM posted the then-biggest loss in the history of corporate America : $8 billion – By 2010, IBM had acquired more than 200 companies in the IT services sector . It also invested heavily in its server business, becoming the No. 1 seller of enterprise server solutions in the world by 2013. The reinvention of IBM is studied in business schools as a model of corporate evolution in the Internet age.
Again why are the reasons to refuse to change are:
- Short term goals to long term probably a hundred year strategy
- Employee changes too fast too many so a consistent strategy is missing
- Fear of change and the investment required to invest in business will require investment and fall in profitability in the short term
So Request to learn embrace change and change your mind set