Business Strategies in an Overload Economy
August 25th, 2008 | by Manufacturing Business |We live in turbulent and problematic times where virtually the only predictable trend is continuous change. There is too much of everything: too many products and services chasing too few clients; too many ads targeting a limited attention span of clients; a mind-numbing barrage of information. Knowledge is doubling every 2-3 years in almost every occupation, requiring us to double our knowledge just to stay abreast. Davis, author of ‘The New Culture of Desire’ says, “regardless of what you call it, the defining reality of competition and marketing is that companies are in the Overload Economy.”
How to Win in an Overload Economy?
In ‘Welcome to the New Normal’ Fast Company offers an executive briefing of the strategies, tactics and tools that winners are using to build success for the next five years. This was in 2003. New Normal was first coined by Roger McNamee in 2002. It “is about business after the bubble and beyond the bust, and where we are likely going to stay over the next five years.” We are now at the end of the five years and there is no sign of slowing down. If anything, everything seems to be speeding up.
The authors’ business strategies, tactics and tools, recommended in 2003, are as relevant today as they were then.
1. Focus on creating real economic value vs focus on growing market capitalization.
2. Engage in fresh thinking and smart adaptation. Self-reliance, acquired through fast learning and clear thinking — is the ability to master the sheer volume of information, to see its true significance, and know how to use that information to develop creative products and creative answers to problems.
3. Focus on great ideas, great execution and solid performance. Almost all new ideas are simply a recombination of existing ideas. Robert Fritz’ views this differently. In ‘Original vs Comparative thinking he says, “People who think that everything is just a rearrangement of things that already exist can’t know the history of the arts very well. While often some new ideas grow out of previous ideas, many do not. Yes, new ideas inspire other new ideas that are in a similar vein, but their originality comes from something more than extrapolation. It is the birth of something new, an idea… a thought, a way of looking at something… a new system…it is something that never existed before.”
Execution of ideas is the vital part - it is the discipline of getting things done. It is a systematic process of rigorously following through, and ensuring accountability. Many businesses fall short of execution. The best ideas without execution bear no fruits.
4. Adopt a steadfast approach to business that reinforces the cardinal virtues of honesty, integrity, and authenticity. Given the number of corporate collapses, clear communication and demonstration of these cardinal virtues in the day-to-day operation of the business have taken on a new level of importance.
5. A new mantra “Get rich slowly.” This is a refreshing development and links well with the focus on real economic value creation. What we see today is a reversal to a “Get rich fast” mantra, evidenced by the raising trend of millionaire and billionaire bootcamps.
Additional Business Strategies
6. Keep things simple and concentrate on what it is you and your business do exceptionally well. It is about playing to your strengths and dedicating your time to doing what you truly love.
7. Break through the clutter and keep your eye on the 80/20 rule. What are the 20% in your business that attract and retain 80% of your ideal clients?
8. Adopt the Platinum Rule, which says “Do unto Others as They Would Do unto Themselves.” In other words, look at your business through the eyes of your clients. Build and nurture relationships and stay ahead of the curve of your clients’ needs and future aspirations. This is much easier if you have a congruent brand and your business operates in a distinct niche.
9. Closely monitor trends and the implications these have for your business and your clients’ business. Authentic Brand development is a growing trend in the global business environment. So is the move towards niche, and health and wellness.
10. To be your personal best and enjoy a balanced life put yourself as Number 1. Yes, Number 1 - only then can you enjoy your business and give the best of you to your clients.
The most rewarding way to do business and to stay in tune with your clients is to have a congruent brand and distinct niche. With a congruent brand and distinct niche the only one you compete with are your own standards.
copyright©2007 Elisabeth Gortschacher
Authentic Personal Branding expert, MCC and Certified Guerrilla Marketing Coach, Elisabeth partners with entrepreneurs, leaders and professionals internationally to develop and market their distinctive soul-inspired brand. She is affectionately known as the ‘archaeologists of the soul’ for her depth, passion and integrity she brings to her work. Elisabeth is the co-founder of the Guerrilla Marketing Universe, and the founder and leader of world leadership day.
Visit her at http://www.GuerrillaMarketingUniverse.com
http://www.eeg-coaching.com.au
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