Are you the buggy whip manufacturer of today?
by David Dwyer on 24/07/2018 609 Reads
Don’t turn your back on the trends impacting your sector
A century or so ago, Westfield in Massachusetts dominated its industry in much the same way that Hollywood today is synonymous with movie making (at least throughout the west).
Westfield’s fame came from buggy whips, with up to 42 independent manufacturers in this one town alone.
For buggy drivers across North America, Westfield whips were the horse control instrument of choice. But today there is just one buggy whip maker left in town, and Westfield buggy whips are famous only as a case study on what happens when industries fail to innovate.
Perhaps, if manufacturers had thought of themselves as makers of transport system components, some could have morphed into supporting the new automobiles being championed by Mr. Ford? They didn’t get a second chance to find out.
Transformationor disruption, call it what you wish, but no businesscan ignore significant changes in its external environment: whether it’s the advent of autonomous vehicles – just one challenge about to disrupt traditional jobs – or the launch of branded content on Facebook, providing another challenge to traditional broadcasters. No sector is exempt.
The pace of change today seems relentless and impossible to ignore, doesn’t it? Any PEST analysis will demonstrate this.
Be a student of history
But tens of thousands of business managers are ignoring it. They seem destined to believe that for them it will be somehow be different. And history teaches us that if you choose to ignore its lessons you are doomed to repeat its mistakes.
Those who fail to innovate today will provide the consultant case studies of tomorrow… don’t be one of them!
Still doubtful? This is true for all companies, from the disruptors and innovators, to the largest champions of industry. In the USA today, the average lifespan of a Fortune 500 company is already just 15 years… and falling. Size will offer no protection.
Going forward, the best form of defence will be offence, with guerrilla tactics the first strategy to learn. Innovate to demand higher margins, create new products to generate new markets or revenue streams, and tell the world about it – online.
The good news is that the new digital marketplace is a real leveller. Those who deliver a great product backed by great service, and who can navigate their way to market online, have an opportunity to grow rapidly; while those who don’t embrace digital advertising (search and social) are doomed to exclude themselves from their customer base.
You’ve got to understand how to reach and engage your market Digital marketing: take utilitywarehouse.co.uk, which relies on ‘network marketing’ to challenge the entrenched players. But social networks are just as important if all you want to do is rent out a flat as a second source of income.
Digital Marketing holds the answer
The solution social media, especially Facebook; and search, especially Google. These are both more and more ad spend, which is hardly surprising as Googlereached an 83.49% market share of the UK search engine market in July 2017
Figures for digital ad spend in the UKare also rising sharply. Ihey verged on £4bn
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digital advertising, Facebook Ads, Google Adwords, Google Trends, Inspire Web Services, m-commerce, Mobile Commerce, network marketing, Search Engine Optimisation, Selling, Social Media Management, Social Media Tools, The Evolving Web