In this Thought Leadership blog, I will review the rapidly evolving digital ecosystem and how businesses can increase market competitiveness.
Let’s get right into this exciting topic and start by looking at the top players.
The most valuable brands in 2019 include Apple, Google, Microsoft, Amazon, Facebook and Samsung, to name a few. Noteworthy mentions are the disruptors Uber, Netflix, Airbnb and Tesla.
How do some companies become high performing leaders?
Business competitiveness is about efficiency and increasing quality before you start promotions in the marketplace. Some businesses have teams, resources and capital but they face challenges when it comes to creating exceptional market value.
Harsh reality? Maybe. Innovation is not a buzzword but about high impact products or services.
What are the top players doing to dominate?
The leading businesses are busy creating systems, services or products that are exceptionally innovative in their industries.
Top performing brands already have loyal customers based on a history of providing what is valuable and cutting-edge. The macro market favors the basic economics of supply and demand. There is no magic marketing, shiny new process or secret sauce behind simply creating what is remarkably useful.
Market leaders earn customer buy-in by going the extra mile to exceed expectations. Especially in this digital age where your customers will tell each other what they think of you, your services and your products. They will post their reviews on their online social channels, share their experiences and truly digitally transform your reputation even if you decide to refrain from investing in digital marketing.
Few facts worth mentioning
Love them or hate them, technology giants mostly rank and stay at the top as they are integrated into daily business operations and day-to-day life. Convenience, connectivity and enhancing customer experience is what today’s hyper digitally connected market is looking for.
Quick brand case study
What next Apple?
Why is the Apple brand so enticing that its loyal customer base not only uses their products as a status symbol but they eagerly anticipate what will come next from their most favored brand (MVP)?
Here is the short answer - “Be a yardstck for quality. Some people aren’t used to an enviroment where excellence is expected.” Steve Jobs
Case in point
When people buy Apple products they expect its marketing to live up to the promise – value and quality delivered. Combined with sleek, clean and appealing design across brand image, user design, products, in-store, online and anywhere the Apple brand has a presence, you have a winning business.
I don’t want to start a debate but how many times have you seen a brand become almost cult-like in status and so highly valued in its target market?
Apple Brand - “Think different”
Need I say more on innovation?
Building a leading business in a hyper connected digital market
What is your target market doing?
What I do know is that digital transformation happened. Just incase this has been missed, the average consumer is rather digital savvy from posting engaging content that sometimes goes viral and even starting entirely new trends.
Yes, harsh reality for some businesses. Your target consumers are already digitally transformed and socially engaged online. They are posting videos on YouTube, interacting on Facebook, sharing their stories, searching for products on Google, shopping on Amazon, using fancy app filters, engaging in group chats on WhatsApp, having fun on apps like TikTok, playing online games and so much more. You get the picture.
Nothing new - digital transformation, leveraging technology, innovation and sustainability have always been at the core of top performing brands.
Hyper focused marketing
What is accelerating is community interactivity on digital platforms. If your business does not have strategies to market hyper smart, it might be time to make some changes and get a fresh perspective. Not everything needs to be mass big agency, mass huge campaigns, mass big budgets or mass big technology systems.
The dynamics have evolved to more interactivity, one-on-one engagement, focused and niche digital ecosystems. You can’t hyper-personalize in a mass, big everything mindset. Compete with focused strategies to maximize your growth potential.
Brief example on being hyper focused
If you want to create a business and professional presence on LinkedIn, share content that aligns with your career or what your business does. It is more effective to provide target specific content rather than jumping onto the latest buzz, trends or general news story of the day.
Let’s face it, we have endless messages being thrown at us from all directions and all the time. Stand out by aiming to share content that is informative, new and target specific.
Disruptors are creating a whole new game
Disruptors such as Amazon, Uber, Airbnb, Tesla and Netflix have leveraged software to create superior user experiences and products. We are looking at entirely new business models emerging with innovative platforms powered by software, emerging technology and Artificial Intelligence.
This leads into my next topic on Artificial Intelligence (AI).
The state of AI and a virtual world
Recently in an engaging panel discussion, Gerald Cupchik, Professor of Psychology at the University of Toronto, highlighted interesting viewpoints related to AI, consciousness and creative imagination.
Are we moving into a virtual world based on AI, technology and engaging with our smart gadgets as a merging of our reality? Professor Cupchik pointed out that it is increasingly important to stop and critically think about boundaries between physical reality and virtual reality.
Most of us already rely on AI powered smart phones, smart assistants such as Alexa, smart cars, smart homes, healthcare apps, security systems, online banking, social platforms, digital news content, online customer support and more.
The point to keep in mind is that technology does not have the same context as human physicality, consciousness, creative intelligence, a subconscious mind or a history. As Professor Cupchik cautions, we need to be aware and alert about how we function in a virtual world that does not include human attributes such as taste, smell, emotions and thoughts.
An AI system can only pick up certain data based on algorithms. It cannot get the context and meaning behind human thinking, feelings or specific experiences. At least not yet! Even if we do get there, how accurately can a number and algorithm crunching system manage complex human beings.
AI for hyper marketing
Billions of dollars are being invested into AI by technology titans such as Google DeepMind, Facebook AI Research, Apple, IBM Watson, Baidu, and Amazon.
According to Salesforce, Marketers are using AI to gain valuable insights on customers, automating tasks and managing their workflows. Nearly half (51%) of marketers are already using AI… -- Salesforce.
Almost every customer interaction can now be a data touchpoint. This not only provides key insights on consumers but when done right, AI increases the relevancy of how businesses can tailor offers to best benefit their customers.
Data and privacy concerns
What remains challenging is how much data gathering and control of the data is appropriate. Giant platforms such as Facebook, Google and Amazon will need to continue to manage big data sensibly and ethically.
Emerging niche systems
There is an emergence in digital communities to innovate new structures that provide more control, respect for privacy and a sense of freedom to have ownership to some degree.
According to Bitcoin, Security and Privacy Consultant, Denis. Serebryakov, Bitcoin was created as hard money, the supply of which cannot be inflated to infinity at will (as opposed to fiat money). Bitcoin is a key example of new currency and a new payment network that is supported by a community based on their own set of parameters.
How can you make an impact, compete and lead?
Get beyond the hype generating, mass big everything mindset and start thinking in terms of creating exceptional value in your market. Focus on increasing your business interactivity and look at new tactics to strategize for future competitiveness.
Fill the gaps super fast
If you want to publish an insightful blog, create a winning marketing campaign or create a new model or system, work with the right person or hyper niche partner to get the job done fast. Accelerate your business results by being highly efficient and managing your resources wisely. Hyper specific areas for growth will ensure you have the agility to execute quick in key areas that will help you lead.
You know your business best and have an idea of where you want to go. How well you can dominate in your market will require specific strategies, resources and new skills to help you innovate forward.
Resources to help smart businesses like you
Enhance your marketing and strategic skills
Apply for my High Impact Marketing Program
Engage with me for one-on-one competitive niche training
Watch the live TV panel discussion hosted by Hugh Rilley, with University of Toronto, Professor Gerald Cupchik, Thought Leader and Consultant Shai Az Digital, Bitcoin and Cyber Expert Denis Serebryakov.