To be successful in the New Economy - please meet Solomo Todaclo.
Trends are dangerous things. Get them early and get them right and you ride the wave of success.
Get them late and they are nothing but empty buzzwords. You can be the judge of the following six trends that are very evident in the economic landscape.
• The first three trends (and most established) are described as SoLoMo: Social, Local, Mobile.
• The second mashup is described as ToDaClo: Touch, Data (specifically big data) and Cloud (computing).
Social is NOT about social media per se, but it is about the socialisation (not socialising) of work practices, marketing and consumer behaviour generally.
Local is not just local, it is about hyper-local. According to Mashable:
“The phrase ‘hyperlocal search’ emerged when PC users searching for local information on engine sites such as Google were connected to the latest information, news and deals for that area. But now with rise of smartphones and tablets that integrate geo-location technology such as GPS to help users locate what’s around them...”
Mobile is not about mobile phones per se but about anything that enables the mobile consumer to access anything anywhere, anytime. (Ubiquitous distribution according Lewis & Dart’s New Rules of Retail.)
Tablets and touch-screens are re-defining how we interact with our devices. This cool video will give you a great insight into how the world is evolving.
Search ‘Big Data’ and you will 111,000,000 results. Big Data is why Facebook is worth a gazillion dollars. The goal of big data is to discover repeatable business patterns, particularly in an organisation’s unstructured data, most of it located in text files. Here is an example of a small company capitalising on this trend.
Being one of the early adopters of NBN, we have already moved most of our operation into the cloud. I am not yet brave enough to ditch Ms Word, but it is getting close.
For some of these trends the adaptation/exploitation strategies are obvious and abundant. For others, it’s harder to see the immediate impact on say an independent retail business. Arguably, ToDaClo appears more applicable to tech companies and eCommerce outfits than traditional, smaller stores.
This brings us to the final, seventh, item on our checklist for strategic success:
As in, what are you doing about it? No amount of analysis will get us anywhere unless we execute. We can think about the impact of these trends, but unless we make changes to our business to be future-proof, nothing changes.
Want to know why people miss #7 and how Jeff Bezos solved it for himself? Watch this video.
If you don’t overcome this, it’s gonna hurt – eventually.
Ganador helps retailers and their retail supply chain to create high-performing teams with efficient learning & development technologies and innovative training programs. Email Dennis with questions.