The world is quickly diving into a digital era. In the new digital era consumer and seller relations are changing as well. This has brought on a new approach to how consumer sell good and with time the traditional model is becoming obsolete. Virtual transactions and store are very common. People are transcending into an era where business through the internet seems more profitable and secure. Most consumer goods industries have established a solid online presence. Interacting with favorite brands has never been easier.
Many businesses are just run online with no physical presence. Web 2.0 and HTML5 have changed the dynamics of the internet. With this new approach the old traditional models are being discarded or becoming obsolete in fast pace environments. User engagement is an all time high.
Do not be behind in the digital era space
The question is what can businesses and new startups do to carve out their niche in the industry. Firstly, it is better to take a demand led marketing approach. For example, Facebook did this when it initially started in the social networking industry. It started off with colleges then to high schools then it went public.
Facebook took use of crowdsourcing to minimize cost and done it effectively. Since, the company initially did not have many translators it crowdsourced its work. In fact, Facebook was translated into Farsi in 24 hours.
A strong company culture is also very important. Focusing on Facebook, the company created “hackathons” to keep the developers going. Some of the features like Facebook chats and video messaging are a result of hackathons. The company culture realized that good ideas can come from anywhere and benefit from this.
Be one step ahead of the curve
In such a fast paced time it is necessary to be one step ahead of the competition. Innovation is the key figure here. For example Amazon delivery drones and Google glass or even Google self driving car. These are all examples of innovations in technology.
Another thing to keep in mind is that all brands in the market are media companies. Social media has made it possible to directly reach consumers without going through the old distributional channels. It means that you can make more profits. For example RedBull produces its own content in competition to other energy drink brands. Redbull is still leading the market.
Create a value and influence on people. The currency of connections works very well. For example, Ceasar Palace redid their loyalty program. It included gaining points for tweeting that people can cash in at one of their restaurants. It’s a strategy of reaching the audience without having to put capital in it. This has also been monetized by networks for example LikeToKnowIt where Instagram followers can buy online from retail stores through a simple plugin. Fashion bloggers use this to monetize their posts and increase brand engagement.
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