CROSSFIRE
Two Key Trends That
Are Changing The New
Business Landscape
By Herman Githinji
A
decade ago, we were talking about
how to impress a few discerning
customers. Those customers at the
top end of knowing what they are looking
for in a product or a service. Customers
who are able to judge which things, of
a particular kind, are good and which
are bad. Customers who understood
themselves and had wide knowledge of
the available products and services to
satisfy their salient needs.
The unique knowledge those discerning
customers had, has today become
obvious. Internet and Google have made
markets near perfect. In the imperfect
markets, information takes time to reach
everyone and customers may not have full
information and knowledge to make a
fair judgement. Companies here are able
to charge a little bit more as customers
grapple in the dark. Today, Google and
other E-sources of information have given
consumers an open book.
Technology, internet, social media, and
globalization have completely changed
the marketing and business landscape.
Customers demand value for money.
They demand the best, and they quickly
compare prices and value. hence the main reason of buying the
premium DSTV package. But it’s amazing
how you can watch games for free from
various sports Apps, shared in social
media for free, or for a dime.
The other day I met a savvy young man
who was impressed by my smart watch
and wanted to buy it. I knew I could make
some money out of it. So, I gave him a
price slightly higher than what I got it for.
In a minute, the guy Googled and said he
can get it at a much cheaper price. I lost
the sale. Marketers will need to wake up to this
reality. Times have changed and customers
will demand better for less. Companies
will be required to focus their resources
to where they can yield the most. That
means, increased productivity in all areas.
Information clutter is not helping matters.
We get bombarded with multiple options
to solve one problem. We therefore
need to prioritize. We need to identify
and prioritize on the most appropriate
and productive activities, methods, and
processes. We also need to identify
and prioritize customers, products and
markets.
Information is at the finger tips, literally,
and information is also flowing fast.
Imagine the speed at which a trending
event reaches almost everyone. It’s no
longer through formal media, but social
media. Tweeter, WhatsApp, Instagram,
and other social media platforms are
becoming the first source of information.
That has surely affected businesses in
various ways. I really love watching soccer,
The millennials want flexibility too. With
the new technology, independence of choice,
and convenience, flexibility is becoming
paramount. I want to get what I personal-
ly need, and not what everyone, or the ma-
jority wants. I want it when I need it, and
not when it’s convenient to the companies
providing it. I want to pay for what I have
used, and not for all that is offered.
04 MAL30/19 ISSUE
Working smart does not mean working for
less hours, it means identifying the most
appropriate methods, tools and processes,
and working very hard to optimize
results. 80-20 rule is my favorite tool for
prioritizing. It simply tells you that 80
per cent of most activities or efforts yield
insignificantly 20 percent of the total
results, and vice versa. Sales teams must
therefore identify priority customers and
spent their time and resources getting
the best from them. Brand Managers
too must also identify and grow the key
products that are in that 20 percent zone.
It is not only the blast of the social media
and technology that has changed the
current landscape. We are living in the