Mindset for the New Economy
What has been revealed over the past few years is that the impact of the Internet, and a few other structural imbalances (such as globalization and the bulge in the population from the baby boomers) ... this impact is like the Perfect Storm and this impact is driving a traumatic change from an old economy to a New Economy.
Gutenberg's invention (moveable type and the printing press) made the reproduction of books cheaper and easier, leading to structural changes (such as an increase in literacy, a progression of ideas and knowledge, and the Renaissance). These changes proved to transform the course of human history. The transition driven by Gutenberg's invention, the structural changes, and the resulting transformation, was also turbulent and traumatic.
It is hard to imagine but the Global Financial Crisis and the Monster Recession we are experiencing is causing turbulence and trauma similar to that of the Renaissance time period that was accelerated by Gutenberg's invention.
Those impacted by the power shift associated with this type of transition feel like they are being pulled hard in different directions at the same time. The feeling is terrifying and can be paralyzing. By understanding that the impact of Gutenberg's invention, on the economy and society of his time, is equal to the impact of the Internet, on the economy and society that we are now experiencing, we can see that is it not the first time nor will it be the last time that turbulence and traumatic change will be part of replacing an old economy with the a New Economy.
It is becoming clear to many that the old economy is shattered and gone forever. It is never coming back as it was.
While some time-honored reliable business strategies and skills continue to have their place, and are even more important than ever, they must be combined with new, more creative and agile thinking and more tough-minded and disciplined methods in sync with the realities of The New Economy and the demands of its consumers and clients.
Here are The New Economy Realities that entrepreneurs and sales professionals now face and must embrace to succeed:
1 All the power has returned to the customer and s/he knows they have it.
2 The customer's tolerance for anything ordinary - ordinary products, ordinary services, or ordinary expertise, is zero; including no tolerance for incompetence.
3 Money will be spent more judiciously, so it will be attracted only to businesses offering much more appealing, and complete, value propositions. These will be businesses with superior reputations, unique positioning, exceptionally effective marketing (to tell their story), and businesses that have outsourced their customer service before, during, and after the sale. A more cautious consumer, striving to be sensible and responsible, will be judging your business and will be trying to determine if your company is worthy of their trust before s/he buys from you. You will be under greater scrutiny.
4 You must genuinely earn your right to your customer's interest and support by providing well-matched, specialized, and even customized product, service, and value propositions. People now have the opportunity, power and awareness to demand what is specifically for them and precisely matched to their needs, interests, and desires. They are not going to be on buying sprees but will be buying whatever is in your wagon, that you want to sell, that will meet their needs.
New Economy Customers will not be as tight-fisted as recession customers but they will be extremely demanding.
The New Economy will not be as grumpy and harsh as the recession economy, but it will not be generous or forgiving either.
Sales and business success in The New Economy will be earned, not given. Businesses must be better. Business and sales people must be much better. Be sure to understand that leads and customers do not like to be sold to however they will browse, they will shop, and they will buy whatever items meet a need or is a solution to their problem.
By using the Internet to market your products and drive sales, you will be using the key tactics you need to succeed in the New Economy. It is clear the next Industrial Revolution is upon us and it is indeed happening online. The Internet is the new global stage for the modern symphony of commerce. Those that learn how to leverage this most powerful of platforms will be its conductors; and they will make music, and money, at the same time.
Many high profile business leaders, including the Oracle of Omaha, suggest that if you don't focus on being an online entrepreneur, being self-employed, or being a small business owner, it will be a very tough road in the months and years ahead; actually they say, it will be an uphill battle.
This suggestion is attracting current and former doctors, CEOs, and other members of the corporate workforce that are seeking a way to leave their established and lucrative careers. They are in pursuit of new opportunities in the world of Social Media and Internet Marketing so they can generate income, prestige, independence, and financial rewards that exceed the levels obtained by most in their previous careers.
This blog, and related posts, will continue to provide a blueprint for making money online with Internet Marketing. You will find step-by-step road maps for various parts of the Internet Marketing business. You will find material that provides an entrepreneurial game plan generating a new approach to work, family, and lifestyle. You will find tools, education, training, and support. And you will find a community of like minded entrepreneurs that are using the Internet to get out of debt, build wealth, and secure their financial future forever.
Finally, I would like to thank Dan Kennedy of Glazer-Kennedy Insider's Circle as his recent publication No B.S. Business Success in the New Economy was the source of some of the material about the New Economy mentioned in this post.
I Hope You Enjoy the Posts and I Trust You Will Find Them Insightful! Let me Know What You Think.
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