As described by Brian Solis “Digital Darwinism is the evolution of consumer behavior when society and technology evolve faster than some companies’ ability to adapt.”
The point of natural selection is that not every business will make it. As Edward Lawler and Christopher Worley note in their book Built to Change, “An analysis of Fortune 1000 corporations shows that between 1973 and 1983, 35% of companies in the top 20 were new.” Their work showed that the number of new companies rose to 45 percent between 1983 and 1993. That number increased to 60 percent between 1993 and 2003. And, as they so appropriately asked, “Any bets [as] to where it will be between 2003 and 2013?”
To further their point, a recent ad produced by Babson College cited a rather humbling statistic; “Over 40% of the companies that were at the top of the Fortune 500 in 2000 were no longer there in 2010.”
What separates brands that falls to digital evolution from those that excel is the ability to recognize the need for change and the vision to blaze a path toward renewed relevance among a new generation of consumers.
Brian Solis beautifully describes it as “In an era of Digital Darwinism, no business is too big to fail or too small to succeed…this is your time.
Many follow, but very few lead.
Many compete to survive, but few compete for relevance.
Do we listen to our customers? Do we truly understand them?
Do we create experiences or do we simply react?
The future of business comes down to one word…change.
This is a new era that redefines everything.
An era of empowered consumers and employees.
Will we fall to natural selection or will we rise to lead the revolution.
This is our time to make business relevant.
Because people, after all, are everything.”
Starting now and lasting well, forever, technology and empathy are now part of your business strategy. To what extent disruptive technology impacts your markets, will depend on your industry and the rate of adoption within it.
Your priority areas include understanding…
1. Social Networks from Facebook to Twitter to Google+ and how they’re connecting to influencers and businesses
2. Geolocation check-in services such as Foursquare and Facebook location updates to share locations and earn rewards or opportunities for discounts
3. Crowdsourced discounts and deals including Groupon and LivingSocial and what’s valued and why
4. Social commerce services like Shopkick and Armadealo and how they create personalized experiences that are worth sharing
5. Referral based solutions like Yelp, Service Magic, and Angie’s List to make informed decisions and how shared experiences can improve your business, products, and services
6. Gamification platforms such as Badgeville and Fangager, and why rewarding engagement improves commerce and loyalty
7. How your consumers using mobile devices today and what apps they’re installing. Also, how they’re comparing options, reviewing experiences and making decisions while mobile?
8. The online presence your business produces across a variety of platforms such as tablets, smartphones, laptops and desktops. You must realize how consumers are experiencing the online presences you create and whether or not they deliver a holistic and optimized experience for each platform.
9. The consumer clickpath based on the platform consumers are using. Are you steering experiences based on the expectations of your customers? And are you taking into consideration the device or network where the clickpath begins and ends? Are you integrating Facebook F-commerce and m-commerce into the journey?
10. The expectations of connected consumers, what they value in each channel and platform, where they engage and how your business can improve experiences and make them worthy of sharing.
As it is rightly said that, “Change is the only constant” , make use of the best of resources around you and create a difference.