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The Power of Us - Where Your Next Competition is Coming From

March 12th, 2020 at 6:30pm CDT

In my many years of following technology, I have witnessed firsthand how technology has transformed jobs, businesses, and now industries. Nowadays, you don’t even see it coming. You use technology, it becomes a necessary piece of your business, then it becomes a process that stands between you and your business. I recently read an article how restaurant delivery companies have become a critical part of food delivery, inserting themselves between them and their customers.

We Work for Them

In the early 1990's, technology, specifically the Internet, was seen as a way to level the playing field, to allow smaller businesses compete with much larger businesses. This did not happen.
What did happen is that the current commerce Internet landscape is dominated mainly by five major companies: Amazon, Apple, Facebook, Google and Microsoft. After their employees, the people who also work for (but not directly employed by) these companies, to varying degrees, are technology consultants and partners, and the following industries: music, retail, phone companies, news organizations, political parties, food, logistics and delivery, and others. In one way or another, the livelihood of many companies depend on these five companies.

Meet Your New Competition

Unless you sell to a specialized group of people, your competition may not come from others who are a part of your field, or someone in your line of business for many years.
Your competition may not come from someone who does it like you, is better than you, or even cheaper than you. Oftentimes, we don't even see our competition coming. It’s the next guy or gal. And a technology that inserts itself between you and YOUR customer:

The Hard Truth About Your Customers

Customer Service has been reduced to a "I want it as fast as it can get it, and at a price I want to pay for it" transaction. You could be selling it out of a barn on a farm, as your location and its' decorated, enticing and warm experience is no longer a differentiator. 
Reacquaint yourself with the old adage of "Know Thy Customer". Know Thy New Customer, and the changing attitudes of your old customer. Refocus your efforts on their changing needs.

Fighting Tech With Tech

Many businesses stick their heads in the sand. It's understandable. Technology, can be scary. But here are some tips to help you through this:

Don't fight your customer's preferences. No business survives that. Adapt to those preferences. This may be also a time to evaluate your business and personnel processes in order to migrate to a different way of selling.

Rod Sawyer is the owner of Teffecx Company, servicing businesses in technology management and contest marketing
Please note that the advice from this newsletter is general advice not necessarily specific professional advice to an individual organization. Results may vary. Please consult a professional consultant for your computer needs.

We publish newsletters monthly. To contact me or to subscribe, please send an email to howto@teffecx.com with your contact information. In the subject line, please put “Subscribe To Newsletter”. You can also reach me by twitter using the handle @how2useTech. Review our current and back issues at www.teffecx.com.

If you have a technology question, I may answer it in future newsletters. Please send your question to howto@teffecx.com. In the subject line, please put “Technology Question”.


 Tags: Financial, Business, Technology
 
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