Previously, we have covered the first two trends of Roger Hamilton’s Top 10 Trends impacting business, from his ‘Fast Forward your Business’ tour recently to Japan, England and South Africa.
Here is Top 10 Trend No. 3: The Power of Consumption
“The Industrial revolution was based on the power of production. Whoever had the means of production had control of the market. The technological revolution has turned power on its head. It is based on the power of consumption. Building connection and trust with a market is far more important than trying to control the means of production.” – Roger James Hamilton
Businesses like Google and Facebook have access to billions. Group buying sites like Groupon, and crowd sharing like Airbnb are growing at a rapid rate. As Roger Hamilton says, what this new breed of business has in common are three core factors:
1. The focus is on what the customer may want or need from moment to moment, and to deliver that as rapidly and seamlessly as possible, wherever the product is sourced from.
2. The customer determines the price, not the manufacturer. Price can fluctuate often and the company receives instant feedback from their customers.
3. The company focuses more on keeping the customer relationship for life than on selling a product and moving on to the next customer.
Are you measuring your business by your customer base rather than your product sales? Are you giving your customers the chance to determine price, and are you sourcing product outside of what you currently deliver? Do you have a way to measure how long your customers stay with you and how much of your business is repeat business?
To gain far deeper insights into the power of these trends, visit www.wealthdynamicscentral.com and buy the 90 minute video of Roger Hamilton’s Top 10 Trends.
Here is Top 10 Trend No. 3: The Power of Consumption
“The Industrial revolution was based on the power of production. Whoever had the means of production had control of the market. The technological revolution has turned power on its head. It is based on the power of consumption. Building connection and trust with a market is far more important than trying to control the means of production.” – Roger James Hamilton
Businesses like Google and Facebook have access to billions. Group buying sites like Groupon, and crowd sharing like Airbnb are growing at a rapid rate. As Roger Hamilton says, what this new breed of business has in common are three core factors:
1. The focus is on what the customer may want or need from moment to moment, and to deliver that as rapidly and seamlessly as possible, wherever the product is sourced from.
2. The customer determines the price, not the manufacturer. Price can fluctuate often and the company receives instant feedback from their customers.
3. The company focuses more on keeping the customer relationship for life than on selling a product and moving on to the next customer.
Are you measuring your business by your customer base rather than your product sales? Are you giving your customers the chance to determine price, and are you sourcing product outside of what you currently deliver? Do you have a way to measure how long your customers stay with you and how much of your business is repeat business?
To gain far deeper insights into the power of these trends, visit www.wealthdynamicscentral.com and buy the 90 minute video of Roger Hamilton’s Top 10 Trends.
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