Business Is A Jungle — Speed Kills
In the wild, the big don’t eat the small but the fast eat the slow. Speed is a major determinant of success or failure in nature as well as in the business jungle. There are different types of speeds companies can capitalize on, and if used right can create the next “Unicorn” business.
Early Market Speed
Tech giant, Apple, is hiring former auto-industry veterans and rumors are circling that the company will be looking to (if they haven’t already) venture into the self-driving car industry. Companies like Google and Mercedes have already publicly announced their research and development for these types of cars, though it would be a much more interesting race if we could end up with a possible “iCar”.
When you are the first into a market you have the ability to claim the majority of the market’s audience. Whichever company claims to be the first with a successful, safe, self-driving car, they will have the media’s attention. News channels will cover their car, articles will be written about their company, blogs will be posted featuring their innovative thinking and many more streams of attention will arise. In a world where millions of things are grabbing for your attention, it is huge that a company can be spread over multiple forms of media.
Technology is moving fast and it’s only going to get faster. If you are first to the market, that’s good. Though if you or your company don’t stay up to date with new apps, devices, or companies that can help or hurt you, there will be missed opportunities and possible issues to blind side you.
The best way to ensure you and your company are prepared for market changes is to listen and watch. Think about who your target audience is and where their attention was two years ago. Now think of where that attention moved to one year ago. Where is your audience’s attention right now? What technology is developing that can take the attention of your audience away? Is there new technology that you can use to help snag the attention of your audience or can it help improve your product?
Thinking like this will change your mindset to moving with the changing world. Gary Vaynerchuk, founder of VaynerMedia, does this quite well when he scopes out the iTunes App Store each morning looking for new apps that can change society and his business. Since he is so aware of what is going on around the world and how it is going to affect him and his company, he is able to anticipate how the market will treat him.
So what are you or your company doing to stay fast and ahead of your competition? I’ll give you a hint as to what you should be doing: reverse engineering your target audience’s attention habits.
Let me know what you think!