Digital Disruption Topic 1 — Your Digital Velocity
[This is Topic #1 of my upcoming business book on Digital Disruption for CMOs, Business Leaders, Entrepreneurs, and Digital Marketers who are tired of online mediocrity, and are ready to disrupt their business online. This is the raw, unedited content as I write the book, for each topic; it’s not in order either, like a finished book will be — just the core topics that I am picking away at. If you’re seeing this for the first time, read through this, then scroll down towards the bottom, to see how all these posts fit together.]
In today’s fast changing market, the most successful entrepreneurs will be those who are able to build in disruption into their business, are comfortable with discomfort, who understand yet take large risks, and who are willing to sacrifice existing revenue streams for new ideas — not just a basic idea, but a way in enabling your business through your ideas. They are willing to take one step backward to take three steps forward. It is about transformation and disruption — but more so about harnessing these factors.
We are inundated with startups, new business, the tech craze and everything else in between. It doesn’t take a genius to point out that seemingly every one is talking about these things. Yet, surprisingly, they seem to have forgotten a few significant things about the existing businesses that are not startups, that are not tech darlings. In my mind, all of these businesses can still disrupt their industry, if they build up their momentum, their digital velocity.
Digital velocity can be defined as the speed at which a business grows in the digital space; how it enables disruption and transformation, social selling, social media, and everything else that propels a business forward. All of these elements need to be combined, together, to build momentum towards your ultimate goal of your business.
I’m not talking just about profit, either. This can have a huge affect on a business, but it also goes much deeper than that. It is all of the elements that combine together, to get you up to speed to pass.
Your industry of ‘tomorrow’ won’t be as forgiving and lax as it is today. Everybody is out to steal your lunch, now. You are, only 1-click away from your competitors at any moment in time. If you are not able to change and adapt to the reality of online business, then you will not survive. IT can’t happen overnight, however, you need to be able to build up all of the elements over time. It is a struggle, but without a proper process or methodology, you won’t be able to overcome the inertia of doing nothing.
Have you ever tried to push a car up a hill? Maybe once, but you quickly learn that it is not the best way to do it. You can create a digital velocity, by going in the right direction, and putting things together that work properly, towards a disruptive environment.
Imagine a company that doesn’t have a website… yet. Surprisingly, in Canada and Australia, approximately 45% of businesses do not (still) have a website. Now, while every businesses does not fully need a website, they do need some form of online ecosystem. Based on what is coming, they probably won’t have to worry much longer, as they will simply be out of business. Their digital velocity is ZERO.
It’s not about changing your business, either. It’s more about redefining how you do business, that will propel you forward.
In Steve Case’s recent book, The Third Wave, he discusses the concept that we have progressed through two previous waves of online business. The first wave was primarily connecting people online, with little to no real business going on. If you recall, Steve played a huge role in this, as he was the CEO leader of AOL — America Online at the time, bringing the internet to millions and millions not only to the United States, but also created the momentum for global adoption of the internet.
The second wave was dedicated to the development of the software and apps that actually allow users to interact and engage with the internet. Imagine an internet without software connecting everything? You can’t. Since 2000, software has been the tool that has created the immense platforms of marketing, advertising, social media, and has laid the foundation that most businesses started to rely upon. Think Amazon — they started their development by creating software that developed their platform, that helped them achieve all of their successful milestones. If you take a look at successful businesses of the last 16 years, you’ll see that the majority of them are software-based, and are are part of the internet itself; Facebook, Twitter, Amazon, Uber. It was also the “Age of the Unicorns” — the startups that made massive revenues, extremely quickly. What was missing, was the “regular” businesses — the ones that were not able to fully leverage the technologies, but decided from earlier on that they need to be “part of this second wave” (and sometimes not even realising that they were part of it). Of course, not every business was able to harness this software aspect, and simply came along for the ride, using what they could, when they could.
Today, we’re encountering the “Third Wave”, one in which we can actually start to capitalise on all of the previous 3 decades of preparing everything for businesses to innovate and further engage and develop their customers and audiences. Of course, it doesn’t mean that every business will be able to capitalise on this, but rather those that seek out innovation, transformation and disruption will be able to lead the next way; lead with intrinsic value that will supercharge businesses. It is the wave where businesses and entrepreneurs are able to pull all of the pieces together, to fully add value to every customer.
The businesses that are able to fully integrate the capabilities and technologies of the internet, will most be able to realise the benefits. Your digital strategy today is imperative that you embrace this technology to properly augment your business. What it doesn’t mean, however is that technology will save you — it won’t; you don’t need to be a technology based company, either. You just need to know how to massage it to your advantage, by creating a mindset of disruption, by understanding how all of these pieces fit together.
What does all this mean, and what about “Digital Velocity”? Well, these are all elements of the total. We need a starting point. We need to build momentum throughout the process.
“Velocity” is defined as the speed of something in a given direction. Or, more specifically for business/economics: the rate at which money changes hands within an economy.
Digital velocity is the rate at which you are able to grow a business within your industry, using the tools, processes and methodologies of online. This applies to every business — not just that are only and exclusively online.
- Restaurants need to integrate a digital velocity to integrate and promote to a larger audience
- Real estate agents need to integrate a digital velocity to gain proper leads, and to grow their credibility and authority
- Grocer stores need to integrate their digital velocity in order to increase their net sales position, and inform and educate
- Retail stores need to integrate their digital velocity to create new customer experiences, not just an online shop to compare products
- Consultants and coaches need to integrate their digital velocity to take their audience and customers through a digital process, to expand and educate their market
Digital velocity includes all of the following parameters to make it work:
- Social selling
- Social media
It also includes how you actually put your business together, including patterns, purpose, process, platform and produce. These are the most critical elements that can easily be defined further, for the success of your business.
How do you quantify these? In the coming pages, I’ll show you how to measure your digital velocity, that will help you analyse where you can go, and what you can do.
Your digital velocity is in fact the ultimate enabler that businesses are able to leverage, that will further create a resilient and reliable business in the digital space, as it harnesses the software, the platforms and the technology to make it all work, for your business.
No, you don’t need to start a new business in order to take advantage of any of these waves, or technologies — you only need to rethink how your business is structured, that will help you disrupt and innovate, across your entire product spectrum. You can bring new products and services to your market, just with a better set of tools in your tool box.
A business with zero digital velocity, as expected, is not going to go very far. No matter what you do. Most business leaders and entrepreneurs reading this book have at least started to leverage the technology. Your digital velocity will allow you to dramatically improve how you conduct business.
There are a number of concepts that we will explore further, surrounding Digital Velocity in this book:
- Digital Velocity
- Disruption — not just about tech and startups
- Digital Agility
- Digital Velocity Formula
- Digital Entrepreneurship
- Digital leadership
- The future of your digital business
- Human factors — credibility, truthiness, influence, authority
- The digital experience
- The value sequence
Watch The Video That Highlights Digital Velocity
Click Link Above To View Video
Here’s my “challenge”, as I write this book. I’m planning on writing 30,000+ words in 30 days — so yes, average about 1000 words per day. This is a pretty big task, as some research and referencing also needs to happen at the same time.
Everyday that I write pieces of the book, I’m going to post it here onto Facebook Notes, as well as onto Linkedin Publisher. There are no sacred cows, no leprechauns, magicians, not even any unicorns here.
The content will be “raw” = no editing; only ideas and concepts. It may not look pretty, either.
Editing comes later — I’ll be sharing this as well when the time comes. It won’t even be in order either, as it is impossible to write completely sequentially. I’ll also try to create a short video that also elaborates on the concepts that I’m writing about, to hopefully fill in some extra gaps, or give me some more writing to do.
You can jump in at any time along the way — no need to follow everything — just that which might interest you and help you in your business journey — see more details below of all of the different topics that I’m putting together.
It’s going to be a living, breathing, thinking book project. I know that most authors work “in secret” not wanting their CrackerJack “unicorn prizes” to be revealed until the end… I’m thinking otherwise :). I’m thinking that by showing you what I’ve got started, and getting feedback and insights along the way from you, we’ll be able produce something of greater significance.
And, who knows — maybe I’ll even have a few other co-authors along the way…? Most assuredly, I would appreciate your feedback along the way as well. When you decide that you would like to post a comment or send something my way, please consider these 3 questions:
- Does it make sense?
- Can I apply it?
- What can make it better?
Thank you for listening, reading, watching or even lurking! :)
See you online
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Originally published at www.facebook.com.