Are you managing the velocity of change?
“And when I die, and when I’m gone, there’ll be one child born in this world to carry on, to carry on.” – “And When I Die,” by Laura Nyro, performed by Blood, Sweat & Tears.
As we know, change has been the one constant of existence on planet Earth. Each generation gives way to the next, so that over time fire became electricity and the wheel morphed into a computer.
For most of the history of the marketplace, change progressed at a pace slow enough to allow the creator of a model – a product, strategy, skill, etc. – to make a living off of it for a lifetime, possibly even passing that model on to his children. But within the past century this paradigm began to shift.
During the second half of the 20th century, the life expectancy of a typical model generation was compressed into a calendar year. So while you were delivering the current year’s model to customers, you had to simultaneously create and prepare next year’s model to be ready to launch January 1.
Since 1995, an unprecedented confluence of innovations has further compressed the time between model generations, resulting in anxiety and frustration for any business in love with its model. Not because of change itself, but rather the almost exponential increase in the velocity of change. Indeed, the life of a model that not so long ago would have been a calendar year is now measured in terms of an Internet year, which is 90 days.
The energy source propelling the increased velocity of marketplace change is innovations, but these are merely new tools. The manifestation of this increased velocity is new customer expectations. The good news is you can avoid anxiety, frustration – and failure – by asking customers these five questions – every day:
- What do you want?
- How do you want me to tell you about it?
- How will you use it?
- When do you want it?
- How do you want it delivered?
Then do what your customers tell you.
The answer to these questions will provide all the information you need about current and future products, service and technology, including your social media and mobile strategy. And then you’ll be able to sing these new lyrics without any blood, sweat or tears:
“And when our model dies, and when it’s gone, we’ll produce a new model in this world to carry on, to carry on.”
Write this on a rock … Customers will tell you their changing expectations – let them.
Jim Blasingame is creator and host of the Small Business Advocate Show. Copyright 2012, author retains ownership. All Rights Reserved.
