In the last decade, the world as we know it underwent a fundamental change. A change so profound that it represented an extinction-level event for businesses of all types. Science defines an extinction-level event (or ELE to film buffs) as a period in time when a large number of species die out. The most famous ELE event, the extinction of the dinosaurs, is contributed to an asteroid impact.
The asteroid that collided with the business world on August 6, 1991 was the Internet, or more precisely, the World Wide Web. And its impact is still being felt globally. The resulting impact of the Internet is suffocating any businesses incapable of making evolutionary changes, while literally wiping out some businesses altogether. Any business that hasn’t already adapted to the new way the world works is already under threat. This includes those working in the middle, those who’s business models rely on corporate secrecy and those who still cling to the notion of branded air.
If you work in the middle, the air probably is already starting to feel a bit thin. This is especially true in the entertainment industry. As the Internet enables content producers and creators, to publish, market and distribute their products directly to consumers, then what role is there for distributors, marketers and packagers? In fact, do we really need any middlemen in the entertainment business? Consumers are quite happy with the notion of “free.” And if pressed, would much rather pay the artists directly.
Business who rely on corporate secrecy to maintain their existence are finding that secrets have a way of being exposed. With the likes of sites such as Wikileaks.org, Corporate Watch (corpwatch.org) , Source Watch (sourcewatch.org) and Whatdotheyknow.com, corporate secrecy is approaching its own end of days. Whistleblowers are being praised as the our new heroes and leaking sensitive documents is quickly becoming a fad in its own right. For after decades of being fired, laid-off, made redundant and generally used as disposable assets, consumers are today loyal unto themselves, not to corporations and are quite happy to expose the corporate dirty laundry.
Even the seemingly harmless brands are becoming increasingly under the microscope of global consumer eye. Fast moving consumer goods, fashion brands, banks and service brands of all kinds are seeing the flip-side of globalization, global awareness and knowledge. Shady business practices in far-flung corners of the planet are being dished up in the headlines of Western papers and books for all to see as remote bloggers track the daily lives of near-slave labourers in Southeast Asian countries. In the light of global awareness, creating brand meanings out of thin air is seen for what it really is, air.
So unless you have been living on another planet while the ELE happened, then you probably already know all of this. You probably have read the recommended books that tell you how exactly your business must change. Or listened to a dozen overpriced consultants telling you what you already felt in your gut. The air is not getting thin. It is thin! The oxygen is nearly gone. Your consumers are fleeing in droves or fighting back.
There is no real secret here. Consumers do what consumers have always done. They try to get what they want. It’s up to marketers to respond to the consumer, not vice versa. It’s time to add value to the equation to the extent that consumers not only want to engage with you, but want to help you as well.
This blog will show you practical strategies to make your business relevant again to a growing consumer base that, at present, couldn’t really be bothered with you. A word of caution however. It doesn’t mean that you can keep doing business as usual. You will need to redefine your role in the entertainment equation. You will need to find a way to become relevant and useful to an audience that is godlike in their dissemination of media and entertainment.
