Is Your Business Adapting to the Fast Economy Quickly Enough?

Is Your Business Adapting to the Fast Economy Quickly Enough?

Normally I’m not a big fan of infographics – at least ones that are poorly done, or resemble a NASCAR driving suit adorned with a million sponsor decals.

But this particular one piqued my interest, as it looks at something that’s fast (no pun intended) becoming a problem for businesses of all shapes and sizes, and that’s the rise of the fast economy mindset.

Instant America
Created by: Online Graduate Programs

While social media isn’t necessarily for everyone, businesses still need to be aware of how their customers are perceiving them. Part of this comes from intelligence and understanding their major pain points.

As the graphic below shows, getting the chance to understand these pain points and do something about them is becoming harder and harder, especially on social channels.

The clear takeaways?

  • Even if you’re not active on social, be cleverly silent.
  • Make sure your site is mobile-optimized or, at the very least, mobile-friendly.
  • If you’re a retailer, can you get strategic about placing SMS or QR codes around the store for special offers?
  • Do you have an m-commerce site that you can use to be upfront about comparing products and prices on your own turf?
  • If you haven’t audited your service offerings recently, time to do so now before you’re called out on it.

Now, it’d be foolish to say the customer is always right and that you should pander to their every need. Sometimes the customer is anything but right.

But at least being on top of what the customer is thinking – and how long they’ll give you to remedy that – will give you a little heads-up on preempting that fast economy ire.

And that’s got to be worth anyone’s time to take care of, no?

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  1. ErikMorsehead says

    @DannyBrown thank you for sharing this! @JustInTheSouth was spot on about following you. Great content.

    • DannyBrown says

      @ErikMorsehead Hey there Erik, cheers for the kind words, mate, and that @JustinTheSouth is way too generous. Thankfully. 😉

  2. says

    Ha!  Just this morning I wrote this entire paragraph in response to one of my colleague’s posts and then I deleted everything but the first line which was “it would be my pleasure”.  It felt much better than being an ass and spewing out all my thoughts all over the place.  (Cleverly silent.)  And, I’m almost finished with my mobile app (Thanks Bob Dunn!).  Looks like I’m following along with you.  Thanks for the post Danny!

  3. ForthMetrics says

    @DannyBrown In the developed world, time is an immensely precious commodity not to be wasted. Maybe too much so.

  4. says

    People today have a sense of urgency that never existed before. If you can’t do it perfectly and in record time, you might as well not attempt it. Its kind of ridiculous. I know its an example but who would pirate Twilight? Don’t they issue that to anyone under the age of 15 anyway?

  5. says

    Interesting infographic Danny, I like them when well done because you can get a lot of info in a short time and in a visual way, but I’m biased given my idea of a good ebook. :)
     
    Again, interesting but raises a question: is living this way a good way of living? Always fast and furious? The winner of the rat race is never the runner but always the handler and the ones taking bets. While I hate too to wait for a long time before a web page is loaded the other real life examples makes me wonder if too many of us are living a life so fast that they can’t stop to smell the scent of a beautiful flower. Which makes you rich inside instead of outside.

    • says

       @Andrea Hypno It’s funny, Andrea – when I look at some of the most successful companies, it’s the ones that waited until others had played their card first and made their mistakes.
       
      Look at the iPod, and how it quickly superseded the MP3 player. Or the Dyson vacuum cleaner and its rendering bag cleaners pretty much obsolete. Or Sony and their ownership of the videogame space in the 90’s.
       
      Like you say, you don’t always have to be the fastest. And sometimes it’s nice to smell the roses while the others are beating each other down. 😉

  6. says

    At Andrea:
    I agree that WE ARE living too fast.  I have brides call me inquiring about my services and sometimes by the time I call them back they have hired someone else.  I think it all depends upon what type of business you have.  If it’s service oriented, you gotta act fast. 
     

    • says

       @ElaineMWay Wow, that’s crazy, Elaine! Although having seen the fun my wife went through getting all her arrangements lined up for our wedding, I guess it is one of these industries that really has to be ready to close the sale pretty much first time.

    • says

       @ElaineMWay Thanks for the reply Elaine, I agree with you, in business you might have to act fast, even if it’s not true all of the times, but in life we shouldn’t live fast otherwise we risk to arrive at the end having lost all of the beauties we could have enjoyed. It’s like time, if you stay one day without pc, phone and tv the day seems to never end. And you can smell a lot of flowers. 😉

  7. says

    This idea of “now” is getting out of hand. I live in the south, I take it easy, sit on the porch, and if the mail’s a bit late, so what?
     
    For a business, it is challenging. Not only must you manage to emerge from the thousands of marketing messages a person sees or hears daily, you must do so in a second or less.
     
    Sociologically, I think this is contributing to a dumbing down of people.  I know too many people who read a headline or listen to ONE talk show host and think they know the truth of what’s going on in politics, government, business, etc. In the long run, I think this is having a very detrimental impact on our ability to reason, comprehend, and frankly develop our own opinions.
     
    As a newspaper guy, I have for years made the argument that online/digital/Facebook/etc is not our biggest enemy. We can easily and effectively deliver via those platforms. I tell reporters and editors our biggest enemy is people’s declining attention span and declining availability of time. That means the interest in layered stories with context and complexity – such as a reporter would write – is diminishing.
     
    The bigger question is this – what will the impact of these declining attention spans be on content marketing’s effectiveness?

    • says

       @ClayMorgan As always, mate, awesome comment, especially the “one chat show host and I’m an expert” example.
       
      It does get worrying when people will take the first result on Google, or a Wikipedia entry, as gospel. Whatever happened to research and backing up opinion with facts?
       
      I’m not really sure who to blame, or what. Has crowdsourcing made us lazy, for example, or smarter at filtering out who we listen to?
       
      I’m worried what our knowledge bases will look like in 10 years from now. Will people even know about history prior to the 90’s? Hey ho.

  8. says

    Danny this is a very good infographic.
     
    The numbers for mobile users is increasing and if a company doesn’t find these flaws then their going to pay for it in revenue in some way. With trying to stay on top of areas like these for your business this is going to turn into an entirely new position just t stay up to par with the trends and to make sure all QR codes work, mobile pages are loading at an consistent speed, and that things are connecting properly.
     
    But, If you can actually do it all the results at the end will show.

    • says

       @Justicewordlaw It’s one of the reasons I like the agile developer system when it comes to bringing products to market, mate. You see what’s working, what isn’t, but you’re flexible enough to sort before they become a bigger problem.
       
      Like you say, that approach is what’s going to bring the results.

  9. globalyl3 says

    @justicewordlaw Why Disney appeals to all kind of people? Get the ticket here and you’ll find the reason: @FreeDisney

  10. says

     @DannyBrown@Andrea Hypno 
    To combat the competitiveness of my industry, I have all my e-mails go to my phone and now, as I mentioned, I’m have a mobile app built.  But just yesterday I followed up on 5 inquiries that I had responded to by return e-mail and still didn’t hear anything — and 2 out of 5 have hired someone else without even meeting me.  Con: am I dropping the ball somewhere? Pro: I have more time and energy for the couples I do book rather than booking weddings right and left (last year I officiated 118 and this year I’m shooting for 85).  Life is short…just lost my mom…and the whole concept of living each day to the fullest is just starting to kick in…although I’ve been quite depressed since I lost her.  Nonetheless, my decision to pull back on the numbers (118 to 85) is my first attempt at not being all consumed by my work and maybe, just maybe getting some pool time at my apt this summer :)

    • says

       @ElaineMWay  @Andrea Hypno Wow, that is crazy fast – sadly, seems to be the way many mindsets are moving toward, and we have to be able to adapt to that.
       
      But the good news is you recognize what really matters, and taking steps to keep perspective on being where you need to be.
       
      My sincere wishes about your mum, sorry to hear, miss.

    • says

       @ElaineMWay Well, having more energy you can provide a better service which will turn into more customers if word of mouth still exists. While at the same time going to the pool more. :)
       
      Life is short, this is one of the greatest truth. I’m not scared by many things in life but one is when I’ll have to lose my mum. Sorry for yours Elaine.

  11. says

    Funny, I just saw all these statistics last night on a webinar about mobile marketing. Wait a minute! Did he get these from you? Guess you beat him to the punch with your speed. 
     
    Another interesting statistic I heard on that webinar was that around 90% of websites are not mobile-friendly yet. Seems as if businesses are still lagging behind consumers’ needs. I’ll admit that I am one of those people whose attention spans and patience levels have decreased as the internet speeds up. I want my information and I want it now. However, I only want good information and have less patience than ever for garbage. The more we get, the more we expect. We’re a culture that expects constant growth and improvement. That’s not a bad thing until it starts giving you panic attacks at night when you think you’re not keeping up.
     
    Whether we like it or not, life continues to speed up. It just means that there are new challenges that we have to adapt to, along with new needs we can address for people (such as ways to deal with the fast pace and distractions of life). Any business that can offer a better tool for managing all this craziness is destined for success. And that includes ways to analyze information more quickly and not just accept the first answer that pops up in Google.

    • says

       @Sharyn Sheldon That’s a great point about the garbage in, garbage out offerings out there, Sharyn.
       
      Perhaps it’s not so much our attentions pans that are getting shorter, but our filtering of crud is getting better? Hmm, something to think about there – cheers, miss!

      • says

         @DannyBrown Maybe I’m being generous, but I think people are getting better at filtering out the “crud”, as you say. But we’re definitely having trouble figuring out what to focus on. There was an interesting article in the New York Times yesterday about some of the big companies redesigning their work spaces to help people deal with all the tech craziness and be more productive individually. They’re creating wider open spaces where people can think and reflect better. An excuse to knock a wall out of my house maybe?

    • Jaleesaujmfw says

      @DannyBrown Apple is handing out 1,000 iPad 3’s for a awesome promotion, visit this page for info! @freeipad_3

    • nlakeland says

      @dannybrown That is mad, but goes to show the importance of testing in design. No point having a whizzy website if no-one waits to see it!

  12. says

    Great statistics, and a great info graphic.  In the real estate industry it seems as though many agents are slow to realize what you are pointing out.  I had no idea 8 billion google searches were done every day.  Truely incredible. 

  13. says

    Do you have an m-commerce site that you can use to be upfront about comparing products and prices on your own turf? If you haven’t audited your service offerings recently, time to do so now before you’re called out on it.

  14. David says

    This is a great article, but it definitely makes me less optimistic about the internet. I agree that the internet has changed a lot of things for the better, but that was an amazing statistic that by slowing internet search speeds by 4/10 of a second, 8,000,000 people stopped their search.

  15. says

    Having your site optimized so that it is user friendly is just as important as having the right message about your business on it. As people have become more used to using the web for finding products or services that they are looking for, they have developed habits that they apply to all of the sites they visit. The statistics show that a site that takes more than a few seconds to load, even on mobile devices, will lose customers, is very informative about the most common habits that users are forming now.

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