Harvard Business Review has conducted a new study about a transformative business model with major implications for businesses grappling to stay current with contemporary technology. Its researchers concluded that “although new technologies are often major factors, they have never transformed an industry on their own”. The research indicates that what “achieves such a transformation is a business model that can link a new technology to an emerging market need.” Identifying these emergent market needs and developing strategy oriented toward them means companies may need to work with partners who specialize in understanding and implementing the latest technology.
Historically, traditional marketing companies have provided businesses with print-based advertising services to help them create brand and product awareness. But we live in an era of string theories and deep-water exploration, not phonebooks and payphones. Businesses need to change with the times to stay vital. The challenge these businesses are up against to remain viable is their inability to “link technology to an emerging market need” by not focusing on specialized digital marketing technology.
How many conversations have you had with your marketing partner about the rise of mobile and what it means for your online presence and reputation? Does the spirit that inspired you to run your own business tell you it may be time to take things up a notch or two? Consider this– according to a study released this year by Smart Insights, the time spent per adult each day with digital media on a mobile device has increased year after year since 2008. Yet during that very same time, usage on a desktop has diminished. Consider this graphic to illustrate the clear trend:
The world of today is nothing like the world of days gone by and it will continue to change with each new sunrise. The trends are quite clear and the data undeniable. The transformational business model as described in the Harvard Business Review is a reminder that having a competitive edge in marketing can make or break a business. To maximize on marketing investment, you need a partnership where specialized strategic alignment, technological development, current trends and digital marketing are lively ongoing conversations.
Yet despite all these exciting technological advancements, there’s comfort in knowing that real partnerships still produce the best results when businesses and specialized marketers work together to achieve common goals. Humans are hardwired to build partnerships, both in business and elsewhere in life. Partnerships are the cornerstone of all successful human endeavors and businesses are no exception. The right transformative business model partnership will not only stretch your marketing dollar, it will make you both greater than the sum of your parts.