Dr. Amy Vanderbilt

CEO & Chief Strategist

The TrendPOV Show

http://DrAmyVanderbilt.com

Dr. Amy Vanderbilt is the Founder and Chief Strategist at TrendPOV.com, next generation social omni-media that over 600 thousand executives call GPS for your business strategy. She is an award-winning author, show host, executive coach, speaker, and commentator.Her career has enjoyed a fast climb through the ranks of academia, large business, small business, and even the Government by harnessing the power of emerging trends and her unique ability to understand where they are going, and how to use them for competitive advantage.

The business marketplace used to be very compartmentalized like a bento box: there was you, your competition, and the mass of people known as your customers. But the lines have become blurred...your competition may be your customer, your customer may be your competition, and you may be a bit of both to yourself. The marketplace has taken on a swarm-like feel that you now must operate within. Customers now have better access to producers and social media provides the necessary platform for research, but producers can also engage customers more easily. As noted in an earlier Trend POV article about Direct to Profit, “One must look at the signs of the times…and realize that new technology and market platforms have provided producers with a lot more avenues to get their products onto the marketplace.” Cutting out the middle man is not new but advances in technology mean more businesses are prepared to take on the tasks of direct marketing and distribution in order to carve out a better profit; this also brings them closer to their customers. In an attempt to keep ahead, many businesses have found a market for more specialized, custom-made products. Exclusivity may be the key to success because customer expectations are so much higher, but easy-to-use technology means customers are more likely to co-create products, therefore becoming a form of competition. Competition can also be good for business; however, consumers may well reach saturation point with information overload, so marketers will have to work harder to isolate competitors and entice customers to buy in. A downside of technology and high expectations among the swarm is that news also travels faster than ever before, especially bad news. As noted in Trend POV’s Social Media Driving the Pace of Business, “Each video view, blog view, tweet and post is a part of a larger swarm of conversation that may be for you, against you, or ignoring you.” Smart businesses will turn negativity to their advantage. Being where your competition is and being responsive to change is crucial to success. To act on this convergence of trends for a competitive edge, consider the following. Understand the swarm business environment. Rethink your competition. Rethink your customers. Rethink your employees. Lastly, consider segmenting markets differently, based on circumstance rather than individuals.