A lot of people have asked me, what is the connection economy. They also want to know what it means for them and their business.
As your business is already being massively impacted by the connection economy, here are some basics you may find extremely useful.
The connection economy and you
Here’s a very simple way to see if your business is likely to gain from the connection economy. Just answer the following questions, with a simple yes or no.
- Would your clients be able to get the same quality of service, if they switched to a competitor?
- Would your clients be able to get the same range of services, if they switched to a competitor?
- Would your marketplace miss you [your unique input], if you ceased trading?
To make sure your answers are accurate, give at least 1 tangible reason for each answer. If, for example, you answered no to the first question, explain why the quality of your service is better than your competitors, in a measurable way. Give concrete answers, not “we go the extra mile” or we try harder than our competitors”.
Why the connection economy matters
It’s no longer good enough to be an average or slightly better than average service provider. Unless you are constantly seeking to deliver remarkable products or services, your lunch will be eaten by those who set the bar higher.
In the connection economy:
- Your clients and prospective clients, can find a hundred lower priced alternatives to you, on Google, in minutes.
- Your clients are regularly targeted by hungry, super-ambitious competitors.
- Your clients will also see word-of-mouth recommendations on Facebook, Linkedin and Twitter, from your competitor’s happiest clients.
The connection economy has changed everything
And it’s changed it for the better. Our clients are free to share their delight or anger with their social networks. They can visit your website and see if you’re offering something remarkable, or something unoriginal. The providers who offer great service can now thrive, regardless of how much money their average competitors spend on advertising.
In the connection economy, there’s nowhere to hide. This is great news for business owners, who are making a difference… business owners who are delivering something worth talking about. These business owners can create something remarkable and see it generate an unprecedented demand for their services.
For business owners committed to working hard, doing what they did last year, but a little better, it’s not good news at all.
Service providers who are unremarkable and predictable are becoming less and less visible. No one is looking for them. No one is referring them.
In short: The future belongs to those who are ready to embrace the connection economy.
IMPORTANT: If you want to make more sales, boost your profits and grow an amazing business, this will help you!