Business is in the age of the “Empowered Consumer” who has a buffet of buying choices. Empowered consumers decide how they want to purchase goods and services. Big Data [collecting information (data) from multiple sources to detect trends, identify patterns and make decisions] is one tool that can be used to develop marketing campaigns, study human behaviors and determine patterns. It is also being used to examine and redesign various areas of the consumer experience.
Entrepreneurs and leaders can use Big Data to capitalize on consumer patterns and demands while creating more customized consumer experiences. Data is collected with every click, and some metrics can be used almost immediately. In 2014, Black Friday was November 28. Data from IBM’s U.S. Retail Black Friday Report was available almost immediately and was published on December 2, 2014. According to IBM, online Black Friday sales grew by 9.5 percent from 2013 to 2014. Retail ecommerce (orders via computer) and mcommerce (orders via mobile device) are predicted to increase by double-digit margins well into 2018 (eMarketer, 2014). Data demonstrates the continued growth of the digital marketplace, and rural businesses must find ways to capitalize on these trends.
The world is fast-becoming an “Add to Cart” society for anything and everything. Individuals are creating local, national and global communities of meaning and change that are self-selected and self-formed. Many of these same individuals are transforming commerce and communities in new and innovative ways. The definition of community is not limited to a physical location. Technology, combined with the need for meaning, self-expression and self-actualization, has created an increasingly decentralized marketplace.
People are choosing how to meet virtually, and when, where and whether or not to meet face-to-face. They are also connecting around common causes. Commerce, along with so many other areas of life, is becoming increasingly decentralized. Savvy consumers seek and create value they crave to transform their lives. Technology enables the delivery of information, goods and services anytime, anywhere, and from anyone in a way that makes sense while adding value to the lives of consumers.
For example, companies like Stitch Fix (http://www.StitchFix.com) initially get to know their customers with a personal style quiz and continue to gather information about the clientele every month by sending them personalized clothing selections. Orders are delivered to clients and customers pay only for what they keep. Stitch Fix tracks the feedback on likes and dislikes after every shipment and learns how to better serve its customers with the data it continuously collects.
Consumer demands are shaping the marketplace and future trends. Empowered consumers want unique experiences that add value to their lives. Future-focused leaders and entrepreneurs who ask and answer not, “What is the lifetime value of a customer?” but rather, “What value can we add to a lifetime?” will be in a better position to compete in the increasingly decentralized marketplace.
Coaching Tips for Female Entrepreneurs and Leaders:
- Connect and work together online and offline. Build your support network to generate ideas and get help growing your business. The most successful entrepreneurs and leaders help one another. I see this all of the time with authors too! They promote one another while helping each other grow their businesses and ideas.
- Get rid of assumptions and use data to make decisions. Take a few ideas from places having success in the marketplace, such as Stitch Fix.
Future-Focused Entrepreneurs and Leaders:
Take Action with Cooperation, Creativity and Purpose
Interestingly enough, the hottest jobs at Facebook require a “human touch.” Why? Facebook is looking for people who can close sales because its revenue relies heavily on ads (Anders, 2014). Perhaps the most future-focused entrepreneurial leaders are blending “high human touch” with “high-tech” in new and interesting ways that holistically add value to the lives of others.
Future-focused, entrepreneurial leaders can use megatrends and technology to change the game of life. One person cannot do it alone in a world that continues to change at an increasingly rapid pace; rather, rural entrepreneurs should innovate in communities with a spirit of cooperation, creativity, and purpose. Together, with a common purpose, female entrepreneurs and leaders can examine megatrends, utilize emerging technologies, and monitor analytics while creating meaningful experiences and innovating rural businesses in ways not yet imagined.
Go Wild with the Decentralized Global Marketplace! Watch the video below for more details on how you can innovate your companies and communities with cooperation, creating and purpose!
PS: Share your thoughts, ideas and actions with the Ask Dr. Connie community. We would love to hear from you!
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