Seth Godin rightfully puts it, "The cost of inventing, prototyping, manufacturing and especially advertising a new thing, concept, service or organization is a tiny fraction of what it used to be. In some industries, you can do it for 1% of what it used to cost."
So Where Does that Leave You?
All of a sudden you have 50 more competitors, all selling the same stuff, all competing for the limited attention and delivering at best, an okay product with too many features that perhaps results in mediocre benefits for your end-user. So what are you to do?
We all acknowledge that we are living in a fast changing environment. Technology has permeated the everyday life of the marketer. And, we have all come to the grasp that, marketing is no longer about "creating a myth and selling; now it's about finding a truth and sharing it.” Because, you cannot be selling a myth in a transparent, technological age where everyone is watching your every move. At the end of the day, people expect truth, transparency and real-time engagement. This puts a huge burden on marketing. But, it also helps your organization to be more open "to ways to deliver on the purpose outside the specific products you sell while at the same time being very clear about what is part of the purpose and what is outside the purpose." Above all, find a way to be relevant to your end users all the time. Google and Apple have achieved high brand capital because we engage with them all the time. It is seamless, it is sub-conscious and it has become a part of our social psyche and our social behavior. These brands do not have to fight for our attention. They have embedded themselves in our daily doings.
What is the Worst Thing That Can Happen To You?
John Hagel, management consultant from Deloitte & Touche states that the business of creating wealth is no longer about funding or innovation or about the supply chain management. The new battle ground is the battle for human attention.
Failing miserably in getting people to pay you attention.
Don’t bend; don’t water it down; don’t try to make it logical; don’t edit your own soul according to the fashion. Rather, follow your most intense obsessions mercilessly. Franz Kafka