“There are no products, there are only markets.” – Peter Drucker, Management Thinker
The way we approached things in the past are obsolescing. How we were educated, the jobs we assumed were there and the businesses which seemed lasting are being eradicated and morphed today. I believe it is a correction. With the proliferation of information, cloud computing and knowledge workers, the nature of work has changed. Thus, what was once valuable becomes less relevant today.
We used to move through life with a lot of assumptions. The world moved slower then and change was less frequent. We assumed:
- If I get more schooling, I get more opportunity
- If I am a good boy/girl, I am rewarded
- Real estate can make me rich
- Looking the part is more important than being the real thing
- This will last forever
The assumptions worked for a while. We had a well-ordered system. However, the barriers came down for:
- Getting things done
- Selling our stuff
- Creating something from nothing
- Socializing and connecting
- Learning what we want
You can do these things easier today than ever before. It has changed the game for travel agents, mortgage brokers, stock brokerages, real estate, record labels and many other industries.
Go Where The Demand Is
You may be selling something today that worked before. It may be your talent or your gadget. The frequency of change is speeding up and forcing pressure on your offering. You will have to reinvent what you offer continually. If you are stuck on your product, then you are missing the opportunity.
There are only markets, and they are arising all around us while old markets are being decimated. Focus on the demand. This goes for technology, health care, book publishing and everything else which makes our economy go. It’s more competitive than ever as well. Thus, if you can build the systems to win a customer and bring utmost delight, then you are well positioned … for the time being.
Your ultimate win will be in your ability to change continually and bring maximum value. You have to climb the value chain. Reinvent what you are doing or get out altogether. If you cannot envision higher value for higher return, then abandon the losing game. Go where the demand and the opportunity is instead.
If you had to assess your position, how do you feel the demand has changed for what you offer?