“It is not the strongest of the species that survives, not the most intelligent, but the one most responsive to change.” – Charles Darwin
Everyone continues to have angst about our current economy. What is now being labeled “The Great Recession” by the media is a reality. In spite of this, we need to learn from the wisdom of Charles Darwin, thus respond to changes in the global economy. A prime example being Red China’s decision to become Green China, reference Thomas Friedman’s op-ed: The New Sputnik
(http://www.nytimes.com/2009/09/27/opinion/27friedman.html). Rather than retrench spending, both public and private companies need to transform current strategies and invest in new initiatives that will payoff two to three years down the road to sustain their business long-term. Detailed below are some investment recommendations:
1.) Join the “Social Media Revolution” – Web 2.0 provided us with the technology that enabled us to harness and share intelligence/data with just one click or link. We started with Google and Wikipedia; now five years later, we have YouTube, Facebook, Twitter, etc. Great vehicles to further connect and have conversations with your consumers/customers. Invest immediately because Web Squared (http://www.forbes.com/2009/09/23/web-squared-oreilly-technology-breakthroughs-web2point0.html) is on the horizon thanks to the advent of smart phone applications.
2.) Tap into the current labor pool – The Labor Department’s latest numbers indicate with 14.5 million people officially unemployed, job seekers now outnumber openings six to one. I am uncertain that these statistics include all the recent graduates who are still looking for their first jobs. There is a lot of talent floating around out there worth discovering.
3.) Invest in organic growth – Old marketing adage – “Your best customer is your existing customer.” Provide loyalty incentives to drive the overall consumption of the products or services you are selling. A sound business strategy and proven to be more effective than the marketing expenditures required to cultivate new consumers/customers.
4.) Outsource innovation – While you are busy putting out the daily fires to remain competitive in “The Great Recession”, hire a seasoned, connected “free agent resource” to facilitate innovation. Bear in mind, innovation is largely about making unexpected connections. Thanks to experience, plus objectivity, a “free agent resource” thinks “Outside the Lines”, thus innovates new product/service concepts, strategic alliances or “buzz marketing” strategies.
Remember a survival lesson from Charlie – time to transform and invest in your future.