How to Succeed in the Consumer-Led Economy
The world of business has shifted so much in recent times that it is now completely unrecognisable compared to what it looked like even just ten years ago.
The main cause of this shift? The rise of the Internet and the digital age. Why is it so unrecognizable? Because it is now a consumer-led economy, rather than being a producer-led one.
But, just because the world of business is now very much a consumer-led economy, it doesn’t mean businesses can’t succeed in it. To see just how they can, make sure to read on.
The CMO should be the CEO
Traditionally, the role of Chief Executive Officer, when it has become available, has been filled by a Chief Financial Officer or Chief Operating Officer. But, if a business truly wants to succeed in the consumer-led economy of today, it must not not fill its CEO position with its CFO or COO. It must, instead, fill this position with its CMO — its Chief Marketing Officer.
This is for one very big reason. It is because of the fact that such precedence is given to the consumer in this economy, and thus no longer should the ability to measure financial matters or successfully oversee the daily operation of the behind-the-scenes of a business determine who is most appropriate for the top job — the ability to relate with the audience and engage with them should do this instead.
So, if you are a business owner and are in desperate need of a CEO, look to your CMO as your first port of call!
Learn how to build lasting relationships with consumers
Because consumers now control when and where they take their custom, those businesses that are vying for their custom need to know how to entice them. They need to know how to attract them and stand out from the competition. They need to know how to maintain the custom they get. And they need to know how to harness a fruitful relationship between both consumer and producer at all times. And to do all of these things, these businesses need to learn how to build relationships that last a lifetime with their consumers.
To do this, the business owners themselves should consider taking a Masters in Integrated Marketing Communications. By doing so, and doing so successfully, they would graduate with qualifications and more importantly skills in the area of customer engagement and the forging of relationships, knowledge in how to build their personal brand and professionally network and expertise in being an excellent communicator. So, if you are a business owner, and you want to forge that all-important lasting relationship with your consumer, then don’t be afraid to step back into education.
Businesses, as the producers, may now not be in control of sale and custom in this current economy — but it doesn’t mean they still can’t be successful in it. No, if businesses and their owners take heed of the advice above then they will still be able to find great success in the economy, no matter who controls it.