Managing Your Business Today for the Challenges of Tomorrow
The time has come to concentrate on managing your business for tomorrow and preparing for the obvious challenges coming our way. We hear prospective clients say things like, “I have to survive today before, I can worry about tomorrow”.” A golf course owner /client recently recited, “We need to spend our resources getting rounds today, rather than worrying about a tomorrow that may never come.” The struggling U.S. golf economy has created a tough situation for the owners of golf courses and other related businesses. We completely understand those issues and are offering information to help begin the process of long-term survival. We’ve prepared a snapshot of what your business may experience based upon changes that are occurring now. It is important to realize that we are in the midsts of the most rapid and dynamic technological change that has occurred in our history. As we’ve reported here on iNetGolf.com, up until now, the era of the late 1800s through the early 1900s that brought us cars, airplanes, radio, television, and telephones represented the most drastic changes. We’re all concerned about the future of the game of golf and the need to engage more folks who are in their career building and family building years. A great place to start is to make sure we keep our collective eyes on the ball. We have to reach those new prospective players on their terms and in their circles.
The Baby Boomers Are Still Spending
Just a few years ago many marketing agencies were overlooking the continuing impact of the baby boomer generation. With the news of coming smart device technology, many large corporations quickly shifted their focus to reach the younger tech savvy gen Y and millennials. While those concerns may have represented a good case for adjusting the (10 year) long-term strategy, many missed the gains that boomers have represented over the past 5 years. Reminds me of the saying, “Don’t throw the baby out with the bath water.” AARP reports 76% of boomers are currently online. That’s a number 4 times the earlier projection by some who clearly underestimated their ability to adapt. Having children and grandchildren online was perhaps the most overlooked factor. The boomers still control 80% of the nations money. The millennials will take over soon, but don’t kick the boomers to the proverbial curb yet. They are ready, willing, and able to engage your business online. As a matter of fact, they expect that from you, and they expect you to appreciate the fact they have adapted. So, dump the excuse for not getting digital ready, on the fact that your business caters to an older demographic.
The Millennials are Coming
Managing your business for tomorrow means you need to be aware that millennial spending is expected to surpass 2.4 trillion dollars in 2015. They are projected to surpass the boomers in spending by 2018. The time to prepare for their emerging impact is now. Do you know what they expect when they visit your business? If not, pay attention. At the risk of sounding like a broken record (something millennials won’t recognize) your website will most likely be their first business encounter with your company. It is ready? They’ll be visiting on their smart device. Is your website mobile responsive and developed with Conversion Centered Design (CCD)?
More Smart Device Projections
It is being reported that nearly 80% of Americans have a smartphone, and 66% of them search the web from that smartphone. 41% of millennials report they have made purchases from their smartphones. This is a number you can bet will double quickly. Nearly 30% of all smartphone owners use it as their only connection to the internet. This number has grown rapidly, and is expected to grow even more as smart device use grows and home internet costs continue to rise. There already 5 times more smartphones than pcs. Mobile coupons receive receive 10 more redemptions than printed coupons, and 9 out of 10 searches from a mobile phone result in some sort of action. We think those action numbers are due to the fact that folks are using their smartphones while on the move, looking for places to eat, sleep, and be entertained.
Consultants 30% Cheaper than Employees
The age of the entrepreneur is here. The numbers of entrepreneurs have risen for a variety of reasons. The Great Recession impacted employment from all sides. Employers had no choice but to make cuts to survive. Many highly trained and well-seasoned professionals found themselves unemployed and had little choice but to become self-employed. With the memories of the pain inflicted by the recession still fresh, many employers are reluctant to add salaries back into their business, making the hiring of those self-employed entrepreneurs as consultants good for both parties. Many businesses are much better off using freelance contract labor and services whenever possible. The savings are significant, and the long-term danger of gaining fat in the overhead is avoided.
Looking ahead with awareness of changing trends is a start. Taking action is the only thing that will make a difference in managing your business for tomorrow. Sounds obvious doesn’t it? We hope this helps in establishing your digital strategy. Let us know if we can help in any way. Contact us for a free analysis of your digital tomorrow… today.