Bridge To The “Mind of The Market”

Sometimes we wonder why people don’t understand what we are saying. Lots of time people wonder what are we saying. In these instances their is a gap in understanding who is communicating what and why to whom.

Understanding comes from knowledge. When we talk to people who have specific knowledge about something that we don’t have sometimes it is difficult to put the conversation into context.It doesn’t work.

The Mind Frame of Business

Ever had someone view a problem differently than those who have the problem? When you are not close to a problem sometimes your perspective sees things that those close to it can’t.  The reason is that paradigms, beliefs based on experience, become barriers to seeing things differently and more importantly paradigms inhibit innovation.

If you haven’t noticed businesses are adopting social technology at mind warping speeds. Many view it as another marketing channel while others try and build communities around their brands and then try to entice and capture consumers into their community. Even with the proliferation of “how to use social media effectively” many seem to ignore the message from the market and instead believe they understand the market better than the market.

The Mind of The Markets Attention Is Shrinking

The market of attention is shrinking because everyone has limited attention. Initially social media is appealing because it represents a new way of communicating. After the initial newness wears off people tend to migrate to people and sites that have strong affinities to their primary interest. Additionally, once people learn that not all social media sites have good intentions they tend to migrate away to those whose intentions are relational and practical.

To get the markets attention you need two things. Innovation that is meaningful to your market and knowledge to understand what is meaningful.

Improve & Innovate Or Die

As I watch and read the events unfolding in the social media space the solution seems obvious to me. Then again I am outside the media industry but that could be a good thing. As a strategist I see several thing that must change in order for businesses  to not only survive but thrive in these challenging times. These are:

1. Expand your reach. This means you must communicate but doing so in the terms markets can understand and the intent has to be relational.  In other words drop the corporate speak and focus on the needs of your audience.
2. Leverage technology. Technology is exploding daily. The technology is social in that it enables you to reach markets like never before. But the technology is only as good as your knowledge of how to use it effectively and efficiently. Institute learning throughout your organization starting from the top down. Start by learning to think differently.
3. Collaborate Rather Than Compete: If you all are chasing the same old market and that market is shrinking then to expand you must collaborate. Competing for a smaller pie means you all get less. Collaborate and expand your collective market by using knowledge about new models, methods and markets ripe for innovation. This will require new thinking and that will require new knowledge. Learn together.
4. Innovate or Die: Lets face it. Your old models don’t work. Your capital is shrinking and your facing a slow but definitive decline. Innovation comes from thinking outside your existing system and working together to create new markets, new models and increased revenue for all. Innovation doesn’t come from silo mentality. It comes from collaboration and ideation.
5. Don’t Wait For Tomorrow: A sense of urgency is needed and the current market ought to give you enough urgency to do 1 -4 above. Tomorrow isn’t likely to bring you the markets you want rather they are there waiting for you to come to them. The markets are waiting for you to change, move and communicate like never before.

If you are ready say so. If you are not well then stand aside and watch others who are take your market. You see there is a bridge you must build to get to the new market and it requires new thinking.

Tagged as: blog marketing, brand marketing, business change, business disruption, business transformation, Conversational Currency, conversational marketing, innovation economy, jay deragon, Relationship Economy, social capital, social commerce, Social Media, social media marketing, social media roi, social technology, twitter