In a recent post at Harvard Business Online, Scott Anthony coined the term Great Disruption to describe our current economic climate. "In the Great Depression," he reasons, "demand, output and wages declined across the board. Today's times are different. It isn't just that demand is sagging. It's that change is ripping through markets at unprecedented pace. Competitive advantage that took decades to build disappears seemingly overnight."
In other words, he argues, we're not dealing with a crisis: we're dealing with a condition. "While companies might want to return to the corporate equivalent of comfort food—cost-cutting and a focus on the core business—the Great Disruption won't allow it."
To find success in this environment, he says, you must:
- Place a premium on progress. Keep the fresh ideas coming, and search for inexpensive methods of implementation.
- Master paradoxical ideas. Get comfortable working with the hard data needed for exploitation of core businesses and the intuition required for exploration of growth opportunities.
- Embrace the low end. "That doesn't necessarily mean that companies have to slash prices," says Anthony. "Rather, they have to figure out how to deliver what consumers in low-end segments consider value."
Your Marketing Inspiration: The traditional response to economic uncertainty won't work this time around—maintain your edge with ongoing innovation.
More Inspiration:
Lewis Green: Why Do Businesses Choose One Consultant Over Another?
Mack Collier: Want to Learn How to Use Social Media in a Crisis Situation?
Amber Naslund: Simplifying the 'Social-Media Expert' Discussion
by Christina "CK" Kerley
