By Geoff De Weaver, CEO + Founder of Touchpoint Entertainment Inc. https://geoffdeweaver.com/
Here’s the Challenge for all Fortune 500’s and market leaders that have held that top position for the past 20 plus year: to ensure your continued success and indeed, your very existence, you must innovate, stay curious and create a culture of speed and superior customer experience. You must now structure your organizations to adapt and anticipate your competitors and the market.
If your business is complacent, repetitive, full of established regulations and rules and overly protective of long established company beliefs and attitudes – regardless of your industry – you are walking with a target on your back AND unprepared for today’s era of rapid change and digital disruption.
Complacency linked to a management team that says things like “this is how we’ve always done it” or “you need to follow our existing process” are sure-fire ways to draw the attention of hunters and disruptors. Old school companies that are likely targets as they often roll out long established policies, procedures, hierarchy, guidelines and rigid structures limits as they try to maintain the status quo.
However, such strong cultures can also hold your organization back. Once major companies like: Kodak, Blockbuster, Xerox, The Encyclopedia Britannica all had strong cultures BUT when new thinking and opportunities arose and presented themselves – that same culture all too often held them back. As you may know, approximately 90% of the companies that were in the Fortune 500 ranks in 1955 have now disappeared. Plus, a full one-third of the companies listed in the 1970 Fortune 500 ranking, have also vanished. A process which is only accelerating in today’s Age of Disruption.
To be successful now and into the future you must push your Board and Management by always questioning their long tried and tested theories, practices and procedures that have been used and been instilled in their corporate culture over many years. They must now become insatiable in their quest for success. They need to assume things that were once thought impossible are now probable. They need to reduce the rigid repetitions that their organization may have used in the past serving clients. They must learn to stay curious, challenge Industry standards/rules/regulations and remove all the protectiveness of ideas, products and services PLUS be willing to jettison products or services that aren’t building deeper loyalty and improving customer experience.
To win today, you must be innovative, shift the paradigm and rapidly adapt to today’s digital and accelerated world. And, as George Colony, CEO, Forrester Research stated,
“If you can’t understand the new world of digital, fire yourself. Build an executive team that is digital first. Make sure there is a techie on the Board of Directors. If the Board has a low digital IQ, the company will have a low digital IQ.”
Finally, pay attention to and anticipate your competitors because market shifts will be especially critical over the next few years. The companies that best understands the needs of their customers will have a huge competitive advantage as well as a future.
Edmund Burke, an Irish philosopher and statesman famously stated, “Those who don’t know history are destined to repeat it.”
Over the last 50 years, the average lifespan of companies has shrunk from 60 years to less than 18 years. Start your digital transformation today. Don’t wait.
Stay Passionate and win the day!
More About Geoff De Weaver:
Hailing originally from New York; Geoff De Weaver is the globally experienced entrepreneur, technology disruptor, trend hunter and keynote speaker behind Touchpoint Entertainment Inc. Geoff is an international business executive with 25+ years experience on five continents in the rapidly-changing media, digital, telecommunications, communications and entertainment industries.
Geoff has a global 25-year background of representing some of the world’s most iconic worldwide brands including: Coca Cola, IBM, IMG, P&G, Microsoft, Nike, British Airways, Wells Fargo, EA Sports, MasterCard, Shutterfly.com, EA.com, E*Trade, Nestle, Air France, AT&T, VISA, Unilever, EA.com, Ferrari, American Express, P&G, Trend Micro, Acer Computers, BMW, Shutterfly.com, Mars, Pfizer, TiVo, EarthLink Internet, American Express, Telstra, Weight Watchers and others.
As CEO + Founder of Touchpoint Entertainment Inc., the ‘next-generation’ Social Media Marketing, Big Data and Live Event Company – streams live to over 1.55 Billion fans globally and delivers authentic brand experiences worldwide. I help brands bridge the gap between CONTENT, COMMUNITY + COMMERCE. and delivers authentic brand experiences worldwide. Geoff also has comfort in operating in a truly globalized markets.
C-Level, Marketing Strategy, Digital and Communications Leader with Global Experience – including: US (New York City + San Francisco), Australia, New Zealand, Singapore, Italy, Germany, Brazil, South Korea, Columbia, Finland, Hong Kong, Mexico, Netherlands, Taiwan, the United Kingdom, China, Indonesia and Canada. Geoff has served as a non-executive director, director and advisory boards.
- Geoff has served as a non-executive director, director and advisory boards
- Top 0.5% Worldwide on Twitter Globally
- Top 1% Influencer on LinkedIn and 32+ million network on LinkedIn worldwide
- Top 1% Most Viewed Profiles on LinkedIn (400+ million members)
- Geoff is a Digital Pioneer, Data-Driven, Entrepreneur, Business Coach + Innovator.
- Transformative, Innovation & Digital Disruption – CONTENT, COMMUNITY + COMMERCE
Feel free to get in touch with Geoff for further information:
You might enjoy this recent posts too:
Does Disruption Resonate with your Board? https://geoffdeweaver.com/does-disruption-resonate-with-your-board/
The Ten Commandments of the Digital Age https://geoffdeweaver.com/the-10-commandments-in-the-digital-age/