“If your business is not on the internet, then your business will be out of business” ~ Bill Gates
Ok Lyfers, think about that for a second. That statement is saying that the livelihood of any business, not just relies on the customers themselves, but how they acquire those customers in the 1st place. With the growth of the information super highway, every day that quote is more and more of a reality. Imagine for a second if Blockbuster would have understood that when it passed on purchasing Netflix, or when Toys R Us signed a 10 year deal with Amazon instead of building its own online platform. Makes you think: If only we could see the future, right? If we pay close enough attention, maybe we can.
The past has shown us that the advance in technology has, and will continue to have, major implications on the future, and just like Blockbuster and Toys R Us, brands are going to have to adapt. The Covid-19 / Coronavirus pandemic has shown a great example of how brands will need to adapt, and adapt quickly. With social media now having a major impact on how the world is able to view and interact with these brands, it will become adapt or die. Social media has opened the door to internal practices of companies, and how their employees are treated. During the pandemic, social media was the 1st to report how some companies were not taking proper health precautions to ensure their employees safety. As people became infected at their jobs, people ventured to social media to tell the world because their companies were keeping quiet for various reasons.
Now going to social media isn’t all bad for these companies, as there are stories of landlords waiving rent as millions of people have been laid off due to the pandemic, stories of people sewing face mask to help protect friends & family, as well workers who have been deemed essential, but do not have access to personal protective equipment due to shortages. Social media has showcased many, many people coming together.
Hopefully this pandemic gives us a look at the future of humanity, but as I stated before, it also shines a light on outdated practices. In the era of Netflix, Amazon Prime video, and other streaming services, its rare that I go to the movie theaters any more. The cost of tickets are just too high, in my opinion, and lets not get me started on concessions. You’ll spend $3K on a date for two (2), and that’s sharing a popcorn bucket and a soda!! I joke of course, but if you’ve been lately, you understand my exaggeration, and its through social media that I learned that after NBCUniversal released the movie Trolls World Tour through streaming services, and garnered close to $100 million, that AMC theaters through a tantrum over NBCUniversal saying that they would be looking into straight to video releases, and stated that they wouldn’t carry Universal pictures anymore.
Talk about cutting off your nose to spite your face. Sorry mom, I hope I got your saying correct. Don’t kill me lol!! Social media is instant, and travels farther and faster than any communications before it. Brands like Warby Parker (you’ve heard me mention them before) used social media to be…wait for it….SOCIAL!! They interacted with their customer base. They allowed them to feel a part of the brand. They invited them to become family. Warby Parker embraced social media, and other technologies to move the company forward, and most likely, staying one step ahead of their competition. Look:
I think the biggest impact that social media will have on the future of business is that they’re going to have to be more transparent, because if not, less than 30 secs after a screw up of any kind, the world will know and that company may be reeling from it. I hope they also have a good crisis management team, because employee #1 broadcasting live from inside company A as all hell breaks loose, whatever that looks like, will not be an easy fire to extinguish. What do you think lyfers? What impact do you think social media will have on the future of businesses? Drop those comments for me…and Yes, I know I haven’t told you about the heart almost breaking yet, but I’ve got you. You trust me don’t you? See you next time, and as always, make the rest of your lyfe the best of your lyfe.