One of my favorite books - Blue Ocean Strategy: How To Create Uncontested Market Space And Make The Competition Irrelevant " talks about doing things in a new and different way. For a business to secure it's future it needs to redefine its role and products or services to ensure success.
For a business to secure it's future it needs to redefine its role and products or services to ensure success.
Of course, competing these days in an environment where there are new communication devices and communication tools means that we are faced with a world characterised by openness.
Dan Tapscott in his much acclaimed TED Talk on the Four Principles of the Open World says that the internet has a created a new openness and a new way of doing things. There are four principles that are part of this new openness. They are collaboration, transparency, sharing, and empowerment.
Now as business owners these principles herald a new era because they are counter-intuitive to what we have been taught. We have been taught to hold things close to our chests, to protect our trade secrets and thereby create a competitive advantage.
Of course, these new principles have disrupted the way people do business.
One example is the music industry and how it has changed. Music is freely available on the internet and major artists have put up their music video’s on YouTube - free as a promotional tool. Of course, artists are once again singing for their supper as they host concerts where crazy fans are hauling out outrageous sums of money for the privilege of seeing these artists perform live. I’m so glad I’m not a record company.
At The Online Marketer, we have been involved in developing a disruptive business model for tourism promotion. We have utilised the power of crowd sourcing to create a content rich portal to promote East London in South Africa.
According to Wikipedia “The difference between crowd sourcing and ordinary outsourcing is that a task or problem is outsourced to an undefined public rather than a specific body, such as paid employees”.
Normally tourism based websites are owned by publishers that create content and then monetize the site by selling high priced directory services for targeted product owners. Sourcing good content, editing it and supporting it with great photographs is expensive. The tourism market is a hard nut to crack. The competition is high and only the most prolific content creators get great search engine rankings.
Let us know what you think?