“We blew it. The first major music labels were all phonograph manufacturers, but by the time the Beatles came along, most companies were no longer involved in the hardware. Had we remained in control of the hardware, we wouldn’t be hurting as much as we are now. And the iPod would be ours.”—Worst Industry Statement of 2008 - Coolfer
I think these tips are practical for any time, recession or not. Your management style should not really change in a recession. Maybe you should make slightly different decisions, to do with costs and investments.
Making real connections with people you otherwise would be unable to? That is true, I am discovering that with Twitter right now, but is it sustainable? When does it become overwhelming, just like external emails from customers? Or will that happen? I guess only time will tell. I am just going to enjoy it for now, until something else comes my way (I have almost stopped using Facebook entirely).
Twitter dominated the news break of the Mumbai terrosit attacks, and so it should. But how realiable is this? Is there a way to make this better? Could the Indian forces used their own communications, or something like Twitter to be more effective? Who do you trust. Trust is the biggest issues with Web 2.0. Many people are still worried about using Wiki. Wiki was also constantly updated during the attacks, but I know people were confirming the details. But if I hear something from one my newspapers, I instantly trust it. On Twitter, I will trust a person when a rapore has been built, but the other question is why lie? The terrorists in this case could thrown out confusing messages, communicated amongst each other, but they would have to develop some sort of trust. I guess that is why the US department of Homeland Security put Twitter as a tool a terrorist could use (or something like that), but then again, they can use phones, email, a MacBook.
I wonder what the trends will be? Is there a way to control tweets so valuable information is not given away? Either way, twitter is becoming and more and more powerful tool that cannot be ignored. I first heard of the attacks through a Tech Blog following tweets.
Why is Honda so succesful? By diversifying strategic possiblibities, investing in the various differnet feul replacement technologies, instead of puttng all their eggs in one basket (GM, Chrysler etc.) Microsoft has always done this (think Xbox, Cloud Computing, Windows, Black Berry), and well, as much as Apple has grown, Microsoft is still on top.
“From the leading edge of the internet industry looking forward, there is really nothing to replace Google as a successful business. The next wave of online innovation, which carries the hideous misnomer Web 2.0, has been a deep disappointment. Its champions are video-sharing site YouTube and online communities MySpace and Facebook. No one has come up with a way to bring in much revenue to any of these. Since there is a lot riding on making them into viable businesses, it is probable that there will never be a key to the lock on that cash box.”—24/7 Wall St.: Google (GOOG): Web 1.0 Dies Without A Replacement
“During difficult economic times, market needs are more exposed than they are during an economic boom when the market is saturated with everyone’s “great idea” - many of which are chasing needs that have already been satisfied. When markets turn south, it’s easier to discern what the market needs precisely because the market is thinking more about what it needs and why it needs it. We are simply more thoughtful, more aware, and more focused during economic downturns.”—Rocket Watcher: Innovating Through Recession
Time - Doh! It takes time and these case studies demonstrated this once again. Set proper expectations with your client or executives.
Comment – Take time to respond to people’s comments. It signals that you’re listening and helps to continue the conversation. And it seems to be an underutilized strategy for YouTube videos.
Measure – Each of these case studies had key objectives and success was measured against these objectives, such as achieving 3 million views on YouTube, selling a number of registrations to an event, or reach of postings to key audience.
In times of financial stress and bailouts, the obvious solution (eliminate all the waste!) is not the one that works.
In fact, in these times, we’re more likely than ever to be nervous about the status of the organization we’re working with. I’d replace the expensive sponsorships and buildings with something more valuable, quicker to market and far more efficient: people. Real people, trustworthy people, honest people… people who take their time, look you in the eye, answer the phone and keep their promises. Not as easy to implement as writing a big check for the Super Bowl, but a lot more effective.
Building a few (or many) strong relationships online is key. You can have 1000s of Twitter followers, or 1000s Facebook friends, but what will they do for you when you need them? What will you do for them? I much rather have a few people that make a big difference for me everyday, than a small one once a year. How about 3 perfect customers that are very profitable?
Think about the browser market. How many of the people do you know use Firefox? Do they probably know about Chrome? Yes. But the amount of IE and Safari’s user are still significant, and are not going to find a Firefox. I think this is an appropiate strategy. But now think of the LinkedIn market. They are probably early adopters, but some might be business people forced on by peers, and if Google can capture that, perfect.