- Do you want to be part of the estimated $1 trillion online economy of 2013?
- Do you want more of the $272,000 spent online each minute?
- Does your product/service impact people?
- Do you want to engage with them or have them love your brand
- Do you want to remain relevant?
In June this year media giant Fairfax announced a massive shake-up of its business cutting 1900 staff, closing print sites for its two iconic newspapers and looking at how to provide content differently.
With 8 people coming online every minute, 61 per cent of adults on social media and free access to international news, declining sales confirmed that the days of pay-for-print were well and truly done.
Hot on its heels the beloved Billabong. Once $14 a share off the back of its on-trend brand, profits plunged when it moved into a traditional retail model, the company now $1 a share.
Then came Darrell Lea.
And still alive but not quite kicking: Harvey Norman, Myer, David Jones.
And these are just the stores that made news. 650 others passed quietly to the other side, leaving devastated owners and ex-employees behind.
What do these stories have in common?
Iconic status. Long histories. Loyal customers. Solid brands.
But they have failed to keep up.
It’s not because customers aren’t spending. It’s how.
Once considered a sideshow, online spending in Australia is at 10% and climbing.
Consumers are going through a productivity drive using buying power to get more bang-for-buck online.
And it’s not just sales, though globally social sales are at 9.2 billion with Goldman Sachs predicting they will reach $1 trillion by 2013.
Social media has radically changed the way we connect and share and therefore the way we work and lead.
There are currently a billion people on Facebook, 4 billion views of YouTube daily and 175 million professionals connecting through LinkedIn, a statistic that will be outdated by the time you read this.
And The McKenzie Global Report 2012 estimates that improved collaboration through social technologies could raise productivity by 20-25 per cent.
Let’s face it, however much news these announcements generated, the backstory was old.
The decline of print has been talked about for decades with sites like Newspaper Deathwatch running a tally of the recently deceased.
Analysts have been reporting online sales for yanks and online-use is a basic census question as much as age or place of birth.
And while there are many reasons companies fold, from poor management to sunk costs or the financial climate, many simply failed to adapt.
Online was seen as a fad.
Sometimes it’s wise to wait. Trends come and go and no one has a crystal ball. But there comes a time when enough is enough.
That’s is the moment at which you risk: irrelevance.
Or decide to adapt and thrive in the social era.
READ MORE: Relevance! thrive in the social era