The internet has revolutionized people’s lives. It has changed the way people communicate, how business is transacted and even how marketing now takes place says Jose Borghi. Businesses must realize and adapt to the internet or suffer consequences. One of these consequences says Jose Borghi is the extinction of a business.
Mr. Borghi cites a research study conducted by Tereza Novellino that looked at Fortune listed companies in 2000. The editor of the Upstart Business Journal found that more than half of all firms listed on the Fortune list in 2000 no longer existed. They have either went bankrupt, merged or were bought out. Tereza Novellino found that in 30% of business extinctions from the fortune featured companies, that is was because of management models that refused to change with the time. Jose Borghi echoes the following warning. If you do not adapt to the times and changing consumer, then your business will end up like half of the fortune companies did in 2000. You firm will became a relic of the past.
One of the things that businesses should pay close attention to today says Jose Borghi is social media and online interaction. Mr. Borghi describes today’s consumer as being dynamic and on social media. Companies need to realize this. They should have a presence on the web and on social media, if they are to better serve and meet the needs of this new emerging client. Ignoring it, will lead to loss of revenue and in the worse cast the extinction of your firm.
The best way to serve the customer in today’s digital and social media world is by developing what Jose Borghi labels the Omani channel. This is the conglomeration or grouping of social networks and platforms into one big picture. All of the different social media platforms that you are present in, should be integrated together. They should all promote you and share a similar message. Jose Borghi also says that you should be on each of the Omani channels as this will allow you to better reach out to your audience. It will also help you gain new clients as well help you better serve your existing clients.
The omnichannel or social media network is also the best way to gauge whether a product is successful or not now says Jose Borghi. It can even be more effective than surveys and actual feedback from customers. Social media allows people to express their opinions openly and completely without hindrance. Thus, if a business is looking for feedback on a product or service, looking at social media posting about that product or service can be an excellent way to gauge its success.