How would a great business strategy from 50 years ago compare to one today? I asked this question to a mixed group of (younger) innovators and (more advanced in age) investors during an impromptu meeting at London Tech Week and, these were some of the very interesting areas of debate that ensued:
1. Market Research and Consumer Insight have developed beyond recognition from the 1970's
50 Years Ago:
- Data collection was limited to surveys, focus groups, and manual data collection methods.
- Market Understanding relied heavily on intuition, experience, and limited empirical data.
- Consumer Feedback was painfully slow to gather and respond to.
Today:
- Data collection and analysis have accessible advanced tools..
- Market understanding uses detailed, data-driven insights with predictive analytics to forecast trends.
- Consumer feedback is immediate through social media, online reviews, and digital communication.
2. Technology and Innovation
50 Years Ago:
- Technology used, even at best, mechanisation with digital technology accessible to very few.
- Innovation cycles had a slower pace of technological advancement and prolonged product development cycles.
- Communication relied on postal services, landlines, and face-to-face meetings.
Today:
- Technology use of advanced digital technologies and automation are accessible to all.
- Innovation Cycle enables rapid development with continuous innovation and much shorter product development and life cycles.
- Communication, globally is instantaneous through email, video conferencing, and collaboration platforms.
3. Marketing and Advertising
50 Years Ago:
- Channels consisted of what we might now call traditional media such as newspapers, radio, TV, and billboards.
- Targeting was broad with far less precise targeting of consumer segments.
- Customer Interaction practically only enabled One-way communication with limited engagement opportunities.
Today:
- Channels are central to digital marketing, social media, content marketing, SEO, and influencer marketing.
- Highly targeted and personalised marketing using data analytics are the norm.
- Customer Interaction is expected with Two-way communication enabling high levels of engagement and interaction.
4. Corporate Social Responsibility (CSR) and Sustainability
50 Years Ago:
- CSR Focus has far less (if any) emphasis; primarily profit-driven strategies.
- Environmental Impact: Less regulatory pressure and awareness of environmental issues within the business world.
Today:
- CSR Focus has a high emphasis on sustainability, ethical practices, and social responsibility backed up with regulatory systems.
- Environmental Impact emerging regulatory frameworks and consumer demand are helping to drive sustainable practices.
A fascinating if brief discussion; which important areas did we miss?
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