Heard of web 2.0? How about business 2.0? Both terms are coined in recent years and promise to shape the future of social culture and businesses. They do not have official definitions and web 2.0 is a better known term than its cousin. To me, I would term business 2.0 as the future of business, harnessing much of the technology in web 2.0 as its new leverage in the battlefield.
So what are the qualities and characteristics of a business 2.0 firm? Drawing from some sources, I was able to gather the 9 qualities of business 2.0 :
1) Niche – Due to the fact that everyone is getting into the market, you need to find a single area that you can stand out from the rest. If you are not different, you ain’t getting noticed.
2) Specialization – Like what google says, “Do one thing and do it good”. Make your niche your specialization. Be the best such that no one can replace you.
3) Remarkable – Make products or services worth remarking. Mavens are interested to spread your goodness wider and further than you expect, and making you more than happy.
4) Outsourcing – I believe this is not a new term to you but it does bring a new meaning now. With a flat world and supporting technology, small and big businesses have the ability to outsource tasks overseas with speed, ease and economical value. Chinese and Indians are waiting to take work for less money.
5) Crowd Sourcing – New form of leveraging. Harness the power of the masses. Have millions of brains working and contributing for you. Think open source (even for your innovation).
6) Tribing – No man is an island. Like attracts like. People tribe and want to belong to something they believe in and are passionate about. This means that your niche must indeed be able to retain its uniqueness – exclusivity is what makes a tribe special.
7) Permission Marketing – Blasting ads at individuals are no longer as effective as before. It is in fact not efficient to do so. Consumers are trained to ignore ads over the years. It is both more effective and efficient to market to consumers who are interested with what you have to offer.
Value Creation – Business is about value creation for customers. If you create great value for them, they will want to follow your tribe.
9) Innovative – Continual improvements to your business is necessary to survive in the fast pace flat world. There are more competitors out there and they can replicate your present success almost overnight (I just heard from my friend that imitating a new Nike shoe design can be done by the following day in a China factory).
Books that give you a peep into the future
You may also like:
- One Business 99 Lessons by Nanz Chong-Komo
- The Cult of the Amateur by Andrew Keen
- Automatic Millionaire by David Bach
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