Business Smarts vs. Business Stupids

Posted by on Oct 31, 2016 in LBTV Info, Learning, Making Money with Video
Business Smarts vs. Business Stupids

There’s a limited time when video will be an advantage and that time is coming to an end.

Transcript:

Just because you’re in business doesn’t mean you need a cell phone, or a web site, or email or social media. Sounds stupid, doesn’t it? But there was a time when each one of these technologies was emerging, and not every “got it” in the beginning. There were innovators, then early adopters, then the masses, then the late adopters. We call the late people Laggards. So let’s talk smart business for 2016 before the year’s over.

[intro/music]

With every new technology, some of the earliest adopters really get it and take advantage of it, and in a lot of cases they get rich and really successful. Unfortunately on the very leading edge of any new technology, there aren’t enough examples to know how to do it all right, so it’s expensive, and there’s a lot of trial and error. That’s what makes it scary to most of us in business. But after just a little while, it gets more affordable and less scary because we have examples to follow.

There are books all about the adoption of technology and there’s even a Wikipedia page about the technology adoption life cycle. I was first exposed to it years ago in Geoffrey Moore’s book, Crossing the Chasm, and I’m not going to go into all the detail and theories he proposes, but I want to show you the Rogers bell curve about the Innovation Adoption Lifecycle.

It starts with innovators. Then there are early adopters. Then you get to the early majority. Next is the late majority. And finally there are the laggards.

And no matter what kind of technology you’re talking about, from farming to web based videos for business, you can usually apply this bell curve to the adoption cycle.

My take on video used by small and medium businesses in their online presence, is that it’s toward the end of the early adopters and we’re getting into the early majority. What that means is that there are loads of examples of people doing it right. And it’s much more affordable than it was for the Innovators. There are learning resources. And there’s still a better payoff if you start now rather than procrastinate. If you put it off much longer though, there won’t be an added payoff. You’ll just be catching up with what every expects.

Here’s what I mean. If you’re selling something online today and you have a video explaining it and your competition doesn’t, you’ve got a big advantage. If you want people to buy from you and you can do a few videos so they can get to know, like, and trust you and your company. Big advantage. If you use videos to answer common customer service issues so people can get faster answers 24/7 and you don’t need as many customer service people answering stuff one-on-one for your customers. Big advantage. But if you wait much longer and all your competition has all these videos first, you’re just playing catch up. — That would be like somebody today launching their company website and expecting big results just because they have a website. NEWSFLASH… Everybody has a website. Nothing big is gonna happen.

Over the next couple of years 80% to 90% of web traffic is going to be video and these days it’s already more than half. So are you going to start doing web videos for your business this year while there’s still a competitive advantage and payoff? Or are you going to wait until you’re losing big chunks of business to your competitors using video before you step up? Wait much longer and it will be mandatory just to stay in business.

So as of late 2016, there are still great advantages to using simple videos you create, in-house, for your business.

I help businesses who aren’t in the video business, to add professional looking videos to their business without wasting time and money on stuff you don’t need. And I do it for a fraction of the cost of hiring a video production company or even just one full time video staffer. This stuff is fast, easy, and affordable if you know what your’e doing.

I have a very limited opening for just a few new clients, so if you’re interested, go to LarryBecker.tv and use the Contact form on the site.

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