You’re not steering the ship anymore
Respond to the marketplace, Louisiana Federal Credit Union's Mia Perez advises.
Marketing teams needs to take the blinders off and recognize that the next “big thing” in marketing isn’t marketing at all—it’s the urgent need for marketers to understand how the marketplace dictates what consumers demand.
To illustrate: the book, “Big Bang Disruption: Strategy in the Age of Devastating Innovation” by Larry Downes and Paul Nunes, describes how, in the past, a product or service lifecycle in a market segment gained traction in a traditional bell curve.
Members would adopt offerings gradually with the segment gaining momentum and sustained over time, allowing new players to step in and participate in the competition.
Now, according to Downes and Nunes, markets are conquered with a “shark fin” burst of domination: a peak comes early, led by innovators and early adopters with a second iteration followed shortly behind.
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