Disrupt the Market with More Value

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Technology is reshaping the real estate industry and Mega Tech 2015 challenged agents in how they think.

Keynote speaker for the event was R “Ray” Wang, the Principal Analyst, Founder, Chairman of Constellation

Research, Inc. as well as the author of best-selling “Disrupting Digital Business”. He provided an explanation

for why 52 percent of Fortune 500 companies have either been merged or acquired, declared bankruptcy or

simply disappeared since 2000. According to Wang, technology wasn’t driving the changes. Instead, a shift in

how new businesses are being created is coming from the economy, which is more on-demand, post-sale.

“You must understand how business is shifting to understand how it will impact your market and your

business. If you aren’t saving client’s time or capturing attention, you’ve lost,” Wang said. “The pace of change

in technology is fierce and this tech convergence powers digital disruption.”

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Top 5 Results of the Digital Disruption

1. Digital disruption transforms business models and how people engage with each other.

An example of digital disruption comes from the way the Apple iPod brought customers away from the Sony

Walkman and basically ended the need for purchasing complete CDs. People went from spending $10 or even

$20 on a CD to spending $1 on individual songs. The iPhone further revolutionized technology by changing

business models for digital cameras, navigation devices, maps and even watches and flashlights. When focusing

on the business model, the person must think about how they can change the customer’s experience as well as

the way they deliver that experience.

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2. Companies move from how they sell their products and their services to how they keep promises for their brand with an attention-driven economy.

Companies are focused on selling the brand and its mission today. They give away their products to sell their brand and services to customers. According to Wang, businesses aren’t just competing with other brands, they must compete for the customer’s attention and their time. They want companies that can save them either time or money or they will look elsewhere.

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3. Businesses can thrive with the new pricing models.

An example of this is the dollar shave club. This company turns shaves from just a product into a service. Businesses have to pare their products and services down to the most basic unit possible to change the way they look at and package the experience.

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4. Data has become the foundation for today’s digital company. Everything everyone does is relevant information.

As you gain more data and develop more insight into your customers, you are better able to see what is occurring in your industry. For example, one company learned that all of the top sales representatives began in customer service. This information was used in sales training for future employees.

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5. 20 percent of revenue must be driven by insight stream by the year 2020 or a company won’t have a digital business model.

Businesses must use their information and insights learned from the data accumulated to create new experiences for the customer. This enables the business to create new experiences for the customer and to develop new business models.

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Website: http://michaelputnam.com/Michael Putnam info@michaelputnam.com703-928-6514 References: http://michaelputnam.com/disrupt-market-with-more-value/

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