9 Qualities Necessary for the Future of Business

June 19, 2013

in Insurance

By Alvin Chow (guest contributor)

Heard of Web 2.0? How about Business 2.0? Both terms are coined in recent years and promise to shape the future of culture and business. While it does not have an official definition, I would define Business 2.0 as the future of business, harnessing Web 2.0 technologies as its new leverage in the marketplace battlefield.

So what are the qualities and characteristics of a Business 2.0 firm? Drawing from some sources, I was able to gather the nine qualities of Business 2.0:

1. Niche

As the market is very competitive, you need to find a single area where you can stand out from the rest. If you are not different, you will not get noticed.

2. Specialization

Like Google, 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 talking about, where the mavens are excited to spread word about what you offer wider and further than you expect.

4. Outsourcing

With a flat world and the Internet, small and big businesses have the ability to outsource tasks overseas with speed, ease and lower costs. Millions of skilled Chinese and Indians are waiting to work for less money than their Developed World counterparts.

5. Crowd Sourcing

This is a new form of leverage. Harness the power of the masses and have millions of brains working and contributing for you. Think open source (even for your innovation).

6. Tribes

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 be able to retain its uniqueness – exclusivity is what makes a tribe special.

7. Permission Marketing

Blasting ads at individuals is no longer as effective as before. It is also inefficient. Consumers are trained to ignore ads over time. It is thus more effective to market to consumers who are interested with what you have to offer.

8. Value Creation

Business is about value creation for customers. If you create great value for them, they will want to follow your tribe.

9. Innovation

Continual improvements to your business are necessary to survive in the fast-paced flat world. There are more competitors out there and they can replicate your present success almost overnight. For example, a friend of mine told me that a Chinese factory can imitate a new Nike shoe design overnight.

Does your business incorporate any of the above Business 2.0 qualities?

 

By guest contributor Alvin Chow, who blogs at Big Fat Purse, a Singapore personal finance blog.

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