Is it true that the top digital media companies are set up to never stop innovating? Harvard Business Review thinks so.
But let’s venture outside the business world for a moment to the realm of esoterics and philosophy. A very wise man known as Bruce Lee, (you may have heard of him) once said:
心無旁騖, 柔若流水, 無形無相
“Don’t think, feel… Be like water, my friend.”
To be successful in the business world the top digital media companies have to be fluid – like water. Constantly able to change and adapt to a marketplace that can switch gears at lightning speeds. It doesn’t show any chance of slowing down either. As technology continues to make huge jumps forward many of the businesses to steeped in old ways loose footing to younger, more nimble competitors.
Here is a list of traits that Harvard Business Review cites as advantages companies who continually evolve will have over competitors.
- Dramatic reductions in the time it takes to make critical product enhancements
- The ability to test new ideas quickly and cheaply, run experiments, and back out if there are any problems
- Large decreases in costs by eliminating the waste of fully developing features that fail in the market
- Rapid revenue increases from products that are continually on target, with more and better features, or functionality, every day
- Improvements in quality, reductions in errors, and greater reliability.
These are all traits you can visibly see in today’s top digital media companies – not only here in the US but in the world at large.
Another quality that top digital media companies share is the ability to keep solid ongoing customer relationships. Author Brad Power of HBR puts it like this:
To maintain perpetual customer relationships, they emphasize services over product transactions. Companies that sell physical products such as computers, cars, and refrigerators often lose touch with their customers soon after the purchase — or at least when the warranty period lapses. (“No news from customers is good news,” the thinking can go.) But companies selling online products and services need to regard their customer relationships as continuous ones: “We track how our product is performing for you as long as you own it, and if it’s not performing, it’s our obligation to fix it.”
At the end of the day the argument is that top digital media companies are, like most companies in the digital age, the ones who are constantly evolving and have the ability to pivot quickly. The future of business is online and so the companies able to streamline and be successful in these areas are the ones who will eventually come out on top. As you might guess, Apex Digital Media is one of these companies.
Read the full piece at Harvard Business Review here.