Last August 8-9, 2017, the Department of Trade and Industry (DTI) organized the very first Slingshot Cebu 2017 in hopes of continuing economic innovation by empowering MSMEs to adapt Digital Transformation. By definition, Digital Transformation is the application of digital technologies to fundamentally impact all aspects of business and society.
It is interesting to note that a company’s lifespan has shortened from centuries, to decades and then to years. This is due to the disruptions that had happened throughout the history of business. At present, digital transformation has greatly influenced marketing, and as a result, several companies have received disruptions.
Competitors’ actions now are far from foreseeable, and market changes rapidly. Employees start to have more diverse needs, and many customers can now access information on several options through other customers. Customer expectations and tastes are now more varied and are easily influenced by social media.
Back when the internet was nonexistent, corporations turned to traditional tri-media — print, radio and television. However, since radio and broadcast advertising were costly, only giant companies or conglomerates could afford such, leaving MSMEs no choice but to stick with print. Thus, MSMEs had difficulty establishing brand awareness.
But today, MSMEs who are considered early adapters to digital transformation, are slowly gaining success, and are able to thrive in fields where conglomerates would have overshadowed them in the past.
It is worthy to remember, however, that long-standing companies are having a hard time thriving, most probably due to their unwillingness or difficulty in adapting to the digital world. Technology has become a double-edged sword — newer, millennial owned companies are slowly climbing the corporate ladder, while older, more traditional companies who have not made the switch to digital just yet are struggling to survive their day to day operations.
It is a fact that 80% of the businesses in the Philippines are MSMEs, yet majority of these are urgently in need of change in their marketing strategy in order to move forward economic innovation. Instead of going against one another, shouldn’t we work hand in hand as we explore the the new age of marketing in the ever changing business world?
Would you want to be a disruptor, or be disrupted?