I recently attended an Investment Forum in Toronto. They had several incredible speakers and panelists such as Paul Godfrey President & CEO of the Postmedia Empire and Mike McDerment who founded online based Freshbooks from his basement.
The forum brought together 100’s of years of extraordinary business experience which through panel discussions, stories and lectures created a fantastic learning environment.
As the day progressed, I noticed that there was a common theme developing:
The major differentiator between a company that survives and thrives is in the experience that it delivers to its clients.
Loosely speaking, thanks to the internet nearly everything you could want is available to you at your fingertips; faster and cheaper than ever before. This simple notion is rocking nearly all established companies and industries.
Internationally, companies like Blockbuster, Kodak and many others have become obsolete and nearly all other major industries have had to evolve.
Even major record labels which have been hit hard with declining music sales, have aggressively shifted their marketing and focus to major live concerts and shows with their top artists to boost revenues.
Here in North America, the big box shopping stores like RONA and Staples have already begun to cut back on the number of stores they operate as well as drastically shrinking their average footprint.
Tesla, the company many refer to as the car brand of the future doesn’t have much of the traditional dealership style infrastructure but rather (relatively) small footprints in malls showcasing their flagship products where people can touch and feel their cars.
In Europe, high street fashion stores are becoming grand showrooms that focus on creating unique experiences. These brands spend millions on creating an ambiance that you will identify with; a brand that you desire and remember, especially when you’re surfing the web with your credit card in hand.
Today with the power of the internet; you can do your banking, get a mortgage and order groceries all with the click of a mouse, many of the major corporations have figured out that in order for them to truly compete they need to focus on delivering customer experiences, not just products or services.
Are you embracing this new world and innovating or are you the next Blockbuster wrongly assuming that Netflix isn’t a threat?
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Marcin has been instrumental in building several businesses including commercial & multi family real estate investment partnerships, a consulting practice and a smart home security business serving customers nationwide. Marcin has secured over $100MM in growth capital for various businesses and has collectively spoken in front of thousands of entrepreneurs, business owners, investors and those just starting to explore living life on their own terms. Outside the office Marcin can be found at the gym lifting heavy things, skiing or on the road zipping along on an extended bicycle ride.
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