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Pivot Point: Reshaping Your Business When it Matters Most

Pivot Point_ Reshaping Your Business When it Matters Most

Last month Sheri Jacobs, founder of Avenue M Group, presented the webinar ‘Pivot Point: Reshaping Your Business When it Matters Most‘. For all of the great insights she shared, we recommend you tune and watch the webinar on-demand by clicking here. In the meantime, you check out our brief recap of what Sheri presented below:

First, Sheri talked about how 50% of S&P 500 companies could be replaced in the next 10 years. 50%!! But, think about it — companies like Radio Shack, Circuit City, and Kodak have all disappeared, even though the products they delivered have not.

Similarly, the need for education, networking, and professional development have not disappeared. But, how people access these things and make decisions has changed, just like music and photography.

An example of a company winning at this? Dominos. While it’s arguableĀ if their pizza tastes better today than it did a few years ago, it’s not arguable that they are currently winning the pizza war when it comes to competing with other fast pizza delivery companies. How are they winning? Their app. Their app is efficient, saves time, and allows people to be self-serving.

Now let’s get to how this might relate to your association. Does your association make small changes to fix big challenges? What trends are impacting the decision to join, engage, register, purchase, and renew? Is there a better way to meet the needs of a customer and delight them in ways that will build loyalty? What is the perfect business model? While the perfect business model may not exist, Sheri shares some trends with us and takeaways that may help you pivot your business to be more successful in 2019.

Trend #1 – Cord Cutting

  • More customers, fewer members
  • Higher churn rates
  • Increased demand for customization
  • New delivery channels
  • Example: Cable Company vs. Hulu

Trend #2 – Frictionless Transactions

  • Accessibility
  • Ease-of-use
  • Example: Starbucks App vs. visiting a mom-and-pop coffee shop

Trend #3 – Self-Service

  • Many people prefer going online to find answers (versus picking up the phone)
  • Mobile first
  • Autorenewals
  • Example: Dominos!

Trend #4 – Be Searchable

  • Visual content is 40x more likely to be shared
  • By 2020, more than 50% of search queries will be voice-based
  • Map engagement based on interests and motivations
  • Example: Netflix

Trend #5 – Sharing Economy

  • From ridesharing to apartment/home lending, peer-to-peer lending to coworking, the sharing economy has exploded over the past 10 years
  • Example: Amazon Prime allowed sharing accounts which led to more people seeing the benefits of Amazon Prime and growth in usage
  • Example: ASAE 2018 Badge Sharing resulted in more total attendance, provided ASAE the audience they were trying to track, and produced a better value proposition

To learn about other trends Sheri is seeing and takeaways from these trends, watch her full webinar on-demand here!

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