‘Episode IV: Digital Economy’ is one of a series of presentations discussing the next steps for you to consider. This time we discuss the opportunities arising from the maturing digital economy. While most of us already been shopping online for years, the digital economy has reached a tipping point from a user perspective. Dialogues that used to happen between neighbors happening between network “friends”, incl. the discussion about you! Managing Partners: Daniel Kraft, Stefanie Lightman

1. Take the Next Step
Episode IV: Digital Economy
‘Episode IV: Digital Economy’ is one of a series of presentations discussing the next steps for
you to consider. This time we discuss the opportunities arising from the maturing digital
economy. While most of us already been shopping online for years, the digital economy has
reached a tipping point from a user perspective. Dialogues that used to happen between
neighbors happening between network “friends”, incl. the discussion about you!

2. Do you remember the time when
everybody in town met everybody, maybe
over a coffee. The latest news was shared,
and you could be sure everybody knew
about the latest gossip - at least on a local
@
level.
For some time that also happened digitally
in the social networks. But now with online
search extending to the social networks like
Twitter and Facebook, we’re getting close to
the good old coffee house feeling.
The World is a
Coffee House
This is great news for the customers as the
search results will reflect what people really
think about a certain topic, product or
services.
But it’s going to be a real challenge for the
businesses as you now need to have a
strategy for the social networks since your
reputation is depending on the chat over a
coffee now.

3. You Are Not Alone
While it is a fascinating experience to get something done in a team, many There is a great return for a little investment. Talking to your customers should
companies seem to have difficulties to apply that to their customers. Sharing be a priority for any company. But including them into internal discussions
doesn’t need to stop at the door of your office building. Your customers like offers an amazing opportunity. You get free research, you get real feedback
you! They had a choice and they choose you. Why don’t include them in your from them and once you start incorporating their ideas you turn them into
thinking, your strategy, your development? loyal followers.

4. The Sky has No Limit
What is your key differentiator? What is the thing that
defines your business? Is it your product? Your
services, your people, you methodology, your brand?
Make a list and if your exchange server is on it, stop
reading.
While technology in general can be a crucial success
factor, it should not take away your attention from
your core business.
And, don’t let the nitpickers scare you with security
issues or their desire to keep things under “your”
control. Do you recall any company that keeps a pile
of cash in the basement? Right, you do online banking.
There are many opportunities to leverage the new
cloud possibilities even without any discussion about
technology. Basic ser vices like email, website,
collaboration don’t need to be running on a box in
your building.
Wouldn’t it be great to be an entrepreneur again and
not an administrator? What if you could visit more
customers and leave the infrastructure to somebody
who does it for a living?

5. “Those who danced were thought to be quite insane by
those who could not hear the music.” unknown
Listen & Learn
When it comes to social media you can easily find hundreds of people and organizations that have an answer for you.
First you hear the big buzz about Twitter, Facebook, YouTube and all the more or less important toys you should invest
your time in. Once digging deeper you’ll start to hear a more pessimistic tone by those that still cope with the new
wave, highlighting the risks you might encounter.
Regardless what your view is about social media, with so many people talking online, it is a matter of fact that they are
also talking about you. In order to understand your customers, partners, prospects and even employees you need to
have a strategy how to monitor those networks.
While your marketing is still fighting with legal about the right blogging policy and IT is claiming you should block your
people from using Facebook, you need to take action. Just imagine a trade show about your offering and you know that
all of your customers are going ... wouldn’t you at least send somebody to listen?

6. Don’t Get
Pushed - Pull
Capital intense industries like automotive or machinery have
optimized their processes towards minimizing capital lockup.
Instead of producing goods and pushing it to the customers, they
sell it first and than pull it all together. With this they keep their
capital liquid and their warehouses lean.
In the digital economy you could apply a similar concept. Instead of
producing the majority of your marketing and communication
upfront, e.g. brochures, mailings, collaterals you might want to focus
on some core messages like a short article, a blog post or even
just a Twitter post. Once the customer picks it up, you can always
follow up with more details.
You are not just keeping your capital (people) flexible, you even
gain a new agility in your organization. Your people are no longer
bound to those long delivery cycles but can act on those topics
your markets picking up. Once you have tuned your organization
towards such an agile approach you’ll be even able to
communicate in real time.
Picture: http://www.flickr.com/photos/mescon/3714341746/

7. Your Next Steps
The World is a Coffee House
Protect your reputation and build a strategy to
include social networks in your communication.
You Are Not Alone
Share, share, share ... work with your customers to learn what they
have to say and turn them from customers into followers.
The Sky has No Limit
Focus on your core business, there are cloud services available for
you to gain the freedom to work on the really important things.
Listen & Learn
People talk about you! You should know what they
have to say and make it a strategy to listen and learn.
Don’t Get Pushed - Pull
Gain agility in your organization by apply the pull
concept to your communication and marketing approach.

8. Daniel Kraft, Partner
ifridge & Company
twitter.com/danielkraft
twitter.com/ifridge
myifridge.com
ifridge.com