The world as we know it has undergone a revolution! The introduction of the internet has forced us out of the Industrial Age and into the Networked Economy. We now have to deal with Facebook, Twitter, Emails, Skype etc. and the way in which these types of platforms and technologies have changed the way in which we do business.

In Seth Godin’s book “The Icarus Deception” he refers to the fact that the Industrial Age taught us that standardisation and mass production were the recipe to cost effectiveness and sustainability – and for a long time this was true! However, the new economy makes it possible for people to source bespoke solutions at a price which suits their pocket. The Networked Economy enables “endless choice and endless shelf space” – you can find anything or anyone you want anywhere in the world!

So how do you differentiate yourself in a world where anything is possible? It is about building relationships that last! Consider the situation where your factory burns down. If over time you have built up a loyal customer base, your chances of recovering from this setback are good. However, if you lose your customers, having a factory is not going to make your business sustainable.

Think about the recent IT meltdowns at FNB and Standard Bank which resulted in errors in the processing of debit orders and temporarily inaccessible bank accounts. Despite a huge outcry from dissatisfied customers, particularly on social media, how many clients actually changed banks as a result of the problems that were experienced? I know that some would say that it is too difficult to try and change banks, but I would wager that the banks’ reactions to the problems as well as their ongoing customer engagement programs, made it easier for their clients to decide to keep their accounts with these banks.

In order to encourage someone to do business with you rather than with someone else, you need to get noticed and build a relationship of trust. You can no longer only supply the same standard products or provide the same standard service – you need to go above and beyond and your business strategy needs to take this into account! More and more the company’s value system is playing a role in differentiating it from its competitors. It is therefore important to define what the company stands for and how it does business. As we know, trust is earned and not given. As such, consistently excellent performance in all areas of the business becomes even more vital in building brand loyalty. A badly worded advertisement or the wrong delivery address could do irreparable harm to your reputation and your business if you have not built solid relationships with your customers.

In the new Networked Economy, you need to be able to “touch” customers in order to build brand loyalty. Your product/service, the way you make it, the way in which you advertise it, as well as the manner in which you deliver it needs to resonate with a potential customer in order to encourage him to make the decision to buy! Bear this in mind when designing your business strategy.