Last November I had the opportunity to attend the Web Summit in Dublin. A massive trade event which has considerably grown over the past five years. The event welcomed over 40,000 individuals from all over the world making it a bustling hive of budding entrepreneurs, tech gurus and investors. Everybody was probing around to uncover the next big thing out there. A constant hunt to get their sights on discovering the next unicorn.
It is common business adage that innovation and creativity are the ultimate drivers of growth. Ironically there is quite a gap from theory to practice. Notwithstanding the good intentions, the status quo persists as the common safe option. While we huff and puff to make incremental wins in our traditional markets, quite a few businesses do minimal progress in discovering new markets or creating new product/service categories.
Malta is one of Europe’s most densely populated countries. Official statistics state that 1,300 persons live within every square kilometre of the Maltese islands. While being a densely populated island state, Malta has still successfully carved a niche for itself in recreational property sales among foreign buyers.
Traditional retailing is doomed. Gone are the days of brick-and-mortar stores and customers are now flocking to the internet. Amazon, eBay, and many more online stores have taken over the planet. At least that is what many customers think. Online shopping is convenient but realistically it’s just another channel in satisfying the needs of customers. It’s only another method for brands to distribute their products.
American marketing pioneer John Wanmaker once said that half the money he spends on advertising is wasted. Ironically he continued that the main problem was that he didn’t know on which half.
This is the common adage for senior managers, marketers, and creatives who constantly try to identify the most effective and efficient way to communicate to potential consumers. For many who have not worked in the industry, marketing can be fun but not as glorious as it might seem. For example only 30% of new products remain on the market after two years. While Bloomberg had estimated that 80% of new businesses fail within their first 18 months.
Oscar Wilde once said that the only thing worse than being talked about is not being talked about at all. Therefore his theory like other thinkers of his time was that any type of publicity is good publicity.