1) What technology advances should small businesses and individual households be taking advantage of and what is the payback to them?
Twenty years ago, there was a lot of hype about Virtual Reality where you could put on a helmet and gloves to “jack in” to cyberspace and navigate virtual worlds. All of that seems quaint if not silly now in a world where always-on access to the internet is taken for granted, especially by people under 40.
High-speed internet and free wifi will increasingly become entry-level requirements to just play in the retail game [unless your core value proposition is to provide a technology-free retreat from the digital world]. Employees will seek options to work from anywhere [not just from home] and commitments to careers within a small business will likely be tenuous given the increasing range of options available. Employers will need to explore options such as eLance [think eBay for contractors] where other companies [including many outside the US] bid for work while displaying satisfaction ratings by employers and even the earnings from previous contracts.
2) How will technology shape small businesses and households five to ten years into the future?
The next five to ten years are arguably headed in the direction of “EOD” [Everything On Demand]. Want to watch your favorite television show? Hit a button and start now. Want a tailored suit with your own custom pattern? Sure, as long as I can take it home today. Want a great meal? Let me order it and have it ready when I hit the door [and don’t expect me to wait to be seated]. Oh, and let me do all of this connected to your free wifi hotspot from my mobile device!
As consumer demands expand and patience approaches zero, many people are willing to pay a premium to minimize any fuss with payments, forms and security [witness the success of the Clear program where people pay $128 a year to avoid those airport checkpoints]. Alternative methods of payment such as PayPal, eBilMe, Bill Me Later and Revolution Money Exchange are paving the way for customers paying in a ways that best suite their needs.
3) What technology trends keep you up at night that should also concern small businesses and households?
One of the most powerful emerging technology trends with the potential for changing the game of business is what many [including Entrepreneur Magazine] are calling “Marketing in the Recommendation Age.” As consumers turn away from traditional advertising and more to the web for help in deciding what products to buy and what companies to trust, businesses both small and large have less control over their brands. Sites such as Amazon, YouTube and eBay have built there success upon peer ratings of quality. And remember that criticism and scandals tend to rise more quickly to the top of Web 2.0 rankings [even if they are not true!] because they make better stories.
Not all of this will be confined to the web as we know it today. Imagine driving in your car and asking your GPS to find the highest-rated Italian restaurants within a five mile radius? Oh, and which ones have the shortest wait? The day is coming and soon!
Instead of trying to control the messages about your business, now is the time to start thinking about encouraging your best customers to be extensions of your brand, to help spread the word and advocate for you because it is in their best interest to do so. People who make excellent recommendation to their friends, family and peers earn their own version of points in the social network. Few people worry about recommending Apple products; Hotmail spread like wildfire by adding a “Want a free email account?” link at the bottom of everyone’s messages. Other successful small businesses leverage their stories to niche groups.
For example, Koyono, a small business based in Ohio, sells premium technology-friendly products to a niche audience of professionals who are fed up with clutter and want to adopt a minimalist, yet fashionable lifestyle.
One question for small business people is, “How do I make it easier for my customers to spread a good story about us?”
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