it’s time for the distinction of “internet company” to die. It’s time for the distinction of “tech industry” to die. In 2020, hopefully it’s clear, that every business that hopes to succeed must excel with this foundation of our economy – the internet.
All companies are internet companies
It’s not dissimilar from the notion that should be far better appreciated that “all companies are media companies.”
- Why Every Company Is A Media Company – Forbes
- Every Company is a Media Company – GaryVaynerchuk.com
- Why All B2B Brands Will Be Media Companies in the Next 5 Years – Wista
- Is Every Company A Media Company? – MediaPost
Nor is it dissimilar from the notion that there is no “tech industry” because every business today is a tech company, in some form or fashion.
Economist Peter Drucker noted in the 1970s that, “Because the purpose of business is to create a customer, the business enterprise has two–and only two–basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.”
What is marketing? Marketing is everything the business does to identify, anticipate and satisfy customers’ wants and needs at a profit. That includes advertising and sales. Advertising is the paid-for use of media space (or time, on broadcast media).
What is innovation? Applied technology. Such as the internet.
A website is literally MediaTech – marketing and technology on the internet.
Media and Innovation in one. Marketing and Technology applied.
Failing to prioritize and execute both well, is not a “marketing thing” nor a VP Engineering consideration. It’s not a one time investment to build a website nor the responsibility of that business unit or agency in your organization. This literally is your business because without excellence here, you’re wasting money, neglecting customers, and falling behind competitors.
All companies are internet companies
How many can you find that aren’t on Google, Yelp, or Facebook? How many can you find that don’t at least have a website?
If you can find some; rest assured, they probably won’t be around much longer.
If you know of some online but can’t find them, advise them, they may feel like they’re doing just fine as a business but they’re really just failing slowly.
If creating customers and value is a result of innovation and marketing, any business neglecting the internet is quite willfully just neglecting the stuff that matters.
Thanks Paul. With the recent pandemic, I expect more companies will be looking for new leadership in #marketing and #innovation – to survive and thrive as direct sales becomes more challenging.
Or all companies are telephone companies. 150 years ago they were telegraph companies. Since about 4,000 BC all companies have been writing companies. The Internet is just the latest in the evolution of human communication.
Great answer.
(eCommerce began in the 1840s with the invention of the telegraph)
This got elevated and supported by the COVID pandemic. We have “talked” about the Internet being a superhighway and some people working remotely, now we “know” that the Internet is clearly the superhighway and a large percentage of people can work from home because of it. Keep rockin’ Paul!
Very well said, and thank you. I like to think, “substantiated” as much as elevated and supported. A lot of people have been pushing for years, the fact that companies must excel online; and heck, I just wrote about the “superhighway” a few weeks ago : https://mediatech.ventures/digital-transformation-to-the-information-superhighway/
It’s frustrating, particularly in my own back yard (Texas), to see so many businesses stuck at $10-$20MM ARR and wanting to do something about it (but not listening to or doing the work that so many advise it takes – it’s like many business owners are “willfully negligent”).
“Substantiated” is a great choice of words!!!!! It’s time to jump on that superhighway, and you’d better get some good advice on how to navigate it and maximize it if you don’t have that expertise. And guess what, if you aren’t on it already, then you probably don’t have that expertise. It’s OK to ask questions and get external help.