Over time, as I have consulted with CEOs, CMOs and senior executives of many communications companies, I have learned as much from them, as I have shared with them. Something different is happening now. Recently, these requests for briefings and consulting have accelerated. Why? What is the reason for the demand increase for knowledge and new ideas. Let us take a closer look at what this means and what is coming next in the communications industry.
Senior level executives of public and private companies are under increasing pressure to understand the massive changes with new technology and how to transform and prepare their companies to stay on the ever-changing growth wave.
As I advise corporate leaders, we are entering a very important time as we start this next chapter of growth and change. I call it a change wave or change curve.
This is a unique time full of real and rapid growth opportunities. However, it is also a time full of risks and challenges.
Every company faces both sides of this equation. The important thing is this should not be ignored. If companies don’t participate in this change wave, they will ultimately be causing harm to themselves.
Making the right moves can make a company strong going forward. Making the wrong moves can short-circuit growth efforts.
That’s why knowing what tomorrow will look like and gearing your company for this new direction is so important.
Communications industry going through massive change wave
We see significant changes occurring today with regards to new technology like AI, IoT, wireless, private wireless, wireless broadband with FWA or DOCSIS, satellite service, satellite broadband, Wi-Fi and so much more.
Plus, there will always be new ideas and technologies entering the stage over the next several years.
Every time we develop a new idea to help one sector grow, it means another sector will lose. On one hand the entire industry can grow. On the other hand, parts are a zero-sum game.
So, every company needs to come up with the next new idea to help them hang on to and grow their existing customer base.
This is the dual challenge every competitor faces today as the industry struggles for growth.
Consider this time is like when the caterpillar turns into a butterfly who pops out of the cocoon.
Companies should not try to stop the change wave. But they can steer it’s direction if they are smart.
Every competitor needs to stay on ever-changing growth curve
The wireless world is used to continual upgrades. Like when a smartphone is updated annually, or when wireless network offers an improved service, or something new like satellite connectivity.
Other sectors of the telecommunication’s industry are not used to this faster pace of transformation.
However, what is happening today goes far beyond that. And that’s where the complex world of confusion is keeping many companies frozen in the headlights like a deer standing in the middle of the road.
Today’s level of change goes far beyond traditional transformation
Since countless new services and products are going to be part of the new mix, every competitor needs to jump in or else the change wave will move forward, leaving them behind.
We have seen many companies succeed and grow as the growth curve moves forward. Examples are companies and services like Apple with iPhone and Google with Android.
At the same time, we have also seen many other companies not keep up with the ever-changing growth-wave and get left behind. Think Blackberry, Motorola, Palm and others who once led the smartphone sector.
AI, IoT, private wireless, wireless broadband, satellite and more
Customers don’t need multiple smartphones. So, when they switch, one company wins, and the existing company loses.
In fact, if you remember years ago when T-Mobile missed the change wave and did not participate in the world of wireless data which exploded with growth. That was back when the iPhone and Android were first introduced.
AT&T and Verizon did embrace wireless data, and they lead for years. Now, it seems the tables have turned as T-Mobile finally fixed their problem, acquired Sprint and others, and has seen growth.
Very recently, some significant changes are occurring with regards to new technology like AI, IoT, private wireless, wireless broadband with FWA or DOCSIS, satellite service, satellite broadband and much more,
There are countless examples of companies who stayed with the change wave and of those who didn’t. Of success and failure.
Urgent questions raised by every senior executive in communications
Whatever sector you are part of you must make sure you continue to grow and change and stay with the changing growth-curve. The alternative is getting left behind.
This point I want you to understand is really that simple.
The choice is yours. Choose well.
As I visit with senior management of communications companies in every sector, they are raising serious questions as the industry morphs, again.
They all want to make the right move as the industry shifts. They all want to continue to lead and succeed moving forward.
Unfortunately, their path forward is not very clear. That is the serious challenge facing all.
Early adopters vs. fast followers in wireless, telecom, pay TV, broadband
Each company is different. Some companies and leading executives are on the cutting edge. These are the early adopters. These companies blaze new trails and take the arrows. They pave the new direction of the industry. These are companies like AT&T and Google.
Others are the fast followers. These are also leading companies, but they let the early adopters take the risk and the arrows. Companies who jump in after the path forward is decided upon. These are companies like Verizon and Apple. They are not first, but they are solid and always seem to make the right moves.
The rest are companies from throughout the marketplace. Companies who do not want to lead the change. Don’t want to face any risks or wrong turns. They just do not want to miss the change wave and become irrelevant.
Understanding the changing growth-wave is key for every company
Here is another important question for you.
Where do you and your company fit into this hierarchy? Are you an early adopter, a fast follower or just part of the larger marketplace?
To continue to grow, every company must first understand then embrace the always changing growth-curve.
We are at that moment of choice and action today.
So, what are your plans looking forward? What changes will you make? Different parts of the communications industry face different growth opportunities and risks and challenges.
What are your challenges? They may be unique depending on your sector, your personal attitude and how far you want to stretch.
Will you strike out on your own, or will you follow other competitors moves? There are benefits and drawbacks to both.
There is risk moving forward, but bigger risk staying put
Understand, it’s a risk to move forward. However, it is a bigger risk to not move forward. Staying put, the growth wave will move forward with or without you and your company. Think of the change wave as being like the waves of an ocean — you can ride the wave, or you can let it simply wash over you.
So, what result do you want to create for yourself, your workers, your customers and your shareholders?
Your future is in your hands. Make the right choice and you will grow moving forward. Make the wrong choice and you will struggle.
The choice is really that simple.
This is one of the key questions you must decide as you engage in the changing marketplace. We will discuss other key questions and choices in upcoming columns.
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