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Speed versus Fast

There's a difference

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2020 is here – so let’s set the tone.

There’s always so much conversation around how fast paced our world has become, especially in the business sector. As technology improves every aspect of business – from decision making, to innovations, to operations, is accelerating at neck whipping speed. Technology and consumer behaviour continue to change the game, so it’s important to understand what the game is moving into 2020. As Jeff Bezos said “we’re never going backwards”.

Out the gate, let’s understand the difference between fast and speed. You see, fast is not a good thing, but speed, on the other hand, is a great thing.

People need to remember the slight but massive difference between “speed” and “fast” in business. Speed (in my opinion) is being decisive and taking action on uncertainty while having the willingness to experiment the right way. This (as I’ve stated in the past) leads to consistency and consistency leads to momentum, which leads to commitment, and when you have a committed, reliable, focused, curious and energetic team, this is when business thrives. Fast, is making poor quality decisions quickly, which leads to failure and/or wasting your time on something meaningless. Knowing the difference is vital when building a business in 2020 and beyond because business is a forever game, not a “right now” game. 

Speed is being decisive and taking action on uncertainty while having the willingness to experiment the right way.

Nunzio Presta

So, why does speed matter? It allows you to make decisions that are forward thinking, which give you an advantage over other players in your space. Putting our marketing caps on for a second, we can easily lay out 4 reasons why speed will matter in 2020:

  1. The Customer Journey is 24/7 – the modern customer is always connected; however, their attention and time is limited. The good thing is that we have technology that can work for us and satisfies the modern customer. However, we must ensure we invest in the right technologies and processes, at the right time. These are technologies that allow us to take action with speed, whether it be innovating or customer service.
  2. The Customer Wants It Easy – keeping the 24/7 customer journey in mind, you need to make it easy for people to buy from you anytime, anywhere and anyhow. Customers expect a seamless process at every stage of their journey with you, from discovery to delivery.
  3. 2020 keyword: Engagement – make sure you have an omnichannel approach with a fluid process from digital to brick-and-mortar (if applicable). Customers are using multiple channels to find you and engage with you, make sure you’re visible.
  4. Break through the noise – big ideas and speed help you build bold messages and products. Bold messages and products help you stand out. Constantly experiment and adopt a test-and-learn approach to get creative, this will attract a diverse set of people in different ways.

I know we’re thinking about this at BizON. What do you think about this? What are your plans for 2020?

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