If you watch the news, you would think the future is dark and bleak. I'm here to tell you IT'S
NOT SO! Those who pay attention to the real data in demographics, emerging technologies, and consumer buying habits are in for incredible growth in the 20's and 30's of this century.
Associations who deliver the key information that helps their members see the opportunities in front of them will be big winners. Let's take a deeper look:
When you look back at the 1980's and 1990's, they were two of the most lucrative decades for almost every industry in our economic history. The 80's changed everything from music to fashion, to the types of cars people drove. It was a game changer in every way. The 90's were no different.
The #1 influence on this rapid growth was the demographic shifts taking place and the connectivity of the internet. During the 80's and 90's, over 78 million Baby Boomers entered into their prime income earning years of 33 to 53 years of age. They had extra income to spend on everything in the economy and they did.
The same demographic shift that transformed the 80's and 90's is beginning to happen as the Millennials come of age. Over 100 million Millennials will hit their primary income earning years of 33 to 53 between 2020 and 2039. Just like Baby Boomers, they will spend it on everything they desire, creating growth in the next two decades like we have never seen.
The question is...Do your members know this, and are they prepared for it?
The biggest obstacle in front of your association and members seizing the opportunity will be UBERIZATION. In an IBM study of over 5,000 C-suite executives, over 50% stated that their #1 fear was the "Uberization" of their business model. Meaning a new technology or shift in their business model, from out of no where, that occurs leaving them in the dust and irrelevant to their customers. We have seen Uberization happen the taxi, real estate, and now grocery industries, to name a few.
Did you hear that? Over 50% have that fear. It's a real fear.
Uberization is now colliding with every industry like never before. The Uberization of every industry will take twists and turns, changing business models and brands that have been around for decades. This is especially true if you are in any industry involving moving people or product from point A to point B. Self-driving technology is transforming industry after industry. It is just one of nine different technologies that are going to transform many industries, and run many companies out of business.
Change is not coming…it's already happening as we speak, and at a rapid pace like never before.
Key questions for you to ask are:
Do you have a grasp of the three forces causing rapid change?
Do you know why Uberization is happening in your industry?
Do you know where it happens the most in every company?
Do you know the changes you need to make to stay ahead of Uberization?
The rate of change in the next 2 years will be more than we have seen in the last decade by far.
The adapters will excel and thrive…the slow-to-move will struggle and see challenges. The key for your association is, you cannot allow your members to wait until December 2019 to figure this out. If you stay behind, you will be left behind. No industry is exempt from "Uberization."
Uberization is rapidly changing business models in one or more of the following five areas:
Those who fail to research, shift their business model, and capitalize on the changes taking place in the next three years, will be challenged to compete in 2020 and beyond. Businesses can no longer move at a snails pace to keep up with the competition. Business models used to take years to dramatically change, now they change almost instantly...without you knowing it.
Record growth for your industry is right around the corner. Uberization is colliding with your industry at some point, if it already isn’t! The question is, “ARE YOU AND YOUR MEMBERS READY to take advantage of that opportunity and lead Uberization in your industry?”