6 Major Scarcities in a World of Increased Access and Information

Every company has the same goal, to win- whether it be winning subscriptions, audience engagement, or buy in. In a world of increased access nearly every industry is experiencing rapid growth and exponential learning curves.From computational systems to the medical industry, all businesses across different laterals are experiencing an incredible influx of digital information and connectivity due to technology.It can be very easy to feel oversaturated with this influx of information.While there is a lot more information, there’s also a whole new set of scarcities. One key to standing out is to always be asking yourself:How will I continually create value in a constantly evolving world?The scarcities that have emerged amidst the information oversaturation are:1. AttentionAttention really is a new currency. Where you choose to spend it makes all the difference in success and failure. Capturing any given audience’s attention may be challenging but it’s worth keeping as a top priority when you are thinking about how to evolve and create value.2. LoyaltyCustomer acquisition costs are generally some of the highest costs of doing business. Retaining customer loyalty cuts down acquisition costs, and also builds trust with a user base that is then happy to recommend you to their sphere of influence.3. RelevancyRelevancy is something that I really focus on with my clients because I see so many businesses cranking out information and content that neglects what their target audience is actually looking for. Pay attention to your audiences’ needs first (not yours) and you will find your efforts yielding much better results.4. Intelligent RecommendationsNetflix has an entire team dedicated to making recommendations based on what their users just watched. Is it foolproof? Not quite. But when they do hit the nail on the head, users tend to continue watching without expending time and effort. The key word here is “intelligent.” Why would you give a person or business all your information only to have them generate recommendations that are of no interest? You wouldn’t, so your business shouldn’t do that.5. InsightData insights are often nebulous due to the intangible nature of some of the metrics of engagement. When there are tangible insights attached to any given campaign it helps with retention and users feel they are getting the value promised. Companies that are able to provide these insights are invaluable in the digital realm and I hope to continue to see growth and improvements in this area.6. PrivacyThis is one of the most valuable yet scarcest items on this list. Everyone wants to be assured of privacy, yet, at the same time, they are putting everything out there online and expecting to retain rights to it. On the other hand, consumer data helps businesses build tools that tackle other core scarcities such as relevancy, intelligent recommendations, and insights. This is definitely an area of growth and continued interest in the technology space.Focusing on these scarcities (and providing solutions to them) will help your business succeed and stand out in a crowded marketplace regardless of your industry.The key elements that will differentiate you from the competition are trust, context and experience. These fundamentals all take time to build but keep focusing on creating the best experience and adding value. Over time you will rise above the noise with an audience that has given you their attention, loyalty and trust.Speed, continuous learning, creativity, and innovation are crucial as you continue on your trajectory. Don’t get stuck in an old way of thinking: keep moving forward and keep learning along the way.