Is that new digital thing hurting you?

If you work at a large brand or agency, you most likely are responsible for a product or service that has a digital competitor.  The music industry has elite blogs, TV networks have Netflix streaming, and so on.  And it's an interesting but scary relationship.  Interesting because, for example, TV networks are licensing their content to Netflix, even though it may be 'detrimental' to their own brand.  Which, by the way, is just another nod that the consumer will always get their way. On the other hand, it's scary because you are seeing your business model as you know it slip away.  You feel it in your gut.  But you don't want to just abandon a model that's making you money and simultaneously give up even more control over your brand.  At the same time, you don't want to be considered a dinosaur and not prepare for the future.

Let me tell you a secret.  Most likely, your consumers are telling you what they think.  They just may not be saying it to you; they say it to cyberspace, to their friends, to their social circles.  They have no responsibility to you and most certainly don't have to @you to let you know.

In fact, for every 1 person who messages you directly with their opinion, there are about 1,000 more not directing their relevant comment to you.

So, how you can approach this conundrum?  Listen to what your consumers are saying via social media and take note as to how they are referring to you and your competitor.  What are they asking for?  As hard as it is to believe, many will say exactly what they would be willing to pay for, and what they won't.  But it starts with being a good listener.

You may find that it's not as big of a deal as you thought it was.  Or that there are a few things you can be doing better.  Regardless, isn't it about time you do your research?