09 May Everything Dental Blog – April 2016
The Economy of Us
We’ve been taught that an economy equates to the wealth and resources of a country or region based on their production and consumption. By most accounts, when one speaks of an economy it includes the production, distribution or trade, and consumption of goods and services in a specific geographical area.
According to the experts, the world’s economic systems fall into four main categories: Traditional Economy (traditions, customs, and beliefs shape the goods and services), Market Economy (supply and demand), Command Economy (heavy government intervention/involvement) and the Mixed Economy (combination of capitalism and socialism) however, there are unlimited variations of each.
Wait a minute
What about the Sharing Economy, Social Economy, Likeable Economy and The Thank You Economy? How can we discuss economic forces without discussing the mechanism that is affecting all economies – The App Economy!
While I have no economic degree, my intention is to demonstrate the plethora of economic systems including the most important one of all – The Economy of Us.
Sharing Economy (known as shareconomy) is a hybrid economic market model which refers to peer-to-peer-based sharing of goods and services (coordinated through community-based online services). Some of the popular names in the Shareconomy;
- GetMaid Instant booking, effortless payments, and exceptional home cleaning at your door within two hours.
- Uber Everyone’s Private Driver
- Zipcar Wheels when you want them
- Lyft Your Friend with a Car
- Netflix Watch TV shows and movies anytime, anywhere
- Airbnb Find a Place to Stay
- Lending Club Investors earn better returns, borrowers pay lower rates
- Craigslist Online bulletin board
- Ebay Instant Sale – Cash in your collectibles and stuff
Social Media Economy is the economy of everything branded and mobile marketing. It encompasses the way we connect to family and friends and how brands and celebrities capture attention. While social media is not a true economic system, it effects most economies worldwide. Hundreds of millions of people across the globe use social networks like Facebook, Twitter, and LinkedIn. The movement towards handheld, smart devices has made messaging, online search and reviews easy. This has affected the way we identify vendors and restaurants and obtain information. It has changed the way we do business and how we (individuals and businesses) approach the marketplace. It has also put a tremendous strain on our reputation management.
The Likeable Economy has had its impact on consumerism and the B to B marketplace. While likeability is not a currency like the almighty dollar, it has much to do about your significance and reputation. Likeability’s impact is clear when measuring onboarding, acceptance and trust with patients, prospects, co-workers and others. People work, play, vote and patronize those they like and trust. If you want to improve your business, relationships and brand, you may want to embrace the concept of likeability. The web, particularly mobile, and our social media engagement has shrunk the world and negative media (online reviews) and will not quietly go away. In a world rich with online reviews, managing your likeability index makes sense and is a requirement in the Likeable economy. For more on Likeability go to the source – Dave Kerpen – https://twitter.com/davekerpen.
The Thank You Economy, speaks to the importance of being kind, helpful, humble, engaged and sincere about people as well as your business. We live in the information age and most information can be downloaded on a handheld device in seconds. You can’t hide, lie or pretend anymore. The Thank You economy at its core, is a throwback to an older and simpler time. Imagine those early settlements in the Wild West. There was usually one or two drinking holes (saloons) a General Store, a Blacksmith, a Barber, a hotel and a doctor. Everybody knew everyone and your reputation was your badge of honor. If you did something wrong or had the appearance of impropriety word traveled long and fast. In the Thank You economy, the internet (social media) has shrunk our communities and a bad post can be harmful and quite detrimental to a business. Here are just a few harmful posts that I have seen; “The hygienist hurt me” – “The doctor always runs late” – “The receptionist was rude” – “Every time I call the office the line is busy” – “The office looks like it hasn’t been updated since the 90’s” – “The reception area is a museum for old magazines” – “You can’t get an appointment with the Dr or hygienists for months”. As you can see, negative posts and reviews can have a profound effect on the Drs. and the practices reputation. For more information and a great read about the Thank You Economy – get the book from author Gary Vaynerchuk
The App Economy – we are involved and participating in a revolution that has and will continue to change the way we communicate and do stuff. It is literally changing the world. We are in the era of transformation – If a machine or computer can do it better and faster or cheaper – they will. We have entered the application economy.
While our government is in grid-lock, it has not slowed the globalization, computerization, miniaturization and digitalization of the world. The one common thread for the past decade or two is that change is happening at record speed with no signs of slowing.
In the App economy, software is king!
Below are popular apps;
Spotify – iCAL – iPhone camera app – Facebook – YouTube – Google Search – Instagram – Pinterest – Snap Shot – Waze – Tripit – Yelp – American Airlines – Map my walk – Google maps – OneNote – Dollarbird – Pipedrive – weather channel –
There is an App for that!
There is no doubt that smart devices and artificial intelligence are in our future. It’s exciting, unbelievable and inevitable. We have a choice to engage, observe and abstain but those decisions will have enormous consequences. It is not a matter of life and death but a declaration of sorts. For those of us who wish to advance our mission, grow our business and stay current, we should experiment with the tools available to us.
In the App economy software may be king but human beings are still the most important asset for any business. Without competent, motivated and engaged personnel your company would be an empty vessel with some technology. In any economy, relationships and collaboration are key ingredients to long term success.
The Economy of U$ – Let’s all focus on the Economy of Us. This means making good financial decisions. Planning for the future and working towards congruence. Striking a balance between work and play and family and fun!
Let’s not judge someone’s ambition or appetite for acquiring things as a measurement of success. Let’s not assume everyone cares about efficiency or technology. Let’s not judge others by their wardrobe and wallet. But let’s focus on working with and collaborating with people who share our interests and have a high level of competence.
In the economy of us, we must understand our product and customer or patient. We must understand the financial components of our businesses and how our activity impacts our P&L. It’s not just about skill or talent either. There are very successful sales people who have poor salesmanship. They are relationship managers who care and support their clients as if they were family or an employee of their business. They earn a high level trust which makes them a special breed of salesperson. There are dentists with average clinical skill who have million dollar practices and there are highly trained and certified clinicians who can’t fill a schedule or develop a hygiene/perio program in their office. The primary difference between these two dentists lies in their ability to connect with their patients and establish a high level of trust. Of course, great dentistry, smart treatment planning, the capacity to earn the patients trust and your ability to make sound financial arrangements helps!
Another component in the economy of us is the hourly rate. This statistic helps us put a value on our time. The actual dollar amount someone earns may give them bragging rights but the focus should be on knowing your numbers. It’s not just about income/wages but focus on the R.O.I. you get from the products or services you deliver.
In the economy of US we must embrace systems and tools that help us compete. We must associate with people and professionals that share our values and we must be accountable to our goals and dreams. After all it is all about us!