Away from the cultural, economic, and social centers, businesses, organizations, people and ideas are desperately attempting to preserve their declining share of the fat head.
This is problematic if you have a new idea, a new approach, a new product, or a new business to bring to market. But it’s critical to your continued survival if you have a legacy business located away from a “hot” cultural center.
There are certain businesses that are geographic specific: car dealerships, hotels, dental offices, hospitals, and so on. These businesses have an obligation to serve their local clientele as best they possibly can in a market environment where things are happening way out on the long tail, whose impacts will arrive at their doorsteps sooner rather than later.
Which means, if you’re a local car dealer in a town of 50,000 people, you should be paying close attention to what Tesla is doing, not with electric cars, but with concierge level delivery systems.
Which means, if you own a local hotel chain, you should be working assiduously to develop applications, connections, and services, that will disrupt the local economy so that more potential customers come to your town—and so that you don’t have to spend more marketing dollars fighting the noise on the online booking platforms.
Which means, if you own a local dental office, paying close attention to the battles around healthcare policy are critically important, but so is understanding that your clients’ behavior in the market will be switching at the speed of the internet.
Which means, if you’re a local hospital group, the way to avoid consolidation with a larger, national group is to consolidate with your local university or college to build a medical or pharmaceutical school, whose graduates will serve the local area.
Away from market leaders, and cultural centers, the act of preserving your real estate on the declining land mass of the fat head, is a losing proposition.
Instead, it is much more strategic to figure out how—and where—to land on the long tail.