The Dynamic Nature Of Social Media Has Fostered the Concept Of Blitzscaling
Mark Lachance explains how blitzscaling can be one of the essential tools at your disposal at times like this
Businesses are getting more sophisticated as the decades pass. The traditional model of scaling an organization from one location to thousands of locations through large capital expenditures is being replaced with Blitzscaling, a paradigm for achieving global scale in record time.
Blitzscaling is the art of achieving unprecedented growth rates by first creating an excellent product at a low cost. Then using technology and an efficient global supply chain to grow demand rapidly before anything becomes scarce. According to Mark Lachance, Blitzscaling has four primary advantages:
1) It lets you seize opportunities as they arise instead of being confined to an extensive roll-out plan;
2) It promotes dramatic growth through continuous customer learning that can be applied to immediate product improvement;
3) It allows startups to avoid the costs of warehousing and inventory and instead sell instantly through online channels like Amazon Web Services;
4) It accelerates the speed of scaling, which means a startup has more time to iterate.
Lachance further states: “The explosion of social media has enabled Blitzscaling and is why this approach is being adopted by startups that are designed for rapid growth from the start.”
Mark Lachance is the founder and CEO of Maxy Media inc. He is also an author and investor. Recently, he published his first book- The lucky Formula. He discusses a lot of topics, including Blitzscaling and other features of a business. The key is building a brand loved by your customers, and that's where most of the value still lies today. He believes it won't be long before all marketing activities focus on customer experience and fan engagement.
He has been an early-stage investor and advisor to many high-growth companies in the technology, mobile, marketing, and media industries.
He has well summarised all of his professional experiences in his book. “My experience has taught me that the better you can be at providing a superior product or service to your customers, the more they will tell their friends and family about it—whether by word of mouth exchange or through social media. This will enable you to build an excellent brand that will supersede all other marketing efforts.”
Mark focuses on building an organization that is agile and modern. He believes that it will be a long time before we have a global consumer market with universally accepted brands.
He also states: “The growing willingness of consumers to embrace digital media will accelerate this transition and spur the transition away from mass-market brands towards brands that better meet the needs of individual consumers.” Mark argues that customers won’t spend time or money on anything that doesn't satisfy their needs.
In his book 'The Lucky Formula,’ Mark Lachance offers a comprehensive approach to rapid growth by sharing his insights from the worlds of startups and venture capital.
Mark has been an early-stage investor and advisor too many high-growth companies in the technology, mobile, marketing, and media industries.