https://youtu.be/q5f91sHEJf0
“We’ve heard in marketing classes that crises create opportunities. I never really understood that,” said Álvaro Moré—president of Young & Rubicam—at the conference titled “How New Technologies Are Disrupting Established Industries.”
At the event—which took place on November 30, 2015, and was organized by the Marketing Analystprogram —he explained that crises cause “thousands of problems and a few opportunities.” The fact is that, as Moré put it, established industries are currently being affected by “new players” coming from “unexpected places” who are moving “very fast.”
To illustrate his point, he cited the example of the Apple Watch, which sold six million units in a single quarter. Even though watchmakers had been competing with one another for over 100 years, a company that started out making computers, then phones, and later entered the music industry has now entered the mass production of watches. “This is starting to happen in every industry,” he said.
However, he emphasized that people are benefiting from sharing economy technology platforms. According to the expert, “quality will be the only or the main factor in doing business,” since while reputation was important in the past, today quality “is the new currency.”
According to Moré, this “unexpected competition” will continue to arise because, on the one hand, there are many entrepreneurs in the world; on the other, there are many investors and plenty of capital. So, the mistake you must not make is to “think that bad things only happen to others” and that you are in an industry that “won’t be affected.”
The advertising executive anticipates a “hybrid future,” in which nothing disappears, but rather everything complements one another.
“Whatever could happen in the digital world has already happened,” he said. What people thought might happen is happening right now. What people thought would never happen, Moré predicts, will also happen: “In business, if we don’t have insomnia, we’re falling asleep.”