Understanding the impact of technology on industries is crucial for success in today’s rapidly changing world.
Whether you’re in finance, healthcare, or any other field, the disruption caused by technology WILL pose a challenge.
I’ve been through this for years now, so pay close attention and learn how to adapt accordingly in an industry that’s being disrupted by technology!
Let’s look at my world of DJing. (or skip past this section to get to your action steps)
Back in the day DJing was hard technically, it would take up a ton of time and it was super expensive!!
I would spend hours upon hours in the record store to try to find songs that would work in the club. (no apple, spotify, amazon, nothing)
I needed to use song singles on vinyl because the LP album grooves were too narrow. That would damage the needles and vice versa.
Being a turntable guy, I also had to buy two of the same record (at $5.99) so I could battle scratch back and forth.
That means I would pay up to $12 for just ONE SONG!
In the club, we were limited to the amount of songs we could even play because we couldn’t carry ALL the records to the gigs.
I tried. My back still hates me for it.
Since the move to digital, DJs can now share music hard drives or download entire libraries from record pools instantly!
It’s like cheating, right??
Just to be fair to the newcomer, record shopping simply isn’t possible for DJs the same way it was in pre-digital times, and it has NO RELEVANCE for them.
Neither does traditional DJ equipment like turntables and mixers.
And with the onset of features likes auto-bpm and auto-sync, they don’t even really have to know how to do any of technical stuff either.
So with the barrier to entry so low thanks to technology – just about anybody with an instagram page and a laptop can call themselves a DJ.
(hint: that’s EVERYBODY)
Inside note: If you’re curious about the OG DJ scene, let me know by replying to this email with the word “DJ” and we’ll talk some more.
The Key To Competing with Industry Disruption
With relatively cheap equipment, auto-everything technology and easy access to music, we need to look at some things the newcomers can’t buy:
Creativity
Adaptability
Programming
Crowd reading
Technical skills
Branding / Networking
You see, DJs need the equipment and the SKILLS, in a combination of technical and soft skills, to thrive in this competitive industry.
So while technology has made it easier to enter the field, it’s the soft skills that will set DJs apart and help them succeed in the long run.
Lucky for me, it’s the soft skills that were always my strongest, and they allowed me to build my brand tremendously and perform on national television and all over the world!
Nicaragua
I’m sure by now, that you’ve noticed this trend in your business as well.
Will your job be replaced by Automation? Artificial Intelligence? Robots?
To illustrate, I’m going to dive deeper into three specific industries below, but first let’s address how to overcome the tech disruption regardless of your industry…
How can you adapt right now?
Skills and Expertise
Keep learning, stay informed, and experiment with new ideas and techniques.
Take advantage of online courses on platforms like LinkedIn Learning, Coursera and Udemy to learn new skills and stay current with industry trends.
Attend workshops and webinars, whether in-person or online, to gain valuable insights and improve your skills.
Seek out mentorship programs in your industry to receive guidance, advice, and support from experienced professionals.
In a world that’s constantly evolving, it’s critical to stay informed and up-to-date with the latest trends and best practices.
Unique Value Proposition
It’s essential to differentiate yourself from the competition. Think:
What unique value do you bring to the table that no one else in my industry does?
How can you improve upon your existing skills and expertise to stand out from others?
What innovative ideas or approaches can you bring to your work to differentiate myself from others in my field?
By highlighting and leveraging your strengths, you can differentiate yourself from the competition.
Building Relationships
Attend industry events and conferences. This is a great way to meet people in your industry and build relationships.
I wrote a 10 point checklist on how to do this best: read it here
Join industry associations and groups. These groups often have networking events, workshops, and other opportunities to connect with others.
Collaborate on projects: Look for opportunities to work on projects with others, whether it’s a joint venture, a team project, or a mentorship program.
Use social media. LinkedIn, Twitter, and Instagram are great tools for building relationships.
Follow thought leaders in your field, engage in conversations, and share your own insights and ideas to build your online presence and connect with others.
Click these to connect with me right now on LinkedIn and Twitter
Industry Dive into Soft Skills
Real Estate Investing
Negotiation skills: The ability to negotiate effectively and build relationships with clients is crucial in real estate investing, as it requires navigating complex transactions and dealing with multiple parties.
Market knowledge: While technology has made it easier to access data and insights, successful real estate investors also need the ability to interpret and apply market knowledge to make informed investment decisions.
Attention to detail: Real estate investing involves multiple legal and financial documents, making attention to detail an essential skill to ensure smooth transactions and avoid costly mistakes.
Adaptability: Real estate investing is a dynamic industry, and successful investors need to be able to adapt to changing market conditions and respond to new challenges and opportunities.
Marketing
Creativity: Technology can automate certain marketing tasks, but successful marketers need to be creative and come up with fresh and engaging ideas to stand out in a crowded field.
Communication skills: While technology has made it easier to communicate with customers, successful marketers need to be able to connect with customers on a personal level, understand their needs, and build relationships.
Emotional intelligence: Successful marketers need to be able to empathize with customers, understand their emotions, and respond appropriately to build trust and loyalty.
Analytical skills: While technology can provide data insights, successful marketers also need analytical skills to interpret data, identify trends, and make data-driven decisions.
Consulting
Problem-solving skills: Consulting requires identifying and solving complex business problems, making problem-solving skills a critical soft skill to withstand technology disruption.
Interpersonal skills: Successful consultants need to be able to build relationships with clients and stakeholders, establish trust, and communicate effectively to drive results.
Adaptability: Consultants need to be able to adapt to different organizational cultures, industries, and working environments, making adaptability a crucial soft skill to stay relevant in a rapidly changing world.
Leadership skills: Successful consultants need to be able to lead and influence clients and teams to achieve desired outcomes, making leadership skills an essential soft skill in consulting.
Coincidentally, these are three industries I currently have business in.
Here’s your chance to reach out to me directly if you’d like support in any of them:
Key Takeaways
Staying relevant in a technology-disrupted world requires effort and dedication.
Technology can lower the barriers to entry, but it can’t replace the skills, knowledge, and experience that come with time and effort.
By focusing on building your skills, highlighting your unique value, and building strong relationships with others, you can succeed and thrive.
So don’t be afraid to experiment, take risks, and try new things.
What we fear doing most is usually what we most need to do.
Take action. Embrace change. Stay relevant. Dominate your industry!
P.S. If you know a friend who can get value from this email, sharing it in a post or forwarding to their inbox would be a great “friend” thing to do 😃