In the old days, there were a few channels broadcasting to millions of people.
Today, there are millions of channels that broadcast to a few people, and they’re mostly digital.
“That’s the wave of the future,” says Kevin Harrington, entrepreneur and former host of the TV show “Shark Tank,” which listens to people’s business ideas and invests in them (or not).
This development is affecting nearly all organizations, from “as seen on TV” products to publishing—even credit unions, Harrington says.
“There are a lot of changes happening in the world,” he says. “Businesses are failing faster, and they’re having a hard time keeping up with the new digital age.”
Harrington offered several steps to help credit unions market successfully in the digital age and build their online presence:
Mobile trends for 2017 and beyond include predictive selling, the use of heat maps that visually represent consumers’ online activity, and “geo-fencing,” which allows companies to offer real-time deals based on consumers’ location.
“Today, the average home has eight internet-connected devices,” Harrington says. “By 2020, that number will be closer to 50. There’s a lot of opportunity here.”
Harrington recalled that when Mark Burnett, who produces TV shows including “Survivor” and “The Voice,” contacted him about hosting “Shark Tank,” he feared actual sharks might be involved.
But he’s glad he took the gig. “I’ve learned a lot from ‘Shark Tank.’ Fifty-thousand people come to the show ever year, but it only looks at a couple hundred.”
Bill Merrick is deputy editor of Credit Union Magazine. Follow him on Twitter via @CUMagazine.