2. Buffett changes strategies as the Business World changes.
On CNBC, when he announced his investment in IBM, Buffett’s interviewers discussed how he did not usually buy tech stocks. In Post 1 of this stream, he described his strategy as he quoted Thomas Watson Sr.: “I’m no genius, but I’m smart in spots, and I stay around those spots.””
Warren Buffett had a hard time differentiating between good and great tech companies, one of the few spots he did not trust his research or instincts. Yet, his prudence made him BILLIONS in other industries as tech bubbles inflated and collapsed.
So, why did Buffett jump into technology? Well, Buffett didn’t jump into tech as much as IBM and technology jumped into everything! IBM provides technology implementation services in almost every sector worldwide — small, mid-sized, Fortune 500, and government. Buffett understands customer loyalty and IBM’s new service model. Buffett isn’t a tech genius, for sure, but he sees IBM as a trustworthy business. So, in this unfamiliar space, he used his sturdy strategies to get involved for the long-term.
TAKE AWAYS FOR THE EVENTS INDUSTRY –
This article isn’t a “white paper” for “Big Blue”. On the contrary, Buffett’s reasons for working with IBM point the way to utilizing technology from other providers. You can propel your company or association ahead of the competition.
You can do so by discovering the most consistent tech experts –
● Learn who are technology leaders in your space or your clients’ industries.
- Writers I trust are Corbin Ball, Maddie Grant and Lindy Dreyer of SocialFish, Jeff Hurt, and Michelle Harman.
- I use Google Alerts to find new experts and content in news, blogs, and other web pages that relate to keywords that I need to understand better.
- If you want me to share any more leaders I find with you, connect with me. See how Events Industry experts use technology to improve sales or internal processes.
● Don’t have the time to learn? Then create “in-house experts”! Empower your colleagues to find out what works for other associations or exhibitors your size. Then have them educate you.
● One place for learning (for your colleagues and you) is local chapter events for Associations. Tech discussions are a common focus with these groups.
● Use Social Media to develop relationships. Don’t just listen. Ask questions and respond where you have similar challenges and solutions. Places in Social Media for significant and appropriate interaction include –
- Linkedin Groups help you discuss, network, and market: I use IAEE, TSEA, MeetingTechOnline, Event Technology, and eMarketing Association Network.
- Twitter (use hashtags like #ExpoChat, #AssnChat, #IAEE, or #EventProfs)
Finally, attend technology webinars (online seminars). Supplement your knowledge by picking what to learn. Then, search spots like IAEE.com, Engage365.org and the above Social Media groups for upcoming events. Don’t know which ones are worth your time? You can call me about which opportunities fit your needs and budget.
To clarify or add to these ideas, please call or write me, or find me on Twitter and Linkedin.