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The meaning of Marketplace Learning and how it is critical to business
What is “marketplace learning”?. Marketplace learning is a specific category of learning activity that effects all businesses. It influences all sales decisions and buying behaviou, and is the key factor in the shaping of business relationships. Market Education specialist [b}TJ MacDonald, in his blog on the subject, descibes it poetically as “the essential breath of life on which businesses depend. (www.tjmacdonald.com/blog)” He expands by explaining: “Business runs on what people know, think and do. Business devevelopment, even business survival, depends on what people in the marketplace know, think and do.” Learning is often interpreted as the process of gaining new knowledge, skills and attitudes. In arenas where tangible results are important, such as in business, learning is viewed not only as the process (i.e. gaining of…) but also requiring a more important, observable RESULT from the process. For example, merely providing information to a person does not ensure they know something, can do something, or have a new way of thinking. It does not guarantee change. If nothing different happens – if the ‘process’ makes no difference – then nothing has been learnt. Learning is then the acquisition of knowledge, skills, and attitudes THAT RESULT IN CHANGE. In business, a valued change that is measurable occurs when someone in the marketplace goes from not-buying to buying; from having-bought to buying-again; from being-a-buyer to recommending others do the same. Or any of the many, similar business-building transitions. (Change can also have a negative impact, if what is learnt in the marketplace drives commercial relationships in other directions.) There are things people need or want to know, be able to do and be thinking before they buy Buyers may have those learning needs met directly by prospective suppliers. However, there are many channels of influence in a marketplace and much is learnt indirectly, informally, even indiscriminantly. Some learning is assisted. Most “just happens” – and not necessarily to the satisfaction of all stakeholders For practical purposes: Marketplace Learning is concerned with the process and results of everything learnt by people in a given marketplace that influences business relationships within that marketplace or in the broader markets of its participants.” The challenges for all businesses are:
(1) to be aware Marketplace Learning occurs with their support or without it, and:
(2) to monitor, lead and manage what is learnt in their marketplace that may have an influence on business results. For better AND NOT for worst! |
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