This is the final module!!! Module 5 and boy has it gone fast! This is where we learned about The Digital Future and How to Live a “Squared Life”
The Digital Future
“The Secret to change is to focus all of your energy not on fighting the old, but on building the new.” Socrates
We looked at 5 main areas of digital growth and impact for the future:
1. The Collaborative Economy
This means that consumers are sharing or trading goods and services with each other—enabled by a new set of websites, platforms and applications. Giffgaff is a good example for this trend as their customer support is provided by the community members: the company’s customers, and thanks to this approach the response time for customers questions are very quick (under 90 seconds). The customers can also drive product development as well and can sell the service for their friends, can make microsites for giffgaff. Giffgaff’s Member get member marketing program is responsible for 20% of their activation. All these initiatives are helping the company to keep their costs low.
2. Content curation:
This is the act of discovering, gathering and presenting digital content that surrounds a specific subject matter. There is huge amount of information around us, that is why this trend is flourishing. The value of content curation for companies is that consumers shouldn’t need to go to any other sites, they can spend more time with the company, it could help to enhance the brand’s own content, the company can become a thought leader in that specific area and finally it could also help to improve the brand site’s SEO. For example Sephora is strong in content curation.
3. Unboxing TV:
This trend is developing by the increasing number of smart TV’s. By using a smart TV you can connect to friends when watching a program, or you can click and order based on an ad or you can watch when you want to watch a specific program. So TV is becoming an interactive device as well. Companies can leverage this trend by broadcasting super events (own and sell the content, like Red Bull does), launching product placements in immersive, interactive TV (e.g. Channel 4) or target ads more effectively, serve people with more relevant content by knowing who is sitting in front of the TV set or using the personal information in rentalships (e.g. Spotify, Netflix).
4. Real time instead of online
This means when companies develop products and services instantly, based on feedback or events in the marketplace, when businesses see an opportunity, and are the first to act on it (David Meerman Scott). Through this trend companies can jump on microtrends and can leverage competitive advantage. Some examples are real time bidding through mobile, dynamic pricing of retailers, delivering timely deals, customer service in real time, or sharing relevant real time content.
5. Internet of things
This is a term that describes where the Internet is connected to the physical world via multitude of sensors (Kevin Ashton). This is a booming trend in the car industry and around the house (like Nest thermostat or Philips hue light bulb). Companies will be more aware of the people’s everyday lives and can track personal behaviors, which will enable them further to personalize content towards them.
All these trends show how digital is becoming more and more the part of our every day lives, and we are not even recognizing it. On the other hand companies can utilize these trends and can further influence the consumers purchase decisions.
Which is a new business model that either brings your customers closer to the brand
- The Customers Drive the product development
- The Customers are the brands marketeers
Facilitating Change with Paul Bay
“All the idea and technology in the world won’t take effect of the organisation isn’t open and adaptable to change”
“It’s amazing how much can be accomplished if no one cares who gets the credit” Harry S. Truman
Change starts with curiosity!
6 Drivers that effect Change:
-seek inspirations from other sources and your enviroment
3.Find a Friend
-work with a mentor, or another in the organisation
-across departments, across divisions… build bridges
-work hard to make it happen
Below is an interesting info graphic of digital marketing trends for this year: