Is the future big or small?

FreelancersWe have just returned from a couple of weeks driving along the Californian coastline, one of my favourite holiday spots, where I noticed a change.

When I first started visiting America I remember marvelling at some of the larger department stores such as Bloomingdales, Macy’s and Nordstrom. Today, these stores look like they are stuck in time, and that is if they are there at all. I sensed more boutique businesses, smaller operators and niche products which are of course supported by mammoth online platforms like Amazon that encourage them to thrive.

How much is technology responsible for this and have the large retailers missed the trend change, or have they been hamstrung by huge properties in malls and cannot move fast enough? Online shopping and service has certainly dented any rosy future for them in their current form.

As consumers we are happy to pay for convenience as ordering online has become slicker and quicker and where product choice is unparalleled. Equally no consumer can tell how large or small an online player really is; plus, who cares as long as the product is genuine and delivered on time to our doorstep.

Combine this with the fact that 20% of people have sold something online in the past year (Pew Research), the reduction in free time most people complain of, and the increase in freelance and contract work, and it all points to a new way of living and shopping which we have taken in our stride. It is likely to gather pace, never to return.

Part of me was saddened to see the old stalwarts fading or missing, but it reminded me that we are on a treadmill of tech-led change, and if we stand still we invariably go backwards.

Silver is worth more than gold

I read a series of articles and opinion pieces about developing young leaders and the importance of doing so in light of the retirement statistics of Baby Boomers.

According to Harvard Business Review, 10,000 Boomers will retire every day over the next decade. This is great for young people, who will have the opportunity, and have to be ready, to assume some of the roles made vacant; plus in many cases they will be fast-tracked by their companies into these positions to address skills gaps.

So with that companies are targeting millennials with the majority of their advertising, after all by 2030 the millennials will make up almost 3 out of 4 members of the workforce.

But pause for thought – are we ignoring some people? We know that the silver surfers have all the money and they know how to spend it (largely on leisure). In addition, as Tom Peters tells us in his inspiring way, women make most of the key decisions, so why does advertising continue to ignore them? I think we may be missing a trick here and not just for allocation of advertising spend. Sure millennials will be an important audience in 10 years, but why wait? Target the most important groups today, because they are ready to spend.

It seems to me the silvers are worth more than gold futures, at least for now.

One size fits One

bootsOne of the most exciting opportunities that technology brings to the table for businesses of every size is the utilisation of data to tailor their offering to each individual customer.

Although we are told that 95% of business data in the UK still remains untapped (Forrster Research), the opportunity to serve each individual’s needs and offer a truly bespoke service is mouth-watering at the prospect. This isn’t Harvey Specter and made-to-measure suits (for fans of the brilliant legal drama Suits), but more about understanding preferences, buying-patterns and data in the aggregate to shape future sales.

I have talked before about the correlation that WalMart made in the US between thunderstorms with sales of torches and pop-tarts! No in-store manager could ever have worked out the link, but the data made it sound obvious.

For those of us in a B2B environment, the dynamic is somewhat different, but we have an additional layer to use to our advantage. We don’t need to make over-the-top sales presentations to our prospects; customers tend to know who we are, they do their own research and they can find pretty much anything they want online. Plus in many cases today they reject sales people outright.

You can tell your story online – your website, blog, videos and customer case studies all wrapped up in your social presence will do as much talking as any salesperson. But augment this by building relationships at a human level, person to person, team to team over time, patiently and with integrity, and you have a formula that is very hard to beat.

One size fits one: the one thing technology can support every business with.

Customer Experience

netflixWhen you consider the brands that genuinely stand out, they do so due to customer experience.

Why do people buy from Apple? For the product and design experience.

Why do people so many subscribe to Netflix? The experience of watching quality TV anytime, anywhere.

Why do people go to Selfridges? For the ‘yellow bag’ shopping experience.

How can technology help enhance the experience for your customers?

You may hate gravity, but gravity doesn’t care

Let’s open with a great quote from Harvard Business School Professor Clayton Christensen:

You may hate gravity, but gravity doesn’t care. Substitute gravity with cloud computing, big data, mobility, or social.”

However you challenge and dispute it, technology-led change is happening all around us. I recognise how hard it is to adjust decades-old practices and how different these may be compared to traditional methods of marketing and communication, but it isn’t about to slow down or go back to how it used to be. The transformation is ongoing, it will lead us down its own path, and like many the job roles in future, we are not quite sure where it will end up, because a lot of it has yet to be invented.

But we must take note, and here is a quick story to make the point:

A Chinese consumer spends millions each year in Beijing and is recognised across the city for her taste in luxury goods, lifestyle and events. She flies to Europe on business, takes her morning exercise and whilst in her running gear, pops into a designer store (of which she is a top 5 customer back in Beijing). She is ignored because she is not recognised and she leaves, unhappy. This is not acceptable. Because of the customer service expectation that the likes of Amazon, Netflix and others have bestowed on us, we expect the shopping experience to be highly personalised.

Data is the new currency. People will gladly share their data but in exchange they want value (however your product or service might define it). You have to recognise every customer, regardless of where they are and when they move across the world, and provide them a unique experience utilising the new technology.

Think of the impact if you don’t.

The ultimate in convenience

Westin-Gear-Lending-New-Bal Move WellI don’t normally talk about one product or brand but this deserves a mention, even though I have learned it’s not that new. Staying at a Westin in Chicago last week, I noticed the room keys had a small advert promoting their Stay Well campaign.

For just $5 you can borrow a complete set of New Balance running gear including training shoes, so you don’t have to pack your own each time you travel – this is very smart. I didn’t take up the offer as I had my gear with me, but in future…

That is real innovation in thinking and also the ultimate in convenience to the customer.

So let’s loop technology into this – it is a great example of how technology needs to be serving us, integrating with and re-imagining business processes, offering customers choice and making it easy for them to purchase from or partner with us.

Plus, if we exercise in the morning and have to hand back the kit before check-out, it leaves that extra little bit of time for email and online activity later in the day…or is that counterproductive? Either way, I am impressed.

A return to simplicity

Technology is no silver bullet and better technology doesn’t automatically mean better education.TV

The Organisation for Economic Co-operation and Development (OECD) found that across more than 40 countries, students who use computers for their schoolwork, but for a slightly lower-than-average amount of time, do better than average on reading exams. Students who spend an above-average amount of time on computers at school scored lower than students who don’t use computers at all. Like everything, how helpful technology is depends on how you use it.

It has also been highlighted how job roles that require empathy, for example doctors and nurses, are better positioned to withstand the changes that technology is sweeping along its path, and with 36% of the workforce in jobs that have a high risk of being automated by 2030 (via a study by Oxford University) we need to de-mystify the confusion and complexity that technology often brings to our day-to-day existence.

This leads me to a paragraph of hope – during my recent travels I read about the declining numbers of subscribers to cable television. Executives in the industry believe “skinny bundles” might be one solution to halt this decline, and I picked up on that – wouldn’t skinny everything help us in the long term? Offer consumers a menu of options and let us piece together only what suits us – move us from mass production to mass customisation.

That way we get what we need, we are satisfied with what we pay, and we don’t spend hours filtering through unnecessary material. Or maybe we just shut down the TV networks at 10:30pm and ask society to read a book for 30 minutes before falling asleep.

 

The world’s new language

felix-baumgartner-standing-in-his-capsule-about-to-diveMore often than not, the most powerful messages are the shortest.

I think this is one of the statements of the year: the world’s language isn’t English or Chinese. It’s pictorial. It’s how the next gen engage, it’s how they communicate, it’s how they understand.

It’s time we learned to speak it.

These kids operate differently! How many times have we heard that?

We know that mobiles and smart devices are transforming how we shop and communicate today, and how we will learn in the future. Generation Y has mastered the art of mobility and will not want to be tied to one office, nor one company, as they seek varied and interesting employment in future.

What remains is that our role as educators is to transform these learners to earners – to give them the skills to embark on career pathways to suit their needs, to give them a platform to upskill or change direction as they see fit – but importantly to furnish them with the skills for the world of work.

It is important we understand how they operate, for they are both our workforce and our customer of tomorrow. How do we offer this to them? How do we engage them to shape how learning meets their needs in future? With things evolving faster than ever before, how can we stop for long enough to make impact?

Pictures and Words

fresh guacamole

A picture speaks a thousand words. Today, people multitask and run 5 windows on their machines and tablets concurrently and we have even less time to grab their attention with our message.

I think text is yesterday’s business and to engage we need pictures and headlines. If I created slides that were made up only of bullet points, what would the audience think? Would anybody concentrate for longer than a minute or two, before switching to reading messages on their phones, surf the web or look at what was happening on social platforms and completely ignore my presentation, no matter how compelling?

People respond to images, they like short videos and their brains are like filters. They block out the majority of information, so why do we send our customers and prospects long emails, pages of text and documents, and expect them to respond?

Take note how the market for short films is booming. At this year’s Oscars, “Fresh Guacamole”, at 1-minute-41-seconds, was the shortest movie ever to receive a nomination. It has no real characters, no dialogue, no traditional storyline, but got 8 million viewers on YouTube. There is a message in there for all of us.