In this Thought Leadership blog, I will review the rapidly evolving digital ecosystem and how businesses can increase market competitiveness. Let’s get right into this exciting topic and start by looking at the top players. The most valuable brands in 2019 include Apple, Google, Microsoft, Amazon, Facebook and Samsung, to name a few. Noteworthy mentions are the disruptors Uber, Netflix, Airbnb and Tesla. How do some companies become high performing leaders? Business competitiveness is about efficiency and increasing quality before you start promotions in the marketplace. Some businesses have teams, resources and capital but they face challenges when it comes to creating exceptional market value. Harsh reality? Maybe. Innovation is not a buzzword but about high impact products or services. What are the top players doing to dominate? The leading businesses are busy creating systems, services or products that are exceptionally innovative in their industries. Top performing brands already have loyal customers based on a history of providing what is valuable and cutting-edge. The macro market favors the basic economics of supply and demand. There is no magic marketing, shiny new process or secret sauce behind simply creating what is remarkably useful. Market leaders earn customer buy-in by going the extra mile to exceed expectations. Especially in this digital age where your customers will tell each other what they think of you, your services and your products. They will post their reviews on their online social channels, share their experiences and truly digitally transform your reputation even if you decide to refrain from investing in digital marketing. Few facts worth mentioning Love them or hate them, technology giants mostly rank and stay at the top as they are integrated into daily business operations and day-to-day life. Convenience, connectivity and enhancing customer experience is what today’s hyper digitally connected market is looking for. Quick brand case study What next Apple? Why is the Apple brand so enticing that its loyal customer base not only uses their products as a status symbol but they eagerly anticipate what will come next from their most favored brand (MVP)? Here is the short answer - “Be a yardstck for quality. Some people aren’t used to an enviroment where excellence is expected.” Steve Jobs Case in point When people buy Apple products they expect its marketing to live up to the promise – value and quality delivered. Combined with sleek, clean and appealing design across brand image, user design, products, in-store, online and anywhere the Apple brand has a presence, you have a winning business. I don’t want to start a debate but how many times have you seen a brand become almost cult-like in status and so highly valued in its target market? Apple Brand - “Think different” Need I say more on innovation? Building a leading business in a hyper connected digital market What is your target market doing? What I do know is that digital transformation happened. Just incase this has been missed, the average consumer is rather digital savvy from posting engaging content that sometimes goes viral and even starting entirely new trends. Yes, harsh reality for some businesses. Your target consumers are already digitally transformed and socially engaged online. They are posting videos on YouTube, interacting on Facebook, sharing their stories, searching for products on Google, shopping on Amazon, using fancy app filters, engaging in group chats on WhatsApp, having fun on apps like TikTok, playing online games and so much more. You get the picture. Nothing new - digital transformation, leveraging technology, innovation and sustainability have always been at the core of top performing brands. Hyper focused marketing What is accelerating is community interactivity on digital platforms. If your business does not have strategies to market hyper smart, it might be time to make some changes and get a fresh perspective. Not everything needs to be mass big agency, mass huge campaigns, mass big budgets or mass big technology systems. The dynamics have evolved to more interactivity, one-on-one engagement, focused and niche digital ecosystems. You can’t hyper-personalize in a mass, big everything mindset. Compete with focused strategies to maximize your growth potential. Brief example on being hyper focused If you want to create a business and professional presence on LinkedIn, share content that aligns with your career or what your business does. It is more effective to provide target specific content rather than jumping onto the latest buzz, trends or general news story of the day. Let’s face it, we have endless messages being thrown at us from all directions and all the time. Stand out by aiming to share content that is informative, new and target specific. Disruptors are creating a whole new game Disruptors such as Amazon, Uber, Airbnb, Tesla and Netflix have leveraged software to create superior user experiences and products. We are looking at entirely new business models emerging with innovative platforms powered by software, emerging technology and Artificial Intelligence. This leads into my next topic on Artificial Intelligence (AI). The state of AI and a virtual world Recently in an engaging panel discussion, Gerald Cupchik, Professor of Psychology at the University of Toronto, highlighted interesting viewpoints related to AI, consciousness and creative imagination. Are we moving into a virtual world based on AI, technology and engaging with our smart gadgets as a merging of our reality? Professor Cupchik pointed out that it is increasingly important to stop and critically think about boundaries between physical reality and virtual reality. Most of us already rely on AI powered smart phones, smart assistants such as Alexa, smart cars, smart homes, healthcare apps, security systems, online banking, social platforms, digital news content, online customer support and more. The point to keep in mind is that technology does not have the same context as human physicality, consciousness, creative intelligence, a subconscious mind or a history. As Professor Cupchik cautions, we need to be aware and alert about how we function in a virtual world that does not include human attributes such as taste, smell, emotions and thoughts. An AI system can only pick up certain data based on algorithms. It cannot get the context and meaning behind human thinking, feelings or specific experiences. At least not yet! Even if we do get there, how accurately can a number and algorithm crunching system manage complex human beings. AI for hyper marketing Billions of dollars are being invested into AI by technology titans such as Google DeepMind, Facebook AI Research, Apple, IBM Watson, Baidu, and Amazon. According to Salesforce, Marketers are using AI to gain valuable insights on customers, automating tasks and managing their workflows. Nearly half (51%) of marketers are already using AI… -- Salesforce. Almost every customer interaction can now be a data touchpoint. This not only provides key insights on consumers but when done right, AI increases the relevancy of how businesses can tailor offers to best benefit their customers. Data and privacy concerns What remains challenging is how much data gathering and control of the data is appropriate. Giant platforms such as Facebook, Google and Amazon will need to continue to manage big data sensibly and ethically. Emerging niche systems There is an emergence in digital communities to innovate new structures that provide more control, respect for privacy and a sense of freedom to have ownership to some degree. According to Bitcoin, Security and Privacy Consultant, Denis. Serebryakov, Bitcoin was created as hard money, the supply of which cannot be inflated to infinity at will (as opposed to fiat money). Bitcoin is a key example of new currency and a new payment network that is supported by a community based on their own set of parameters. How can you make an impact, compete and lead? Get beyond the hype generating, mass big everything mindset and start thinking in terms of creating exceptional value in your market. Focus on increasing your business interactivity and look at new tactics to strategize for future competitiveness. Fill the gaps super fast If you want to publish an insightful blog, create a winning marketing campaign or create a new model or system, work with the right person or hyper niche partner to get the job done fast. Accelerate your business results by being highly efficient and managing your resources wisely. Hyper specific areas for growth will ensure you have the agility to execute quick in key areas that will help you lead. The takeaway You know your business best and have an idea of where you want to go. How well you can dominate in your market will require specific strategies, resources and new skills to help you innovate forward. Resources to help smart businesses like you Enhance your marketing and strategic skills Apply for my High Impact Marketing Program Engage with me for one-on-one competitive niche training Watch the live TV panel discussion hosted by Hugh Rilley, with University of Toronto, Professor Gerald Cupchik, Thought Leader and Consultant Shai Az Digital, Bitcoin and Cyber Expert Denis Serebryakov. For leading brands and competitive businesses the digital transformation has already happened. What we can see is that many consumers are quite digital savvy. At 3.8 billion, the number of internet users comprise more than half of the world’s population. Mary Meeker, Internet Trends Report 2019 Competitive businesses have to execute fast, deliver strategies, implement innovation and keep up with macro market developments. Download The Digital Marketing Review 2020 Adaptive businesses are thinking seriously about how to grow steadily and influence their markets whilst staying ahead in this digitally disrupted environment. Reactive and short-term tactics are not sufficient enough to compete and lead in today’s hyper connected market. Knowing your macro-business environment and customer trends will determine your competitiveness. Before we look at the top digital trends, here is a brief review of winning brands in 2019. According to PricewaterCoopers (PwC) LLP the “market capitalization of the largest company worldwide has nearly tripled in the past ten years — from US$337bn in 2009 to US$905bn in 2019. The gap between the largest and smallest companies in the 100 largest public companies has continued to grow, currently at $806bn." It should not be surprising that technology companies dominate at the top. Research from PwC lists Microsoft as the most valuable public company for the first time, after a seven-year reign by Apple. Who are the top leading brands? Recap: A brand is an intangible asset (name, term, design, symbol or any other feature) identifies one seller's product from another and is often a corporation's most valued asset. Strong brands enhance business performance primarily through their influence on three key stakeholder groups: (current and prospective) customers, employees and investors. They influence customer choice and create loyalty; attract, retain, and motivate talent; and lower the cost of financing. Source - Statista The top most valuable brands in 2019 include Apple, Google, Microsoft, Amazon, Facebook and Samsung, to name a few. Technology companies most likely rank at the top as they are integrated into daily business operations and day-to-day life. Convenience, connectivity and enhancing customer experience is what today’s hyper digitally connected market necessitates. Digital trends to advance your business and drive demand Smart Businesses are always looking for creative ways to stay ahead and ensure future competitiveness. With messages bombarding us on multiple channels daily via many platforms from email, social media, personal online chats, news, advertising and more, we are constantly being disrupted. Now you can imagine how this busy and digitally connected environment impacts businesses that want to engage with their customer base. Leading businesses know that marketing has to constantly evolve for growth and demand generation. Creating exceptional customer experiences and seamless user design should be the driving force of digital marketing. Today's winning brands are impacting their target markets by leveraging latest technology, social media trends, creative marketing campaigns, working with the right talent, investing in resources for growth, deeper research, latest insights and so much more. Top digital marketing channels Digital marketing channels include email, websites, blogs, online chat apps, videos, video livestreaming, social media platforms, podcasts, search, voice search, online shopping and more. Winning businesses are leading by implementing innovative marketing on digital channels where their target customers are already engaged. Mary Meeker, Bond Capital founder and former Kleiner Perkins general partner, highlighted some interesting trends in her acclaimed 333-slide Internet Trends report 2019. Here are a few key highlights
Dynamic Social media marketing Words have always been used to write, communicate, influence and share stories. What has changed is the interactivity on social platforms that now use images, videos and live streaming to communicate. Social media has influenced how we engage with each other, share our activities, tell our stories and more. Effective social media marketing is based on how well you can get your message across and influence your target audience. Keep in mind that on social platforms attention spans are short and distraction is the norm. An article in Live Science explains “we get bored when we have difficulty paying attention to the internal information, such as thoughts or feelings, or outside stimuli required for taking part in satisfying activity…” Smart social media marketing tips
Focused social media marketing strategy Stand out in a noisy space by being relevant, having a unique voice and increasing engagement. Average brands tend to follow what their competitors and everyone else is doing or saying. Winning brands are focused on leading, being fresh and authentic. If you want your target audience to pay attention and buy into your message, you have to create a strong brand presence by being timely, ahead and new. That is if you want to use social media for growth and not just to push average content in an already cluttered space! Rise of Augmented Reality (AR) and Virtual Reality (VR) to showcase products AR and VR present an exciting channel to enhance customer experience by integrating virtual content into the real world. Products can be viewed in an immersive format rather than flat images. The AR market is expected to reach $133.78 billion in 2021. Global VR revenues are estimated to reach $75 billion by 2021. Greenlight Insights The IKEA AR Place app and Shutterstock’s "View in Room" app for Apple mobile devices are good examples of how AR technology allows customers to view products in a more interactive layered context. Social responsibility initiatives that make a difference You earn a good reputation by not only delivering consistent and quality products but by going beyond to cultivate authenticity. Key factors for favorable brands include integrity, accountability and social awareness. Zara, the leading fashion brand, has engaged in a series of sustainable initiatives. The apparel brand intends to stop using fibers that are from endangered forests to make fabrics by 2023. Zara plans to end its use of plastics and Zero Discharge of Hazardous Chemicals (ZDHC). The apparel brand has implemented a “Join Life Collection” that includes eco-stores to underline the brand’s focus on sustainability and improved customer experience. Amazon, the online retail giant, is donating products from sellers in the U.S. and U.K. They will be providing helpful items to people in need. Amazon will work with charity partners to manage logistics to streamline the donation process for independent sellers. IKEA, the leading furniture brand, through its IKEA Foundation has contributed $8 million to McKinsey & Company’s Generation initiative to help youth develop skills. With the new resources, Generation will be equipped to train and recruit nearly 50,000 young professionals in India and Kenya. Key Artificial Intelligence (AI) trends AI is creating opportunities for businesses to increase efficiency, product innovation and hyper personalization. Data analytics, algorithms, voice search and language processing are a few examples of how marketers are using AI to gather information and create relevant marketing initiatives. AI based insights means marketers can dig deeper into the customer’s buying cycle, analyze behavior patterns and much more. General AI is advancing OpenAI is a research lab that was founded by Elon Musk and Sam Altman. OpenAI has a mission “to ensure that Artificial General Intelligence (AGI)—by which we mean highly autonomous systems that outperform humans at most economically valuable work—benefits all of humanity. We will attempt to directly build safe and beneficial AGI, but will also consider our mission fulfilled if our work aids others to achieve this outcome.” OpenAI.com Microsoft recently invested $1 billion in OpenAI’s mission to advance General AI. The startup Lucidworks has raised $100 million to expand in AI-powered search-as-a-service. Here are a few sources to help you stay ahead of AI and tech trends Creativity and innovation delivered in the now “But the big feature of human-level intelligence is not what it does when it works but what it does when it’s stuck.” — Marvin Minsky Emerging technology, new digital tools and social platforms has changed customer demands. Dynamic customer experiences are based on hyper personalization across all channels that your customer is already engaged in, from emails, social media, shopping, website experience, customer service, social apps and more. The questions is – how are you adding value to your customers, standing out in the market and driving demand compared to your competitors? Smart brands such as Amazon, Apple, Facebook and Google, are constantly creating new tools and channels to keep their customers engaged by providing innovative customer experiences, services or products. Customer interactivity in the new Increasing your business interactivity requires specific strategies to help you maximize on your growth potential. This means looking into deeper research, dynamic digital campaigns, generating demand, reinventing your marketing, working with the right talent, latest industry insights and more. To be competitive in a digitally disrupted environment, it is necessary to think of business sustainability and high impact marketing to ensure future growth. For additional insights, winning marketing strategies, top digital trends, brand case studies and smart social media tactics, get your copy of my book on Amazon. Winning businesses have to constantly add value, be innovative and leverage the right type of marketing campaigns.
In this hyper digitally engaged world, competitive marketing strategies and effective social media tactics are necessary for growth. Great marketers are always looking for new ways to create excellent customer experiences and effective campaigns. To be a competitive business or brand you need to focus on deeper insights, innovation and influence. I have created a guidebook that will take you through: •strategic marketing plans •digital trends •social media tactics •key brand examples •influencer marketing •creating value and authenticity •customer experience strategies My hope is that you will stay inspired and implement high impact marketing tactics for growth. Please get your copy of my book on Amazon or take a look inside my book today! MAKE AN IMPACT WITH KEY DIGITAL MARKETING STRATEGIES: Ultimate Competitive Marketing Guide For Driving Growth by Shairoz Az In this hyper digitally connected space, where everyone is inundated with messages from emails, social chats, advertising and more, businesses are facing challenges when it comes to getting attention from their target market. Research shows that people are reaching ‘fatigue’ from communication overload and constant engagement on digital platforms. There are varying viewpoints on digital consumption and its consequences on health. What we do know is that humans are social beings who need to interact with one another. Relationships and positive social communities are generally key factors for overall happiness. Statistics show an increasing number of people are engaging with one another on social platforms. How can businesses lead in a hyper engaged market? Digital marketing has always been about relevance, adding value and increasing customer engagement to drive growth. I have written a few key blogs covering the basics of marketing strategies such as brand authenticity, clear communication, unique business value proposition, social responsibility, exceptional customer experience and interactive marketing strategies. The change we are seeing on a macro-level is that consumers are hyper engaged on various digital platforms. Before we look at trends, let us examine the market from a business standpoint. Communications is not slowing down but increasing from social media conversations, messaging apps, live video streaming and so much more. For businesses, this means your consumers are hyper interacting with one another on digital platforms. Most businesses are facing some challenges in incorporating emerging digital technologies. Artificial Intelligence (AI), smart machine learning and a hyper digitally connected future is here. Moving into 2019, business competitiveness will be based on strategic business modelling, integrating new digital tools and hyper focused marketing strategies. Key components for growth should be structured around increasing operational business performance, long term growth planning, customer value creation, personalized customer experience strategies and more. Strategic marketing in a 'hyper everything' world A key factor for driving business growth is the concept of hyper experiential customer interaction. What businesses need to focus on is to lead with deeper insights, innovation and influence. Driving substantial and meaningful customer connections will give businesses competitive edge in this hyper connected digital space. Statista research reports that there are 3.4 billion social media users globally, as of October 2018. On average people spend an estimated six hours per day on their digital devices, according to Mary Meeker’s Internet Trends Report, 2018. Here are key marketing strategies for hyper interaction Drive deeper connections Markets change, new tools emerge, new information is discovered and so on. As a result, there are endless buzzwords and trends of the day. What remains constant, is the need for businesses to create and deliver superior customer experiences. Competitive businesses cannot afford to fall behind by providing poor customer experiences that will inevitably result in decreased brand value. Basically, at the end of the day, a business has to deliver and go beyond what it promised to its customers. Great customer experience aims to create a fluid and seamless journey from when your customer lands on your website, downloads your app, engages with you on social channels, receives your email, orders your product, chats with customer service or sales, uses your products and more. Each one of your customer touch points has to deliver a consistent, easy and integrated experience. Mobile apps are enhancing customer experience According to statistics, there are almost six million apps available worldwide through the Google Play and Apple App stores. Apps can be effective for creating valuable customer experiences based on innovation and usefulness. Almost every business can extend their services on apps, from restaurants, travel, online commerce, social media, mobile gaming, sports, music, real estate, fitness, health, audio books, mobile TV and much more. Statista research estimates that mobile apps are expected to generate $188.9 billion global revenue by 2020. Businesses are creating user-friendly mobile apps to enhance customer experiences via mobile devices, increase conversions and sales. The success of mobile apps depends on key factors such as creativity, ease of use, personalization, on-demand communication, value add and more. Podcasts are in demand Podcasts function as ‘internet radio’ based on digital audio files that can be downloaded on the internet from computers and mobile devices. Podcasts sometimes also include video formats and like radio, serial new episodes are created consistently. Most podcasts can be accessed on websites, where show episodes can either be listened to in real time or downloaded for consumption at a later date. Podcasts are effective in reaching niche target audiences who subscribe to specific podcasts. Most people listen to and follow podcasts based on topics they are interested in. Specialized content means you can get your message across to a ‘narrower’ but highly interested audience. Chatbots are providing excellent customer experience Many companies have integrated chatbots into their customer service and digital channels. Chatbots are a valuable communication asset that helps drive marketing strategy and improve customer support. It is estimated that 85 percent of interactions will be with Chatbots in 2020, according to Gartner, the leading research and advisory firm. Chatbots are driven by predefined workflows, this helps drive customer engagement and facilitate faster conversions by answering questions or offering suggestions. Use of chat apps has actually surpassed the use of social media apps. Digitally engaged customers expect businesses to be available via chat and messenger apps. Hyper local geo-targeting Advertisers find tools such as geo-targeting very useful for reaching specific target markets with highly targeted ads based on locale. Geo-targeting identifies where a target market is located from region down to neighborhoods. With data points from digital devices, it is fairly easy to pinpoint locations, especially from smart devices. This is very exciting for businesses, brands and services that want to interact with their target market based on location. Innovative brands are finding new ways to create interactive customer experiences by providing hyper relevant promotions and offers. Many industries from retail, food restaurants, food stores, beauty shops, car dealers and more, can integrate geo-targeting into their marketing. Most consumers report that they don’t mind sharing their information in order to receive relevant promotions. Voice search is mainstream Google data reports that one in five searches are voice-driven. In 2020, fifty percent of online searches will be conducted via voice. Home assistants and voice apps such as Siri, Google Voice, Amazon Echo, Amazon Alexa and more, are an integral part of many people’s lives. We are increasingly relying on tools such as voice search to help us efficiently manage daily tasks. Voice search is changing how people get information and where they look for information. Google data shows that people are searching for information based on something being ‘near’ them. Target your product or service information around the ‘near me’ concept. Create relevant voice search by including specific tags, descriptions, addresses, proper links, contact information, business listings on google and much more. Deliver unique brand value Brand value is created when you deliver exceptional customer experience. If you don’t meet customer expectations, the value of your brand will decrease and so will your market share. Your brand promise not only has to be meaningful but you also need to ensure you meet commitments at every customer interaction. Competitive brands are hyper focused on creating experiences that matter to their audiences. In my blog, how to be authentic and build trust, I explained that consumers are looking for genuine experiences and interactions. Consumers don’t want to simply buy products and services, they want to relate to their favorite brands. The type of causes that you decide to champion should be unique according to your business vision and aspirations. Starbucks, the leading coffee brand and chain, focuses on creating a community experience where ‘it’s not unusual to see people coming to Starbucks to chat, meet up or even work. We’re a neighborhood gathering place, a part of the daily routine – and we couldn’t be happier about it.’ Starbucks For the 12th year in a row, Starbucks has been recognized as one of the World’s Most Ethical Companies® by the Ethisphere Institute (2018). To stay true to their community and global ethical standards, Starbucks constantly creates initiatives such as 'making coffee the world’s first sustainable agricultural product by doing their part to improve the lives of 1 million people in coffee communities around the world, building and operating the world’s largest green retail business, minimizing environmental footprint and inspiring others to do the same, strengthening communities by welcoming all and creating impact on issues that matter and many more intiatives. Hyper purpose driven partnerships Strategic marketing is more about making an impact where it matters most rather than aiming for mass level ‘hype’ marketing. In order to be effective, work with the right partners from niche agencies, influencers, consultants, digital experts, social cause groups, industry thought leaders and more. There are no set rules such as ‘big is best’ or ‘mass attention’ leads to increased profitability. Be selective and focus on how to drive value with hyper targeted strategies. Marketing like everyone else, on every platform with generic messages, will most likely deliver poor results. Collaborate with partners who are specialized and can offer you specific services to help you reach your objectives. In a hyper and evolving digital space, businesses have to hyper target their marketing and create innovative customer experience strategies. Your partners should align with your mission and add authentic ideas to increase your business competitiveness. What can you do now? Create more personalized and experiential marketing initiatives across all channels, such as websites, social media, mobile experience, instore experience and digital marketing. The aim is deeper and meaningful connections with your target market in order to build loyal relationships. This means you need to be hyper connected to your target market where they are spending their time. Gather smarter insights that will help you drive deeper customer interaction. AI, data science, machine learning and predictive analytics are tools that marketers are leveraging to create hyper targeted marketing. AI based insights means marketers can dig deeper into their customer’s buying cycle, analyze behavior patterns, predict expectations and so much more. In 2019, we can expect evolving trends in technology, Artificial Intelligence and digital platforms. Leading businesses will not only have to keep up with changing trends but they also need to be hyper innovative and deliver exceptional experiential marketing. “Competitive advantage is a company’s ability to perform in one or more ways that competitors cannot or will not match.” Professor Philip Kotler Get in touch with me if you are interested in deeper marketing insights and driving growth in a hyper engaged market. |
HOME
|