02 Oct 4 Opportunities in the era of Digital, Data and Mobile
This post outlines 4 specific areas where, despite the rolling revolution of Digital transformation, opportunity still exists.
Broadly speaking they all sit within the arena I am most familiar with, Marketing and Communications.
In future posts I will elaborate on the potential business models that could make their realisation profitable. Important because the tech bubble has allowed far too many business ideas to flourish whilst they search for a sustainable model. To mix some metaphors, we need fewer Unicorns and more real world thoroughbreds.
Competitive Intelligence for Brands.
Current provision in this arena is fraught with inaccuracy and lacks even basic insight to help inform investment decisions. This situation has been exacerbated by the explosion in digital. The sheer variety and volume of digital media has made capturing this data in the form of actionable insight, to a degree of useful granularity, impossible. There is no Market tool that can tell a Brand accurately whether, for example, for its category, it invests ahead or behind the Digital % norm. I recall one agency group chief telling me that for an FMCG pitch it took significant resource and many weeks to pull the average investment % in Digital for their own portfolio of global clients. There has to be a better way.
Data and Planning Media and Creative development.
We have not seen a new breed of Media agencies convincingly take Data into the communications planning process. And digital Data has still not found its place in a holistic approach to measuring Marketing effectiveness. And the Data Scientist and the Creative Director exist in separate universes. The discipline of Data Science is founded in decision making on a purely empirical basis, the Creative process celebrates the individual moment of “genius”. The scope for a business that develops tools and or methodologies that meaningfully fuels the Creative and Media processes systematically is enormous. As wide an opportunity as the current marketing ecosystem of agencies.
Video and Brands and Mobile.
The internet is Mobile. This raises serious challenges for Marketers. The core challenge is closing the Mary Meeker gap between Mobile share of time/attention and investment levels from Brands. For some Brands taking the Nike approach to Mobile the answer is in Apps and Utility. If however we believe that for most Brands the answer is Video (not the current crop of online derived, derided, creative possibilities) then we have to consider what sort of business model can produce Video in volume at high velocity, valence and in a manner that does not just reformat TV ads.
Data and the Marketing Organisation.
In areas as diverse as Sales, CRM, Product development and Logistics the opportunity for actionable insight to bring clear benefits to a business are multifarious. There are however significant barriers. The fact that Data sits in silos. The resultant lack of any appreciation of the Data value in a business. The lack of expertise in how different Data sets could be reconciled. This can be best summed up as the difference between a Puzzle and a Mystery. A Puzzle is where there is an inadequate amount of data to answer a question. A Mystery is where the data exists, perhaps in abundance, but no answer has been discerned. Most organisations have enough Data already to solve their individual mysteries, but not the adequate means of doing so. What would the first key step in this process look like?
Source from Simon Burgess
Experienced Leader in Media, Digital, Data, Marketing Tech and Mobile