tag:econsultancy.com,2008:/topics/strategy-operations Latest Strategy & Operations content from Econsultancy 2017-01-16T11:47:44+00:00 tag:econsultancy.com,2008:BlogPost/68701 2017-01-16T11:47:44+00:00 2017-01-16T11:47:44+00:00 The impact of the sharing economy on retail Nikki Gilliland <p>One industry that has yet to see much disruption from this area is retail. By 2025, however, it is predicted that the sharing economy will be worth a whopping $335bn.</p> <p>Will fashion and retail brands see a slice of the pie?</p> <p>Here’s a closer look at the opportunities (or dangers) the sharing economy presents and how it has already had an impact.</p> <h3>Why is the sharing economy such big business?</h3> <p>Now more than ever, there is a huge demand for services within the sharing economy, with benefits ranging from convenience to <a href="https://econsultancy.com/blog/68097-purchase-with-purpose-how-four-brands-use-social-good-to-drive-consumer-loyalty/" target="_blank">social good</a>.</p> <p>According to <a href="http://www.pwc.co.uk/issues/megatrends/collisions/sharingeconomy/the-sharing-economy-sizing-the-revenue-opportunity.html" target="_blank">PWC research</a>, 86% of US adults who are familiar with the sharing economy agree that it makes life affordable.</p> <p>Similarly, 76% agree that it’s better for the environment, and 63% say it’s more fun than engaging with traditional companies.</p> <p><img src="https://assets.econsultancy.com/images/0008/3017/PWC.JPG" alt="" width="650" height="340"></p> <p>Meanwhile, we’re forever being told that millennials in particular are keen to forgo possessions for a more pared-down lifestyle – with <a href="http://www.cnbc.com/2016/05/05/millennials-are-prioritizing-experiences-over-stuff.html" target="_blank">73% preferring to spend money on experiences</a> rather than material goods.</p> <p>Altogether, does this mean young people are turning towards non-traditional retail?</p> <h3>A new kind of retail</h3> <p>With just 2% of Americans having engaged in a retail-based transaction in the sharing economy - a much lower percentage compared to entertainment or automotive sectors - it's not a trend that's taken off just yet. </p> <p>However, we have certainly seen some disruption from online marketplaces, with consumer willingness to buy and sell online fuelling the rise of sites like eBay and Etsy. </p> <p>When it comes to the more specific notion of <em>sharing</em> – i.e. borrowing or renting - we’ve also seen a number of companies find success.</p> <p>Sites like Rent the Runway and Beg, Borrow or Steal are built on the idea that consumers can’t afford to buy luxury goods or simply don’t want to spend over the odds, so they offer rental as a short-term alternative instead. </p> <blockquote class="twitter-tweet"> <p lang="en" dir="ltr">Looking better at brunch thanks to <a href="https://twitter.com/RenttheRunway">@renttherunway</a>. Obsessed with these <a href="https://twitter.com/Nike">@nike</a> pants <a href="https://t.co/FwYyUj9qKj">https://t.co/FwYyUj9qKj</a> <a href="https://t.co/YHCUD2RKCo">pic.twitter.com/YHCUD2RKCo</a></p> — Kayleigh Harrington (@Kayleigh_H) <a href="https://twitter.com/Kayleigh_H/status/782273719351832580">October 1, 2016</a> </blockquote> <p>Interestingly, it’s not only luxury brands that are capitalising on peer-to-peer demand.</p> <p>More recently, we’ve seen an influx of new brands appear. The likes of Vigga, a subscription-based service for pre-worn baby clothes, and Poshmark, a way to buy and sell lower-price fashion, demonstrate that it’s not always about getting designer dresses on the cheap.</p> <p><iframe src="https://player.vimeo.com/video/154178062" width="640" height="360"></iframe></p> <p>Whether it’s giving into demand for disposable fashion or offering a way to dress sustainably – retailers are using the sharing economy to provide greater value for consumers.  </p> <h3>Opportunities and challenges</h3> <p>Of course, borrowing or recycling consumer goods is a little different than sharing accommodation or music. There is a behavioural mind-set that most people have when it comes to what they wear or items they use on a day to day basis, and it's very different compared to what they listen to or how they travel. </p> <p>Perhaps this reflects why just a small percentage of consumers are aware of or currently use sharing economies within retail.</p> <p>But is it due to less demand, or fewer opportunities for consumers? </p> <p>That’s not to say that existing brands aren’t beginning to recognise potential value, but many understand that there are far more stumbling blocks for retailers than utility-based companies.</p> <p>While an Uber, for example, is on-demand, guaranteeing that customer needs are met within the shortest possible time-frame - a product-based company has to deal with additional factors like inventory and delivery. </p> <p>One solution to this is sharing the supply chain, meaning that retailers will partner with existing companies to help facilitate services.</p> <p>We've already seen examples of this.</p> <p>Patagonia, the outdoor apparel retailer, has partnered with the freecycle startup Yerdle to encourage the recycling and reusing of its clothing. Similarly, Walgreens has also gone down the partnership route, teaming up with TaskRabbit to deliver its products to customer’s homes.</p> <p>There are many benefits to this tactic, a couple of which include:</p> <h4>Improved brand perception</h4> <p>By embracing the sharing economy, brands can bring awareness to the wider positive values they uphold. Sustainability, inclusivity, functionality – these are all benefits that this business model evokes, and that consumers increasingly care about.</p> <h4>Building community</h4> <p>In turn, the sharing economy helps build trust. By creating a more emotional connection, through both the aforementioned values and sense of community that ‘sharing’ evokes, consumers are more likely to return and remain loyal.</p> <h3>In conclusion…</h3> <p>The concept of the sharing economy is certainly not easy for retail brands to implement, with logistical factors and consumer preferences still being big barriers.</p> <p>However, with the aforementioned benefits, it is a tempting opportunity for existing companies to consider.</p> <p>With a growing number of startups fulfilling desires for greater connection with brands, sustainable values and a minimal lifestyle - there could be further disruption to come.</p> <p><em>For more on the sharing economy, read:</em></p> <ul> <li><em><a href="https://econsultancy.com/blog/66351-how-will-crowdsourcing-and-the-sharing-economy-develop-in-the-next-five-years/">How will crowdsourcing and the sharing economy develop in the next five years?</a></em></li> <li><em><a href="https://econsultancy.com/blog/68375-airbnb-how-its-customer-experience-is-revolutionising-the-travel-industry/">Airbnb: How its customer experience is revolutionising the travel industry</a></em></li> </ul> tag:econsultancy.com,2008:BlogPost/68427 2016-12-22T11:00:00+00:00 2016-12-22T11:00:00+00:00 A day in the life of... a location intelligence expert Nikki Gilliland <p>If you're keen to enter into the world of digital marketing or find a new path, make sure you check out our <a href="https://jobs.econsultancy.com/" target="_blank">digital jobs board</a>. </p> <h3>Please describe your job: What do you do? </h3> <p>Being Europe’s general manager for <a href="https://www.near.co/">Near</a> is a big responsibility, but it also gives me a first look at how emerging developments in <a href="https://econsultancy.com/blog/67418-what-is-location-based-advertising-why-is-it-the-next-big-thing/" target="_blank">location-based</a> technology are changing the way we live.</p> <p>Essentially, the buck stops with me for all new business opportunities and operations in the region, which means I cover everything from sales and marketing to account management.</p> <p>It’s my job to boost efficiency, stay ahead of location intelligence trends — and competitors — and most importantly, ensure revenue is always optimised.   </p> <p><img src="https://assets.econsultancy.com/images/0008/0445/Ken_Parnham.jpg" alt="" width="600"></p> <h3>Whereabouts do you sit within the organisation? Who do you report to? </h3> <p>I’m directly involved with multiple everyday functions and higher level strategy, which puts me right in the middle of things.</p> <p>My position is a vital link between our business in Europe and the wider world, so I work closely with the Chief Revenue Officer, who I also report to.</p> <h3>What kind of skills do you need to be effective in your role? </h3> <p>Agility and listening are essential in an industry that evolves as rapidly and as often as technology.</p> <p>There’s a constant flow of new devices, apps and concepts that alter consumer behaviour, so the ability to quickly understand and cut through the complexity is invaluable. </p> <p>Communication is also crucial to maintain momentum. As part of a global organisation, my team needs to be completely aligned with the rest of the business and working towards the same core goals, which means I need to keep them informed and on track.  </p> <h3>Tell us about a typical working day</h3> <p>Digital technologies are by nature ever-changing and two days are rarely the same, but a good day is a frequent occurrence. </p> <p>On good days, my schedule might run something like this: an early start to answer urgent emails, tackle larger strategic issues and liaise with our headquarters in Singapore, then head into the office to catch up with my team and run through a pitch scenario, followed by a meeting with an existing client in the afternoon.  </p> <p>Exploring ways to expand our business and better meet client needs is an integral part of what I do, so refining pitching skills to make sure prospects see what our technology can do for them and checking in with clients to understand what they need are very important.</p> <p><img src="https://assets.econsultancy.com/images/0008/2609/Screen_Shot_2016-12-21_at_16.07.30.png" alt="near.co" width="615" height="231"></p> <h3>What do you love about your job? What sucks? </h3> <p>I feel privileged to be working in an industry at the vanguard of digital innovation.</p> <p><a href="https://econsultancy.com/blog/67000-seven-steps-to-building-a-successful-mobile-data-capture-model/" target="_blank">Mobile data</a> and the insights it generates are creating new possibilities in every sector — location intelligence is already improving targeting efficiency in retail and marketing, alongside healthcare, city planning, and government-level decisions.</p> <p>It’s incredible not just to be part of this revolution, but also to have been there from the beginning. </p> <p>Like any job, there are things that aren’t perfect, but fortunately there aren’t many of them. Sometimes not having as much time, as there are new avenues to explore, can suck. </p> <h3>What kind of goals do you have? What are the most useful metrics and KPIs for measuring success? </h3> <p>There are three key metrics I gauge success by: revenue, market disruption, and workplace culture. </p> <p>Revenue is, of course, a priority for any business but I strive to ensure the majority of it comes from repeat business — not only because this it makes for a sustainable inflow but also because it means we are delivering what our clients want, which is what matters most. </p> <p>Creating disruption and a good working environment go hand in hand. If my team have room to build their skills and are passionate about what they do, our offering will continuously improve, helping us to outpace competitors and influence the global marketplace. </p> <h3>What are your favourite tools to help you to get the job done? </h3> <p>My team are unquestionably the best weapon I have. They are experts in their field who are not content with ‘good enough’ — constantly striving to push boundaries, perfect our services, and find new ways to meet client challenges.</p> <p>Sophisticated technology is a necessity, but having a team that wants to get the best out of it is what inspires me.</p> <p>I believe you should never forget to take time with your recruitment policy; your people will be the foundation of your success.    </p> <h3>How did you get started in the digital industry, and where might you go from here? </h3> <p>I’ve always been fascinated by digital technology and its potential to streamline and enrich our everyday lives.</p> <p>About 18 years ago, I decided to develop my proficiency with the tools of the trade by becoming a computer programmer. I haven’t looked back since.</p> <p>The beauty of this industry is that you never know where it’s going next, but whatever comes next, it’ll be too exciting to miss, so I hope to be there at the centre of it all. </p> <h3>Which brands do you think are doing digital well?</h3> <p>Digital is such a fundamental element of branding now that examples of good usage are everywhere, but if I had to pick I’d say the <a href="https://econsultancy.com/blog/63577-how-virgin-used-big-data-to-inform-its-new-content-strategy/" target="_blank">Virgin Group</a> and <a href="https://econsultancy.com/blog/67541-10-delicious-digital-marketing-campaigns-from-mcdonald-s/" target="_blank">McDonald’s</a> do it especially well.</p> <p>As international, recognisable brands you might not expect them to spend time trying new digital technologies. But there is a reason they are at the top and it’s because they keep pushing the envelope and embracing digital advances.</p> <p>It impresses me every time I meet with them. </p> <h3>Do you have any advice for people who want to work in the digital industry? </h3> <p>Ask questions all the time. The digital industry doesn’t stand still; the number of providers, technologies, sectors and trends it contains is always expanding, and your knowledge base needs to grow with it.</p> <p>It can be hard work, but the rewards make it more than worthwhile. Dive in! </p> tag:econsultancy.com,2008:Report/4351 2016-12-08T15:40:00+00:00 2016-12-08T15:40:00+00:00 The New Marketing Reality <p>There can be no doubt that marketers are keen to embrace new platforms and technologies to help them drive growth. Sadly, it would appear that there is still a <strong>gap between those goals and the methods they have at their disposal to achieve them</strong>.</p> <p>The challenge is that while new technologies and the data that underpins them have the potential to create a truly omnichannel customer experience, marketers' methodologies are still forcing everything through the same <strong>outdated, siloed processes</strong>.</p> <p><strong>The traditional funnel no longer works.</strong> It assumes audiences are linear and predictable in their behaviour. At the same time, it doesn't take into account the fact that people will act the way they want to act, rather than sticking to a sequence designed by marketers.</p> <p>To help marketers break free from these processes that are stopping them from capitalising on the opportunities that more agile, disruptive companies are enjoying, this report identifies some <strong>key areas ripe for change</strong>.</p> <p><strong>The New Marketing Reality</strong> report, produced in association with <a title="IBM Watson Marketing" href="https://www.ibm.com/watson/marketing/">IBM Watson Marketing</a>, explores the challenges that marketers face in the three key battlefields of data, customer experience and business outcomes.</p> <p>The research is based on a survey of <strong>more than 1,000 marketing, digital and ecommerce professionals</strong>.</p> <p>Findings include:</p> <ul> <li> <strong>Audience segmentation</strong> is the topmost priority, with 72% of executives stating that they are using their data to support this activity. It is viewed as a standard tactic by even the most laggard of companies. The next most popular data-related activity is <strong>customer journey mapping</strong>, with 67% practising it.</li> <li>The vast majority (80%) of those who rate their ability to understand the customer journey across channels and devices as 'advanced' or 'intermediate' find customer journey mapping or analysis 'highly valuable' and the remaining 20% claim it is 'quite valuable'.</li> <li>Most respondents are still <strong>finding it hard to move out of the channel-focused mindset</strong>, hampered by both technology and organisational structure.</li> <li>Considering that 83% of more advanced companies claim to practise customer journey mapping, we might expect less channel focus but 59% still have <strong>difficulty unifying their data sources</strong> and a further 61% are struggling with the <strong>complexity of their customer touchpoints</strong>.</li> <li>From a business buy-in and organisational perspective, there is still some work to do. The customer journey is still to see the sort of formalised approach that data strategies are only now beginning to enjoy.</li> </ul> <p><strong>Download a copy of the report to learn more.</strong></p> tag:econsultancy.com,2008:BlogPost/68612 2016-12-08T14:21:54+00:00 2016-12-08T14:21:54+00:00 How the Internet of Things will fundamentally change marketing Seán Donnelly <p>It’s always nice to receive comments and questions on posts as they provide great opportunities for us here at Econsultancy to challenge our own thinking. </p> <p>In this case, the subscriber asked about the implications of IoT for marketing and in particular digital marketing. These questions provide a nice opportunity to delve a bit more deeply into the topic that perhaps I didn’t do well enough in my first post.</p> <p>With that in mind, let’s start with marketing.</p> <h3>What are the links between IoT and marketing?</h3> <p>Perhaps this isn’t articulated clearly enough in my earlier post despite my intent. I would suggest that the link between IoT and marketing may depend upon how one views the role of marketing.</p> <ol> <li> Is marketing a tactical activity that focuses on the 4Ps of product, price, place and promotion?</li> <li> Or is it a broader strategic activity that positions marketing as the key function of a business?</li> </ol> <p>I would take the second view. If the goal of a business is to create and satisfy a customer, then marketing and product / service innovation are the key strategic activities that add to the bottom line.</p> <p>If we expand on that view even further, then it is up to marketers to understand the market. This means understanding consumer demand and continually observing the competitive landscape.</p> <p>Clearly this positions marketers as leaders and every other business function as a supporting activity.</p> <h3>Strategic marketing</h3> <h4>IoT and the competitive landscape</h4> <p>If we take this second view and then we need to be aware of what impact the Internet of Things might have on our competitive environment.</p> <p>In my earlier post I provided examples of how GE changed its business model from focusing on transactional relationships to designing systems to tap into closer client relationships, effectively making clients more reliant on GE and so making it difficult for those clients to change provider.</p> <p>And so I think marketers will need to consider what impact IoT may have in terms of the key competitive forces at play in their own industries. By competitive forces I am referring to bargaining power of suppliers and buyers and threats of new entrants and substitutes.</p> <p><img src="https://assets.econsultancy.com/images/0008/2255/Uber_homepage.png" alt="" width="800" height="419"></p> <p>I mentioned Uber which is effectively mobile software that connects passengers with drivers of vehicles for hire. Before the saturation of smartphone usage, Uber may not have succeeded. Here’s why.</p> <p>Buyers (of taxi services) had less bargaining power and for the taxi industry, the threat of new entrants was moderate.</p> <p>In countries with regulated taxi industries, drivers have to study and take tests to be awarded with a license to drive a public service vehicle. They may also have to spend a lot of money to purchase their taxi license and in some jurisdictions, a specific vehicle for taxiing; a black cab for example.</p> <p>Uber has bypassed much of this red tape although in fairness, regulatory bodies in many countries are scrambling to catch up due to concern about safety and protecting incumbent players. Since its launch in San Francisco in 2010 it has expanded into over 20 countries and significantly disrupted the taxi industry.</p> <p>In my first post I discussed attending Web Summit. Considering so many companies at Web Summit want to be the next Uber of [insert industry!], then marketers really do need to consider the impact that ubiquitous connectivity of devices with each other, the internet and the wider environment might have on their industry.</p> <p>They may consider this from a defensive point of view but equally, they may see it as an opportunity to innovate and find ways to create new and better customer experiences.</p> <h4>IoT disrupting industries</h4> <p>While taxi drivers couldn’t see Uber coming, car manufacturers can see self-driving coming. Beyond Uber, connected cars may be the most familiar example of IoT related technology.<br> </p> <p>Connected cars, autonomous driving systems, artificial intelligence and cloud computing are driving huge changes for car manufacturers. IoT has had a hand in all of these. </p> <p>IoT related technologies are going to redefine the automotive industry. Car manufacturers are now finding themselves operating in an environment where they need to keep an eye on the likes of non-traditional competitors like Tesla, Google and Apple. Two of these companies didn’t exist 20 years ago.</p> <p>IoT can enable new approaches to driving and potentially new business models:</p> <ul> <li>A landscape of connected cars could lead to a significant uptake in autonomous vehicles that can communicate with other vehicles, traffic management systems and sensors in the road to manage safety and optimise journey routes.</li> <li>IoT can and perhaps is turning car manufacturers into technology companies. Like mobile phones before cars, could cars, like mobile devices (think Nokia) become secondary to the software that is running them?</li> <li>Like the GE example I provided before, sensors in cars can create new services models, giving owners a better understanding of how their vehicles are running and predict potential breakdowns.</li> <li>Internet-enabled sensors in cars can also monitor driver behaviour and so also be used by insurance companies to charge more appropriate premiums.</li> <li>Car mobility data could be used by marketers to figure out ways to target drivers / passengers with personalised offers.</li> <li>For the likes of Google and Apple, companies which have entertainment platforms, they might also make money from selling in car services and entertainment. This makes sense if passengers aren’t actively involved in driving and so can spend time on other pursuits.</li> <li>If a connected car can recognise that something is wrong, it can diagnose the issue and optimise the driving experience to manage the issue. For example, it could turn off air conditioning to conserve energy. It could also communicate with other cars around it to identify that there is a potential issue and also find the closest service centre.</li> <li>In fact, a new connected landscape could lead to an end to car ownership altogether as more and more peer-to-peer services proliferate. In London at least, there are ZipCars in many neighbourhoods. </li> </ul> <p>As well as new opportunities, car manufacturers will also need to think about software security and the risk of being hacked.</p> <p>That changes the paradigm for tactical marketing in terms of producing communications not just about car performance and safety but also cyber security.</p> <h3>Tactical marketing</h3> <p>Let’s bring things back to a more tactical level and look at what IoT could mean for digital marketing in particular.</p> <p>I mentioned in the previous post that IoT could enable marketers to provide enhanced value and services. I also mentioned that IoT can provide real-time, contextualised data that can come from many touchpoints over a period of time.</p> <p>Let’s dig a bit deeper. The keywords here are touchpoints and data and could lead to functional changes in terms of how marketers do their jobs.</p> <p><a href="https://econsultancy.com/reports/quarterly-digital-intelligence-briefing-2016-digital-trends/">Econsultancy’s 2016 Digital Trends report</a> found that seven out of 10 respondents identified the mapping of the customer journey as a strategic priority for the next few years. This suggests getting an understanding of touchpoints along that journey, both online and offline.</p> <p>The beauty of IoT is that the deployment of internet-enabled sensors could provide marketers with real-time, contextualised data from online and offline touchpoints over a period of time. In this sense, IoT may provide marketers with the final piece of the jigsaw that’s been missing to provide a unified approach to marketing activities, online and offline.</p> <p>Consider that in Econsultancy’s 2016 Digital Trends report, personalisation and content optimisation topped the priority list for marketers this year.</p> <p>However only 20% of marketers have an actionable ‘single customer view’ that combines data sources about individuals (Source: <a href="https://econsultancy.com/reports/quarterly-digital-intelligence-briefing-the-pursuit-of-data-driven-maturity/">Quarterly Digital Intelligence Briefing: The Pursuit of Data-Driven Maturity</a>). Clearly there is a huge disconnect between the aspiration of truly personalised marketing communications and the reality.</p> <h3>Analytical marketing </h3> <p>As internet-enabled sensors such as beacons become more prevalent, the implications may be significant. I would suggest that the data from those sensors may be used to enable marketers to more accurately map offline touchpoints and develop a single customer view based on online and offline behaviour.</p> <p>This could lead to all sorts of functional changes to marketing activities:</p> <ul> <li>Real-time market research versus traditional market research methodologies.</li> <li>Access to a single customer view.</li> <li>Ability to deliver real-time, contextualised and personalised communications depending on where a customer is in their decision journey.</li> <li>Access to data that can be used not just for personalised marketing activities but also to inform product and strategic decision making. </li> </ul> <p>Consider that a million connected devices sending an update two times per second create the equivalent of 333 times the number of tweets per second that Twitter has to deal with.</p> <p>Then consider that Cisco forecasts 50bn such devices by 2020. That’s a lot of data to slice and dice. </p> <p>As organisations continue along their journey to digital maturity, marketers will be expected to deal in proven and impactful metrics. IoT may provide some of those metrics.</p> <h3>IoT and Customer Experience</h3> <p>A world of interconnectivity provides an opportunity to improve products and services in real time. </p><p>IoT could provide marketers with the information that they need to improve customer experiences and thereby effectively balance marketing activities between customer acquisition and customer retention.</p> <p>Clearly this has implications for the marketing function in terms of budgeting, operations, service design and approach to advertising. Interestingly, the concept of <a href="https://econsultancy.com/blog/67168-so-what-exactly-does-customer-experience-cx-mean/">Customer Experience (CX)</a> has been gaining traction in recent years as a key strategic priority for many organisations to create sustainable competitive advantage.</p> <h3>Conclusion </h3> <p>Ubiquitous availability of bandwidth, limitless computational capacity via cloud computing as well as near infinite amounts of storage means that we are increasingly going to see new and innovative use cases for IoT.</p> <p>In fact, I would suggest that the Internet of Things will bring things that we can’t even predict yet.</p> <p>With that in mind, I recall the words of <a href="https://econsultancy.com/blog/68374-10-quotes-from-unilever-cmo-keith-weed-at-the-festival-of-marketing-2016/">Keith Weed, CMO of Unilever when he spoke at our Festival of Marketing in October</a>. On the subject of learning, experimentation and success, he said “Pull the future forward and the outside in”.</p> <p><img src="https://assets.econsultancy.com/images/0008/2261/keith_weed.jpg" alt="" width="271" height="271"></p> <p>As we move towards an ‘Internet of Everything’ the only constant left on the table for marketers is that change is inevitable. The goal of this post and my original post is to encourage marketers to think about IoT beyond what it can do to support marketing campaigns today.</p> <p>With that in mind, as marketers I think we need to keep our eye on the horizon and consider what IoT means for us as professionals, for our business and for our industry.</p> <p>As always, comments, critique, questions and positive discussion are most welcome. It will be interesting to see how industries will continue to change as consumers acquire more internet-enabled devices and more of our everyday products are connected to the internet.</p><p>Econsultancy has published a <a href="https://www.econsultancy.com/search/?q=internet%20of%20things&amp;only=BlogPost" target="_self">number of blogs about the Internet of Things</a> as well as these reports:</p> <ul> <li><a href="https://www.econsultancy.com/reports/a-marketer-s-guide-to-the-internet-of-things" target="_self">A Marketer’s Guide to the Internet of Things</a></li> <li> <a href="https://www.econsultancy.com/reports/a-marketer-s-guide-to-wearable-technology" target="_self">A Marketer’s Guide to Wearable Technology</a> </li> </ul> <p>Readers may also be interested in <a href="https://econsultancy.com/reports/predictive-analytics-report/">Econsultancy’s Predictive Analytics Report</a>, published in association with RedEye.</p> <p>This report looks at adoption levels of predictive analytics and the types of strategies and tactics organisations are using.</p> tag:econsultancy.com,2008:TrainingDate/3116 2016-12-05T07:27:14+00:00 2016-12-05T07:27:14+00:00 Fast Track Digital Marketing - Malaysia <p><strong>UK and Malaysia Most Popular Digital Marketing Course is now fully refreshed! </strong></p> <p>An intensive 3-day course covering a complete overview of digital marketing disciplines, understanding the digital marketing spectrum from paid search, display advertising to big data, marketing automation and content marketing. Learn to build powerful online strategy and review best practice case studies. </p> tag:econsultancy.com,2008:TrainingDate/3108 2016-12-02T05:10:31+00:00 2016-12-02T05:10:31+00:00 Social Media and Online PR - Singapore <p>This intensive 2-day course is UK’s most popular introduction to social media marketing and online PR training. This is a great place to start understanding the impact of social media like Facebook, LinkedIn and Youtube on your business and how to take advantage of these opportunities for your business.</p> tag:econsultancy.com,2008:TrainingDate/3106 2016-12-02T04:58:50+00:00 2016-12-02T04:58:50+00:00 Fast Track Digital Marketing - Singapore <p>This intensive 3-day course is a great place to start your digital marketing training. The course gives you a complete overview of the exciting areas of digital marketing, knowledge on how to effectively leverage the new media and integrate them into your overall marketing strategy.</p> tag:econsultancy.com,2008:BlogPost/68570 2016-11-29T16:34:00+00:00 2016-11-29T16:34:00+00:00 Consultancies are buying agencies: What does it mean for marketing? Ben Davis <h3>Consultancies are swiftly targeting a demand</h3> <p>Just look at the top five agencies based on UK billings, taken from Econsultancy's <a href="http://digitalagencies.econsultancy.com/">Top 100 Digital Agencies report</a> published in June 2016.</p> <p>Three big IT and management consultancies, IBM, Accenture and Deloitte have successfully targeted the demand for digital and media, particularly within larger companies that are still getting to grips with their own <a href="https://econsultancy.com/training/digital-transformation/">digital transformation</a>. </p> <ol> <li> <p>IBM iX - £191,673,395</p> </li> <li> <p>Accenture Interactive - £176,527,487</p> </li> <li> <p>SapientNitro - £165,433349</p> </li> <li> <p>BAE Systems - £77,741,561 </p> </li> <li> <p>Deloitte Digital UK - £75,000,000</p> </li> </ol> <p>How have they done it?</p> <h3>'The customer journey' is the new mantra</h3> <p>Ashley Friedlein, Econsultancy founder, puts it best in his introduction to that Top 100 Digital Agencies report.</p> <p>"Historically separate parts of the customer funnel, managed by agencies, tech vendors, system integrators and consultancies, are coming together," Ashley says.</p> <p>He adds, "The merge is forming a single view of the customer journey where there is data visibility, tracking and tech inter-operation throughout the funnel."</p> <p>Consultancies, with their experience of strategy and technology implementation, were well placed to complete the loop and have been doing so through acquisitions.</p> <p>Accenture was already handling strategy, technology and infrastructure, so it began adding digital marketing, notably with design business Fjord in 2013, and now with Karmarama.</p> <p>Karmarama sees itself as an agency that unites brand with experiences, and Accenture in its press release refers to the Accenture Interactive division as 'experience architects'.</p> <p>So, whether implementing a CRM system or designing a mobile website, the mantra is the same - it's all about the customer journey/experience.</p> <p><img src="https://assets.econsultancy.com/images/0008/1880/journey.jpg" alt="customer joruney" width="456" height="255"></p> <h3>Scale <em>and</em> specialism are imperative for big wins</h3> <p>A certain scale of agency is required to think big about customer experience. If an agency is to develop new revenue streams for a client, it must have wide and deep expertise.</p> <p>If you go back to that top five list above, you may notice that since June, SapientNitro has reformed, merging with Razorfish (also part of Publicis.Sapient).</p> <p>Scale was the rationale here, as well. In a statement, Publicis.Sapient CEO Alan Herrick said: "By creating SapientRazorfish, and by implementing a more integrated management structure, we are combining the very best digital and technology assets in one combined unit."</p> <p>The biggest agency win of the year is also relevant here. 2016 saw Omnicom Group placed in charged of both McDonald's media and creative (the entire account).</p> <p>Omnicom agencies will be selected based on their expertise, and Mark Ritson writing for Marketing Week states that this may represent an advantageous middle ground.</p> <p>He puts it thus:</p> <p>"Does the surfeit of communication options require a single integrated agency? Or should a client hand-pick the best dedicated agency to handle each specific medium or channel?"</p> <p>"...The former suggests a ‘jack of all trades, master of none’ mentality. The latter alternative requires the client to essentially become the integrator of non-aligned, openly hostile competitive firms."</p> <p>"...It would appear that McDonald’s prefers a middle position – a large holding company that can offer a range of specialist agencies but all within the single operating group."</p> <p>How is this relevant to Accenture? Well, its acquisitions give it a greater degree of specialism <em>and</em> scale.</p> <p>However, as Accenture concentrates on creating experiences and revenue (rather than perhaps traditional advertising), it is understandable that in a <a href="http://uk.businessinsider.com/why-accenture-acquired-karmarama-2016-11">recent interview with Business Insider</a>, executives involved in the Karmarama deal are talking about entrepreneurialism and new revenue streams, rather than a 'holding company' ethos.</p> <p>Being big and small is no easy task, but acquisition is one way to achieve it, especially when these agencies have good existing knowledge of their clients.</p> <p><img src="https://assets.econsultancy.com/images/0008/1881/t_shape.png" alt="t-shape" width="225" height="225"></p> <h3>Campaigns are out (and skills are moving in-house)</h3> <p>As Accenture Interactive's MD Donna Tuths <a href="https://contently.com/strategist/2016/07/29/can-accenture-take-over-advertising/">told Contently earlier this year</a>, when talking about digital, “I see many of these things as no longer being the domain of agencies.”</p> <p>“[Clients are] starting to see the folly in trusting their brands to short-term, campaign-driven partners.”</p> <p>This is back to the customer experience mantra. It doesn't make sense for agencies to concentrate on short-term success in a particular channel, when they can be crafting channel-neutral, always-on campaigns.</p> <p>Clients are bringing more skills in house and are altogether more comfortable managing campaigns in maturing digital channels, which previously might have been unique to agencies.</p> <p>What these clients need is help with the blend of tech integration, strategy and creative on larger projects.</p> <p>As consumers raise their expectations of personalised experiences, agencies must be better able to combine creative with <a href="https://econsultancy.com/blog/67745-15-examples-of-artificial-intelligence-in-marketing/">machine learning and data</a>.</p> <p>Creativity has to be applied broadly, not turned on and off.</p> <h3>Consolidation is just a fact of life in a growing industry</h3> <p>Independent agency owners are taking the money as they realise the difficulty in trying to offer 'full service' in a market in which tools and services are proliferating.</p> <p>Research from Luma Partners showed 72 merger and acquisition events in Q1 2016 (in adtech, martech and creative).</p> <p>At this year's Festival of Marketing, <a href="https://www.marketingweek.com/2016/10/05/sir-martin-sorrell-facebook-cannot-claim-a-three-second-view-is-the-same-as-a-tv-ad/">Sir Martin Sorrell said</a> he expects consolidation to continue apace.</p> <h3>In summary...</h3> <p>Slowly but surely, the word digital is becoming redundant. Digital is increasingly just an aspect of marketing now; an aspect of business.</p> <p>Acquisitions and the greater influence of business consultancies are therefore not surprising.</p> <p>Tech is being bundled into strategy, and the broader question is whether this necessitates different business strategies, with greater focus on long-term revenue and diversification, design leadership and customer need.</p> <p>I'll leave the last words to one agency, commenting for our Top 100 Digital Agencies report, which said: “We need to find the right balance of structure and process versus the need for fluidity and dynamism to service our ever-evolving client needs."</p> <p>"The agency landscape is facing a rethink and having told our clients that technology is changing their communications relationships, we must continue to turn the spotlight on ourselves by trialling different models to support an increasingly diverse range of outputs that stem from a cohesive narrative.” </p> <p><em>For further reading on this trend, download <a href="https://econsultancy.com/reports/the-future-of-agencies/">Econsultancy’s Future of Digital Agencies Report</a>.</em></p> tag:econsultancy.com,2008:BlogPost/68565 2016-11-28T09:18:14+00:00 2016-11-28T09:18:14+00:00 Four top digital priorities for B2B marketers: Report Nikki Gilliland <p>Here are some key charts taken from our latest B2B Digital Trends report in association with Adobe, highlighting four areas of focus right now. </p> <h3>Playing catch up on content optimization </h3> <p>While the below chart shows content optimization to be the biggest digital priority for B2B organizations in 2016, it is interesting to note that this was top for B2C marketers two years ago.</p> <p><img src="https://assets.econsultancy.com/images/0008/1779/Top_priorities_in_2016.JPG" alt="" width="743" height="589"></p> <p>Today, while optimization still remains important for B2C, personalization and targeting have taken precedence.</p> <p>If this is anything to go by, it wouldn’t be a surprise to see B2B marketers citing the same in 12 to 24 months down the line. </p> <p>For now, catching up on optimization remains the most pressing matter, as does marketing automation, in part reflecting the continued importance of email campaigns.</p> <h3>Data-driven marketing will be key</h3> <p>Looking even further into the future, it appears that B2B marketers aren’t thinking too much in terms of technology innovation or major channel shifts. </p> <p>Rather, they foresee improvement within a current area of opportunity – data. </p> <p>More specifically, mastering the tools needed to analyse customer data correctly and optimize the customer experience.</p> <p><img src="https://assets.econsultancy.com/images/0008/1780/Five_years_time.JPG" alt="" width="760" height="578"></p> <p>While B2B marketers clearly understand the opportunity data presents, many companies report barriers due to lack of training, resources and involvement from management.</p> <h3>Implementing a strategy to underpin CX</h3> <p>With optimising customer experience cited as the most exciting opportunity now <em>and</em> in five years – what are the elements needed to achieve it?</p> <p>On a scale of one to five, 50% of marketers rank strategy as ‘most important to success’.  </p> <p>While the aforementioned element of data is crucial to developing compelling customer experiences, it is likely to be lost without an overarching strategy to guide decision-making.</p> <p><img src="https://assets.econsultancy.com/images/0008/1781/Strategy_for_CX.JPG" alt="" width="735" height="573"></p> <h3>Optimising across multiple touchpoints</h3> <p>Lastly, we can see that a big priority for B2B marketers is bringing together all of the above, combining them to create a seamless experience for customers across all channels.</p> <p>Despite <a href="https://econsultancy.com/blog/68474-b2b-digital-marketing-trends-for-2017-finally-catching-up-with-b2c" target="_blank">a lack of focus on mobile</a>, delivering a consistent message across all customer touchpoints is still thought to be most important priority.</p> <p><img src="https://assets.econsultancy.com/images/0008/1782/mobile_optimization.JPG" alt="" width="740" height="575"></p> <p><strong>For lots more information, download the full <a href="https://econsultancy.com/reports/b2b-digital-trends-2016-2017/" target="_self">B2B Digital Trends report</a>.</strong></p> tag:econsultancy.com,2008:Report/3008 2016-11-23T09:45:00+00:00 2016-11-23T09:45:00+00:00 Internet Statistics Compendium Econsultancy <p>Econsultancy’s <strong>Internet Statistics Compendium</strong> is a collection of the most recent statistics and market data publicly available on online marketing, ecommerce, the internet and related digital media. </p> <p><strong>The compendium is available as 11 main reports (in addition to a B2B report) across the following topics:</strong></p> <ul> <li><strong><a href="http://econsultancy.com/reports/advertising-media-statistics">Advertising</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/content-statistics">Content</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/customer-experience-statistics">Customer Experience</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/web-analytics-statistics">Data and Analytics</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/demographics-technology-adoption">Demographics and Technology Adoption</a></strong></li> <li><strong><a href="http://econsultancy.com/uk/reports/ecommerce-statistics">Ecommerce</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/email-ecrm-statistics">Email and eCRM</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/mobile-statistics">Mobile</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/search-marketing-statistics">Search</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/social-media-statistics">Social</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/strategy-and-operations-statistics">Strategy and Operations</a></strong></li> <li><strong><a title="B2B Internet Statistics Compendium" href="http://econsultancy.com/reports/b2b-internet-statistics-compendium">B2B</a></strong></li> </ul> <p>Updated monthly, each document is a comprehensive compilation of internet, statistics and online market research with data, facts, charts and figures.The reports have been collated from information available to the public, which we have aggregated together in one place to help you quickly find the internet statistics you need, to help make your pitch or internal report up to date.</p> <p>There are all sorts of internet statistics which you can slot into your next presentation, report or client pitch.</p> <p><strong>Those looking for B2B-specific data should consult our <a title="B2B Internet Statistics Compendium" href="http://econsultancy.com/reports/b2b-internet-statistics-compendium">B2B Internet Statistics Compendium</a>.</strong></p> <p> <strong>Regions covered in each document (where available) are:</strong></p> <ul> <li><strong>Global</strong></li> <li><strong>UK</strong></li> <li><strong>North America</strong></li> <li><strong>Asia</strong></li> <li><strong>Australia and New Zealand</strong></li> <li><strong>Europe</strong></li> <li><strong>Latin America</strong></li> <li><strong>MENA</strong></li> </ul> <p>A sample of the Internet Statistics Compendium is available for free, with various statistics included and a full table of contents, to show you what you're missing.</p>