“I Don’t Use It But I Totally Get It”

December 7th, 2011

By Doug Stephens

One thing I hear very often from C-level leaders of companies when I’m presenting on the topic of social business is “I don’t use it, but I totally get it”.   They claim to understand the relevance of social networks and social media but simply choose not to use them.   They frequently cite a lack of time as their reason for not taking part personally, yet also claim to have a clear sense of how social media can be usefully deployed by their companies to engage consumers.  They don’t use it but they totally get it!

Of course only half of the statement is true.

Look at it this way; would your company hire a CMO who had never watched a television program? If your CFO had never constructed a budget, reviewed a P&L or read a balance sheet, would you have faith in them to manage the company’s finances?  Chances are we’d find this lack of core understanding simply unacceptable. Yet we somehow accept corporate leaders taking a pass on social business.  Why is that?

And what precisely is it that is diverting C-level attention away from what is arguably the most significant communication revolution since the printing press?  What level of email or voicemail proliferation is depriving them of the 5 minutes it takes to set up a Twitter profile, just to see what all the fuss is about?  Aren’t they even a little interested to see what their customers have to say about them on Facebook?  Shouldn’t they be?

The truth is the choice to opt out of social is just that — a choice.  And moreover, if it were any other aspect of the business that was being so openly ignored, we’d consider it negligent but because we call this “social” it’s somehow considered extra-curricular and optional.  It’s not considered an essential tool like finance, operations or human resources are.

Social business is not something that you read a book on and understand.  You have to make it a discipline.  You have to witness for yourself how connections are made, relationships are built and value is exchanged.  In order to get it, you have to do it.

The C-level leader of the future won’t be excused from social business.  At very least, a solid functional capability and understanding of social networks will be expected – no different than acumen in finance, marketing and supply chain management.  The use of social and professional networks both internally and externally will be as common as email is today.

The bottom line is that any corporate leader who claims that social business, media and networking “isn’t for them” is either coasting to retirement or running from their responsibilities.

The Problem With Mobile Wallet No One is Talking About

November 14th, 2011

By Doug Stephens

If you own a credit card, it’s entirely possible that you’ve run into situations where your card won’t work.  Maybe your credit limit was exceeded, your mag stripe lost its mojo or maybe the entire payment network was just temporarily down.  Whatever the case, they’re not pleasant situations but can usually be overcome with some other method of payment –  cash, debit, or another credit card perhaps.

What you’ve never had to worry about is dealing with a credit card with a dead battery.   But that’s precisely what could happen in a world where all payment methods are contained on your mobile devices.  When you need it most, you may simply not have power.   Imagine travelling and running out of juice, just as you need to buy a ticket for a departing train.  Or having your phone die just as your bill is presented to you in the restaurant.

The recent introduction of the iPhone 4S brings this potential problem to the foreground, with users complaining of as little as 5 hours of battery life.   And plugging in isn’t always possible when you’re on the go.

It’s a problem that will need to be solved and there are several possible ways.  Either device manufacturers will need to extend battery lives considerably or users will have to carry backup power supplies.

There is also a potential third solution in the form of inductive charging zones, which would enable wireless re-charging of mobile devices either on or in the proximity of a charging station built into various surfaces.  In other words, surfaces in restaurants, on trains, airplanes and anywhere that people are on the go, will be equipped with inductive charging technology, keeping devices charging while idle.

As we struggle to get our heads around the significant issues of privacy, security and banking infrastructure that mobile wallet presents, what could ultimately undermine its speed of adoption may come down to simple battery life.

The Manufacture it Yourself Economy

November 8th, 2011

By Doug Stephens

Technology has given rise to a steady evolution whereby consumers are increasingly becoming producers. Music, publishing, printing, design, software development, and video are only a few of the areas that have been touched by this rapid transformation.   With it has come massive economic disruption as entire industries, like the printing industry for example, have felt the effects of the “pro-sumer” movement. But what if we could take it a step further and move from being mere producers of data, media and content to becoming manufacturers of actual physical products?

Imagine a world where we can quite effortlessly produce many of the household items we need on a daily basis, such as tools, household accessories, toys etc., What if many of these things could be manufactured in the comfort of our own home.  Imagine having the ability to create the things we need, as we need them, one at a time in any design we prefer.

Items created using 3D printing technology

Now, what if I told you that what I just described is not only possible, but that by 2020 it could be commonplace?

Welcome to the world of 3-D printing.

3D printers create objects by stacking layers of material – often metal or plastics – onto one another in the form of the desired object.  Designs are based on three dimensional digital models that can be created using simple and accessible software.

Originally used by manufacturers to build expensive prototypes, the technology is quickly scaling down in affordability with commercial grade 3D printers available on the market for as little as $15,000.00 and a low-end desktop unit for as little as $1,200.00.  And while that might still sound like a pretty steep price tag, consider that the first Sony Betamax retailed for well over $1,000.00 in 1975 dollars, a price seen as prohibitive by many consumers at the time.

While the widespread household use of 3D printing could take a while to catch on, it’s fascinating to consider the radical impact such a change could have on our economy and the manufacturing in general.  How many items that we rely on a supply chain of businesses to produce, could simply be made as needed by consumers themselves?

It’s also fascinating to think about how this technology could be used by children for play and education.  Could 3D printing be the 21st century version of the chemistry set or Lego kit?

Here’s a video with more on 3D printing technology and it’s potential to change our lives.

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How Google Street View Might Open the E-Com Door for Small Retail

November 7th, 2011

By Doug Stephens

If you use Google maps, then you’re probably familiar with Street View.  As the name suggests, Street View allows users to literally fly down to street level and have a 360-degree look around.

In April of this year Google began expanding the concept to include 360-degree photography of interior business spaces within Street View functionality.  Now the program is officially rolling out in Australia, Japan, the U.S., and New Zealand and is focusing exclusively on small businesses including restaurants, bars and retail stores. Businesses who want to have their location photographed by a “Google-trusted” photographer have to apply.

This is about more than pretty pictures

According to Google, the idea behind shooting interiors is to provide potential customers with immersive imagery that would simply make them more comfortable with deciding to visit businesses.  While that is undoubtedly one outcome, I think there’s either more to this than Google is admitting to at the moment.  Or it could be that they are missing out on a much larger opportunity.  Given Google’s savvy, I tend to think it’s the former.

The opportunity lies in the astounding fact that almost half of all small retailers in North America do not have a website of any kind.  Those that do often have something that looks like a glorified yellow pages ad –static and outdated.  It’s a segment of the market that is woefully lacking in offering consumers any degree of web-based experience.

What Street View Interiors offers is the core of web experience that begins to make a business’ Google Place page feel a lot more like a decent website.  My bet would be that that’s exactly what Google wants business owners to begin to regard their Places page as – their website.  A fully baked Places page now can contain reviews, maps, directions and telephone numbers, offers and an immersive 360-degree tour of the location and surrounding area.  Add in applications like Google Checkout, and you have a fully functioning website with e-commerce capability – a quantum leap for the average small retailer.

I’m Seen Therefore I am

Small retailers have never really excelled at e-commerce.  The reason in most cases is quite simple. Many buyers feel that there’s a risk in ordering something from some hole in the wall store they’ve never heard of. Without a well-known store brand name to rely on, most consumers aren’t willing to chance it.  It’s been a perennial problem for small retailers.

Through Street View’s interior shots, would-be consumers can at least confirm that the store in fact exists, lending a significant sense of pre-buy confidence.  If the store also happens to be well kept, stocked and merchandised (at least at the time it was photographed), it might just seal the deal.

In what has become the ultimate game of online chess, my guess is that Google is thinking at least a few moves ahead.  In this case, the strategy as I see it is for Google Places to become the de facto home page and ecommerce portal for millions of small businesses worldwide – a massive opportunity, if they can tap it.

Social Media Doesn’t Suck (But Your Marketing Might)

October 24th, 2011

By Doug Stephens

Hardly a day goes by that I don’t read at least one article that debates the inherent value of social media.  The marketing community continues to hunt for the illusive equation that will neatly equate a brand fan or follower to sales.  One article I saw recently actually suggested we go to extent of sub-segmenting Facebook fans with psychometric precision to understand their underlying motivation for “liking” us in the first place.  Is this even possible? And if it is, how do we execute on the information?

Let’s consider this whole issue differently for a moment.  Let’s look at it from the Follower’s point of view but first, let’s clarify what a like or a follow really is and more importantly, what it is not.

In and of themselves, likes, follows, YouTube views etc. are not exchanges. They don’t imply a commitment to buy or to maintain a long-term relationship with you.  There is no promise of patronage or fidelity.  All that fans and followers are granting is their “permission” to communicate with them.  When they choose to like or follow they are simply telling you they’re willing to listen.  Ultimately, if your brand’s message is good enough, they may even be prepared to start a relationship with you – if you earn it.

So, what have you got to say?

Let’s start with that.  Now that you’ve been given permission to exchange, what does your brand actually have to say to its followers? How will you enlighten, enthuse, entertain or give value to them?  Will you design remarkable and creative messaging that they actually talk about or will you bore them with banal coupons, offers and other nonsense that goes largely unnoticed?  Will you respond to their Facebook fan posts in real time, with a consistent and trustworthy brand voice, or will you allow posts to go unanswered, as 95% of wall posts currently do?  Will you actively follow up on their complaints about your brand on Twitter or will you ignore them like 79% of all complaints on Twitter are ignored?  What will you do or say, that is worth their attention?  What value will YOU deliver?

The R.O.I on boring your followers isn’t great

Every day, most of us are exposed to up a staggering 5,000 marketing messages.  How many even prompt a second look?  How many are remarkable enough for us to tell someone else about?   If we’re being honest, the answer is probably, not many.

In the end, how can we expect people who gave us a chance to wow them, to stick around after we bore and disappoint them?  If the majority of the marketing that brands offer is of low value, how can we possibly expect social media to pay us back with high value? Frankly, social media owes us nothing.  Instead of asking what the value of a fan or follower is, we’d be wiser to ask what value we offer to those who follow us.  Isn’t that where the value has to begin?

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