We are entering The Media Economy:
“The market size of the Media and entertainment is US$1700 billions in 2008” - Price Water Coopers.
“The market is expected to grow massively to US$5700 billions by 2024” -Future Exploration Network.
An increasing proportion of our business and social interactions happen across new age media channels. Today almost every business and social activity is a form of media.
Every organization is now a media entity, engaged in creating and disseminating messages among its staff, customers, and partners to achieve business objectives. As the physical economy becomes marginalized and economic value becomes centered on the virtual, media encompasses almost everything.
Media, entertainment, and related industries are positioned at the center of massive global growth. The current positioning of some media companies in a rapidly changing market means they are not experiencing this upside. Others are doing fabulously well in tapping people’s almost insatiable desire for content and connection.
Dec 25, 2008
Dec 1, 2008
New Age Media: We are on a right path!
It’s encouraging to note that, our position on the “New Age Media” is vindicated by none other than IBM’s “Global Innovation Outlook” (GIO) team.
Early this year more than 40 researchers from IBM’s GIO team took a study and research tour around the world and met 142 enthusiasts from 18 countries through a convention held in 9 cities New York, Los Angeles, Helsinki, Seoul, Mumbai, Shanghai, and London. There objective was to unravel the phenomenon of a fast emerging relationship between brands, media, context and content and how its changing the business world and the media world too.
The findings of the study is published as a report titled “ The New New Media- Global lessons on the future of media, content and messaging”. Following are some of the lines and statements made in the GIO report version 3.0.
“The worlds of media, content, branding, and messaging are changing so rapidly that it’s not unrealistic to think a startup could appear tomorrow and rewrite all the rules again by the end of this decade”.
The GIO report 3.0 states further, “ Innovation within the newly amorphous market segment of media, content, branding, and messaging is about much more than just the media industry. Today, the lessons the media industry is learning the hard way are instructive to any organization. Content is quickly becoming the commodity backbone around which contextual services can be built”.
“Change Is Good. In the evolving media landscape, opportunity abounds. The disruptions facing the media industry are instructive to any organization” quotes the report.
Essentially, the New Age Media provides the much required ‘engagement’ capability, which is meaningful to the customers. This context based engagement helps organizations to connect with the customers and provide her what she wants. Karen Becker of Autodesk states that,
“ Viral anti-marketing is engagement, as far as I’m concerned. We’ve embraced our toughest critics, engaged them in a dialogue, and addressed the issues they’ve cited. Our brand is stronger as a result.”
— Karen Becker, Senior Director of Corporate Marketing, Autodesk
So, that's it ! Influence and Engagement goes hand in hand in the process of building brand equity!
About Global Innovation Outlook: In 2004, IBM formulated a high powered team, comprising of researchers, consultants, business leaders to study, research and explore technology and business trends in the future.
The GIO is rooted in the belief that, in the early days of the 21st century, the very nature of innovation has changed. It is increasingly open, collaborative, multidisciplinary, and global. This shift means that the truly revolutionary innovations of our time — those that will create new markets, redefine old ones, and maybe even change the world for the better — require the participation and investment of multiple constituencies. The GIO challenges some of the brightest minds on the planet — from the worlds of business, politics, academia, and nonprofits — to collaboratively address some of the most vexing issues on earth.
It’s encouraging to note that, our position on the “New Age Media” is vindicated by none other than IBM’s “Global Innovation Outlook” (GIO) team.
Early this year more than 40 researchers from IBM’s GIO team took a study and research tour around the world and met 142 enthusiasts from 18 countries through a convention held in 9 cities New York, Los Angeles, Helsinki, Seoul, Mumbai, Shanghai, and London. There objective was to unravel the phenomenon of a fast emerging relationship between brands, media, context and content and how its changing the business world and the media world too.
The findings of the study is published as a report titled “ The New New Media- Global lessons on the future of media, content and messaging”. Following are some of the lines and statements made in the GIO report version 3.0.
“The worlds of media, content, branding, and messaging are changing so rapidly that it’s not unrealistic to think a startup could appear tomorrow and rewrite all the rules again by the end of this decade”.
The GIO report 3.0 states further, “ Innovation within the newly amorphous market segment of media, content, branding, and messaging is about much more than just the media industry. Today, the lessons the media industry is learning the hard way are instructive to any organization. Content is quickly becoming the commodity backbone around which contextual services can be built”.
“Change Is Good. In the evolving media landscape, opportunity abounds. The disruptions facing the media industry are instructive to any organization” quotes the report.
Essentially, the New Age Media provides the much required ‘engagement’ capability, which is meaningful to the customers. This context based engagement helps organizations to connect with the customers and provide her what she wants. Karen Becker of Autodesk states that,
“ Viral anti-marketing is engagement, as far as I’m concerned. We’ve embraced our toughest critics, engaged them in a dialogue, and addressed the issues they’ve cited. Our brand is stronger as a result.”
— Karen Becker, Senior Director of Corporate Marketing, Autodesk
So, that's it ! Influence and Engagement goes hand in hand in the process of building brand equity!
About Global Innovation Outlook: In 2004, IBM formulated a high powered team, comprising of researchers, consultants, business leaders to study, research and explore technology and business trends in the future.
The GIO is rooted in the belief that, in the early days of the 21st century, the very nature of innovation has changed. It is increasingly open, collaborative, multidisciplinary, and global. This shift means that the truly revolutionary innovations of our time — those that will create new markets, redefine old ones, and maybe even change the world for the better — require the participation and investment of multiple constituencies. The GIO challenges some of the brightest minds on the planet — from the worlds of business, politics, academia, and nonprofits — to collaboratively address some of the most vexing issues on earth.
Nov 23, 2008
Demystifying Interactive Touch Points:
What is Interactive Touch Point? This is the mother question for this discussion. This is also the cover story. So let me explain what each word means to customers, brands and business. I have also provided some links for further reading.
Touch Point by definition is: Point of Contact. In the CRM (Customer Relation Management) world, Touch Point could be a store, branch office, Call center, Service center, e-commerce web site, Kiosk etc. Except Kiosk and web site, all other points are ‘directly managed’ by staff. Generally, customer experiences a variety of service levels through the ‘manned’ touch points and hence the customer satisfaction levels are varied.
Compared to the above, an Interactive Touch Point is a media based Customer Touch Point and the experience; comprising of both influence and engagement is created by the content. The content type could be a static display (an image), variable display (like Video) or dynamic content ( aspx/java/php page) that are delivered through desktop/laptop, kiosk, web site, Blog, mobile device, IPTV, signage, Videowall and billboard. In the interactive touch point domain, the same or synchronized ‘content’ is delivered through multiple channels. Like petroleum jelly is the base for a pain balm; which ensures smoother and uniform flow of dosage application. And hence customer carries a consistent experience level across Interactive Touch Points. So by using consistent and synchronized content, you can engineer a consistent level of customer experience and hence the customer satisfaction.
The biggest benefit of Interactive Touch Points is that, it can be used not only to ‘Influence’ customers but also to engage them meaningfully. Brands can develop content for pre-purchase, post purchase and during purchase by innovatively using structured content; often referred as ‘Content for the Moment of Relevance’ (CMR). If the content is relevant and suits the moment of touch point interactions, then the decisions to transact are faster, resulting in higher levels of conversions. Further, if the content is useful to customers, they may even choose to preserve them. Like if the content explains how to use a product, then the customer may not like to discard them; which in turn would increase the life of content.
Which touch points are relevant for success?
Popular brands and bigger companies have a lot of touch points compared to smaller brands and companies. For popular brands, this scenario brings one critical question into focus: Which are the touch points that are critical for brand’s success ? Whether a brand or a business can deliver consistent level of customer satisfaction through all these critical touch points ?
What is Interactive Touch Point? This is the mother question for this discussion. This is also the cover story. So let me explain what each word means to customers, brands and business. I have also provided some links for further reading.
Touch Point by definition is: Point of Contact. In the CRM (Customer Relation Management) world, Touch Point could be a store, branch office, Call center, Service center, e-commerce web site, Kiosk etc. Except Kiosk and web site, all other points are ‘directly managed’ by staff. Generally, customer experiences a variety of service levels through the ‘manned’ touch points and hence the customer satisfaction levels are varied.
Compared to the above, an Interactive Touch Point is a media based Customer Touch Point and the experience; comprising of both influence and engagement is created by the content. The content type could be a static display (an image), variable display (like Video) or dynamic content ( aspx/java/php page) that are delivered through desktop/laptop, kiosk, web site, Blog, mobile device, IPTV, signage, Videowall and billboard. In the interactive touch point domain, the same or synchronized ‘content’ is delivered through multiple channels. Like petroleum jelly is the base for a pain balm; which ensures smoother and uniform flow of dosage application. And hence customer carries a consistent experience level across Interactive Touch Points. So by using consistent and synchronized content, you can engineer a consistent level of customer experience and hence the customer satisfaction.
The biggest benefit of Interactive Touch Points is that, it can be used not only to ‘Influence’ customers but also to engage them meaningfully. Brands can develop content for pre-purchase, post purchase and during purchase by innovatively using structured content; often referred as ‘Content for the Moment of Relevance’ (CMR). If the content is relevant and suits the moment of touch point interactions, then the decisions to transact are faster, resulting in higher levels of conversions. Further, if the content is useful to customers, they may even choose to preserve them. Like if the content explains how to use a product, then the customer may not like to discard them; which in turn would increase the life of content.
Which touch points are relevant for success?
Popular brands and bigger companies have a lot of touch points compared to smaller brands and companies. For popular brands, this scenario brings one critical question into focus: Which are the touch points that are critical for brand’s success ? Whether a brand or a business can deliver consistent level of customer satisfaction through all these critical touch points ?
Its hard to ensure consistent customer satisfaction levels through ‘manned’ touch points. Whereas Interactive Touch Points can deliver just that and hence can create, promote and build customer loyalty. The Interactive Touch Points not only drives consistent customer satisfaction on its own, but also compliments the customer experience generated by other ‘manned’ touch points. In an article, a senior partner of Prophet ; a San Francisco, USA based leading brand innovation consulting company, wrote:
“With a high degree of customer satisfaction, brands will tend to experience superior loyalty, greater word of mouth, higher price points, high degree of customer forgiveness, (“ Oh! that slip-up was just a one time event”) and, most importantly higher levels of profitability”. –Scott Davis & Tina Longoria in an article “Harmonizing Your TouchPoints”.
So, for higher customer loyalty, brands should deploy higher number of Interactive Touch Points adequately supported by optimized ‘manned’ touch points. The strategy can deliver twin business advantages of increasing profitability and cutting down operational costs.
“With a high degree of customer satisfaction, brands will tend to experience superior loyalty, greater word of mouth, higher price points, high degree of customer forgiveness, (“ Oh! that slip-up was just a one time event”) and, most importantly higher levels of profitability”. –Scott Davis & Tina Longoria in an article “Harmonizing Your TouchPoints”.
So, for higher customer loyalty, brands should deploy higher number of Interactive Touch Points adequately supported by optimized ‘manned’ touch points. The strategy can deliver twin business advantages of increasing profitability and cutting down operational costs.
Nov 15, 2008
Interactive Media:
Abstract: In the times of burgeoning inflation rate and market sluggishness, marketing investments needs to be made with a clear ROI and a strong value proposition to customers. The choice of one or more media options such as TV, Web, Print, Mobile, Billboard, and Signage to reach target customers is purely based on the extent of influence it can make and the engagement it can facilitate with the customers. While more and more people with purchase power stay away from home, the Web, OOH, Billboard, Digital Signage, Desktop and Mobile handsets have become more relevant media options than ever before. There are many questions and concerns around the new age interactive media. Some of them are listed below for your review.
Abstract: In the times of burgeoning inflation rate and market sluggishness, marketing investments needs to be made with a clear ROI and a strong value proposition to customers. The choice of one or more media options such as TV, Web, Print, Mobile, Billboard, and Signage to reach target customers is purely based on the extent of influence it can make and the engagement it can facilitate with the customers. While more and more people with purchase power stay away from home, the Web, OOH, Billboard, Digital Signage, Desktop and Mobile handsets have become more relevant media options than ever before. There are many questions and concerns around the new age interactive media. Some of them are listed below for your review.
Influence & Engagement – the Two Metrics:
How do the new age interactive media deliver ROI with a compelling value proposition to customers? Is ‘interactivity’ apart from ‘influence’ critical for compelling ROI proposition? How do customers benefit from interactive media? How do brands gain out of interactive media? How do these media influence customers to remain loyal to the brand? What would attract brands to go in for new age interactive media? How brands can achieve ‘cross media lift’? What approaches a brand can adopt to save on marketing investments cost and yet achieve its revenue objectives? How do brand managers ensure that the customer’s concerns and requirements are addressed with least latency?
Content is the King:
Will there be a paradigm shift in the way advertisers reach out to customers? Will there be space for ‘useful content’ rather than mere ‘adv messages’? How will the domain of advertising messages change to useful content? Will ‘Content’ become the ‘King’? How will the brands get free access to ideas pool? How will creative professionals get seamless access to brand’s campaign needs? How brands and its pool of creative professionals can work seamlessly? What role the Content Guru and Creative professionals will play in the new age media?
Role of Technology:
What role the technology will play? How will SaaS ( Software as a Service) and PaaS ( Platform as a Service) based new age media networks evolve and sustain? Will there be standardization in video formats? Which are the technology leaders to watch during this transition? How will the media assets companies evolve into service centric players rather than asset centric players?
Social Cause:
How can brands reach out to the underprivileged people and play its role as responsible corporate citizens? How can people willing to work for a social cause, reach out to people in far and remote villages ? How will brands create ‘trust’ with people from all walks of life? Can entertainment and education become the effective medium to reach out to people eco-system ? Are there better ways to reach out to the entire people eco-system covering the poor, middle level and the rich? Are there ways to work for ‘digitally deprived’ people across the globe? How will ‘inclusive’ solutions work? How can one unleash the joy of service?
Collaborative Efforts:
How do brand managers, media assets companies, creative and content professionals, dealers, franchisees, marketing and sales professionals, back office agents collectively and collaboratively work as ‘teams’ to service customers and to continuously realize higher ROI for marketing investments and most importantly acquire new customers and enrich customer loyalty for brands.
The Interactive Media Worldwide is a global forum to find answers and solutions to all these questions and challenges ahead. The forum also explores ‘meaningful opportunities’ for all the concerned. This is a service oriented forum and this forum should not to be used for promoting any product or service.
This is a professional networking forum for brand owners, media professionals, Creative & Advertising professionals, Marketing & Communication professionals, Chief Marketing Officers, Content Writers, Journalists, Sales professionals, Business Development professionals, Social Development professionals, Entrepreneurs and Executives working in the Retail, FMCG, Telecom, Real Estate, Hospitality, Travel, Automobile, Fashion, Lifestyle, Sports, Healthcare, Entertainment, Education, Finance & Investments, Banking, Manufacturing, Institutions, Public Service and Social Service domains across the globe. We aim to enroll 25,000 members in the first year and grow further @ 20% year on year.
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