Recently I watched a video presentation that really grabbed my attention given by the New York University Stern School of Business professor Scott Galloway entitled “Winners and Losers in the Digital Age.” In it, he talked about the 5,000+ brands the school is tracking across 11 different markets to arrive at big picture insights regarding which companies are either gaining traction and/or losing relevance in the digital age. Specifically, they looked at the companies excelling in social media, retailers in general, and then the overall landscape of brands:
What I liked most about this video is the big picture overview, which included perspective about how social media, business in general, marketing, and the economy all tie in together. For a current overview of the “state of the market,” I highly recommend you watch this.
One of the key takeaways for me was that we are now deeply entrenched in a transition from text to visual content. For example, Galloway noted that Instagram may very well now be the most powerful social media platform in the world with 15 times the engagement rate of Facebook, and 20 times the engagement of Twitter. I also learned that traffic coming out of Twitter is almost meaningless on an economic level, as it doesn’t convert to purchases. Pinterest is falling behind, and Tumblr is almost dead.
Shifting now from this big picture overview of marketing in the digital age, I would like to bring another amazing video to you from David Edelman at the McKinsey Company about mastering marketing in the digital age. As a top digital consultant to some of the world’s most notable and established brands, trust me when I tell you that it’s worth your time to stop and listen to what Edelman has to say:
- How and why the traditional marketing model has been turned on its head from a campaign-based approach to a real-time, agile and informed approach.
- That it’s about the customer’s journey: we need to acknowledge the fact that channels are going to all have different roles
- Don’t make excuses; leadership needs to make change happen in whatever way is possible to work through obstacles to move forward and become a truly digital business
- Prioritizing data, getting people to work together as a team, and implementing rapid cycle test and learn process: this is the basic structure for adapting to the digital landscape
- Senior leaders need to recognize that digital is not just an “added thing” – it’s about changing the way you’re operating
- Consider organizational impediments for getting people to work together
- Don’t focus on product or customer experience strategy alone: what is your data strategy?
Finally … now that you’re educated on the shifts taking place within the larger business landscape, and have also now learned about what it takes to make the transition to truly digital business, you can spend a little time learning how to make “normal more excellent.”
In this below video from Dr. Bret Simmons at the University of Nevada, Reno, he talks about how the social business environment makes operational excellence a strategic imperative. He writes:
The reputation your business earns for how it treats customers, employees, and suppliers travels faster and farther than ever before. If you are good at what you do, there have never been better times to be in business. But if you suck, you will be found out and the record of your repeated pattern of mediocrity or failure will live as an archived and shareable piece of content (e.g. blog, tweet, picture, Yelp! review) on the World Wide Web.
Here’s how you can make normal more excellent:
The biggest takeaway for me in watching this video was simply that “excellence is a form of deviance” and that “for you and your business to become a signal in an ocean of noise, you have to give yourself permission to do things others are not willing to do.”