Welcome to the eighth edition of Ovative’s marketing/tech news digest – where we hope to keep you up to date on all things new and exciting within Marketing, Measurement and Technology.
Always informative, sometimes entertaining. Enjoy.
Fodder for the water cooler: So you thought Harry Potter was over? Not so – Harry Potter and the Cursed Child has its first performance on June 7th, with a book to follow on July 31st, AND Fantastic Beasts and Where to Find Them comes to theaters on November 18th!
Why Digital Transformations Should be a Strategic Priority for Health Insurers | McKinsey & Company | May 2016
Quick pitch: Uber, Airbnb, Netflix and Hulu – what do they all have in common? Through digital they turned industries upside down. Just because it hasn’t happened in the Healthcare industry doesn’t mean it’s not going to. It’s like furbies in the 90’s. No one is safe!
Now I want the details: Often times insurance leadership relegates digital to IT departments or small teams instead of focusing on making it a strategic priority. “Big mistake, big. Huge,” says McKinsey who estimates that cost savings to SG&A alone from implementing digital strategy could equal roughly $15 to $20 billionindustry-wide. We have to go shopping now. According to McKinsey, CEO’s have to be the champions of digital transformation, and they have six actions they can take to get the effort going: starting with the customer, breaking functional silos, creating measurable targets, translate digital ambition into resource allocations and budgets, focus on talent and maximize the value of two-speed IT. The resulting change will not only generate short term financial benefits, but will increase customer satisfaction and defend against new entrants into the space.
What we’re thinking: Since your grandma’s probably on Facebook (or at least, my 96 year old grandma is), it’s not new news that customers interact with the world digitally. That being said, regardless of industry, your company needs to make digital a strategic priority. Period. For companies in industries that have been slow to adopt digital, having a healthy digital strategy can propel you in front of the competition. Not only will you be ahead of the curve, but you can create a leadership position within your industry and mold how other, similar businesses, interact with digital. Just like summer blockbusters, digital’s coming for everyone, we might as well get ahead of it.
The Information Age is Over; Welcome to the Experience Age | Tech Crunch | 5/9/2016
Quick pitch: Remember your AOL screen name? You would if it was as embarrassing as mine (SkiPrincess224), a thankful reminder that social media is changing from sharing and storing information to collectively participating in experiences.
Now I want the details: We’re moving away from the information age to the experience age. What does that mean? Facebook was created in an age where the goal of technology was to organize all of the world’s information. Your Facebook status solicited direct feedback and stored pictures you honestly didn’t want taken in the first place … now we’re living in the experience age where social media is becoming increasingly authentic, feedback is more passive and offline and online identities are starting to converge.
What we’re thinking: Snapchat is our best illustration of the current experience age. A self-destructing picture message forces users to break their accumulation habits. As we move into an era where it’s less about sharing information and more about sharing experiences, marketers have to adapt. In our blog, we’ve provided an overview of everything you need to know about advertising on snapchat, but we’re well aware that this platform is most likely just the tip of the experience age iceberg. As always, we’re on the lookout for what’s new and exciting and will seek to keep you updated.
When Will Big Ad Tech Innovation Yield to Incremental Improvements? | AdExchanger | 5/16/2016
Quick pitch: Remember the first iPod with the wheel? When everyone lost their minds and thought, “what else can Apple do?!” Well, a lot actually, says the iPhone in your pocket. Jay Friedman, COO of Goodway Group, says it’s a similar story with Big Ad Tech – there’re lots of incremental improvements that can provide big value without having to completely reinvent the wheel.
Now I want the details: Similar to how the iPod evolved to include the mini, nano, shuffle, touch and eventually integrated into your phone, improvements in marketing technology can provide incremental value without having to come up with the newest, most flashy ad tech invention. Jay draws attention to several areas that, with a little bit of improvement, could have massively positive effects on the marketing industry within the next five years. Specifically, he mentions fully closed-loop purchase tracking, viewability, fraud detection, attribution, programmatic progress, making big data into little data and mobile. Jay states that incremental improvements in all of these areas would provide more value to marketers than any one completely new innovation.
What we’re thinking: While new innovations can absolutely add value, the importance of incremental improvements shouldn’t be lost on marketers. Specifically, we’re locked in on attribution and fully closed-loop purchase tracking. We all know it, but it’s worth repeating, your customers don’t just experience one media touch point on their path to purchase. Not viewing media in a multi-channel view can be damaging to your customers marketing journey and your company’s profits. In a similar vein, digital media doesn’t just affect ecommerce sales—it has an impact on your entire business (check out our recent webinar for more on this). Increasing the ability of companies to tie digital media spend to in-store sales through fully closed-loop purchase tracking will allow marketers to optimize their digital media to not just online sales or conversions but to enterprise sales as a whole.
Did you know, that on this day in 1819 Queen Victoria, Britain’s longest-reigning monarch, was born? We’re not going to show you a picture of her, but it gives us a good excuse to show you this cute picture of Queen Elizabeth and her grandchildren and great-grandchildren.
Ovative/group is a measurement and activation agency focused on activating enterprise value through marketing, measurement, and technology services. Through our 20+ related engagements over the past three years in this space, we’ve observed some common themes that, when considered, greatly increase the probability of building solutions that lead to lasting capabilities rather than shiny pennies few are willing to adopt.
Our clients span multiple industries, including retail, healthcare, education, CPG, and hospitality; for companies with sales that range from $250M to $100B. We engage with our clients both as advisors and as outsourced service providers; as a neutral measurement partner or as an end-to-end measurement and activation solution provider.