If trust is the new currency, then we’re in deep trouble. Here's why.
With all of the hype around Amazon, many online retailers have been trying to understand how they can compete with the American retail giant.
It doesn’t take long for predictions to become predictable: The rise and rise of Facebook; advancements in analytics; the normalisation of chatbots; personalisation, programmatic, automation, authenticity… The prediction that’s missing from these lists is that in 2017 we will witness a resurgence of values-based marketing.
An in-depth understanding of consumers sits at the heart of what we all need to do, but we know it’s not always easy to uncover insights that will unlock a true innovation opportunity.
According to the Knowledge Doubling Theory, the sum total of human knowledge doubles every 12-13 months. With the full evolution of the Internet of Things, it will eventually double every 12 hours. Faced with such a sea of shifting data and knowledge, how can we make progress if we try to nail everything down to a certainty?
When new trends and technologies burst onto the marketing scene, there’s always a frantic effort to either keep up or provide guidance, especially when serious amounts of money are involved. It happened with social media, it happened with personalisation and big data, and it’s happening now with artificial intelligence.
In recent years, we’ve witnessed not just dramatic creation of value - Instagram, WhatsApp, Uber and Airbnb being the poster children - but also cataclysmic value destruction.
One of the insightful things that has been said to me recently came from an independent consultant working at a major FMCG client. He said: “The problem here is that we have some people who are world-class at marketing to the masses, but they haven’t got a clue about how to speak to a customer.”
I would be surprised if most CMOs had not heard of an API, and many probably have a reasonable understanding of the functionality. What I do suspect, however, is that many marketers don’t fully understand or appreciate the transformational power of an API in their business.
Doug is the managing director of Razorfish Australia, a digital experience marketing agency and arm of one of the world's leading digital consultancy businesses. Doug has more than 21 years of industry insight, with extensive client service experience and a passion for digital. In 1999 he founded one of Australia’s leading brand activation companies, The Marketing Store, and in 2007, he co-founded the Social Media Club Sydney, building it into the world’s largest Social Media Club with more than 300 chapters. Doug’s passion for digital led Doug to join Razorfish in 2009 as executive director of client services. He became managing director in 2012.
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