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By Forbes Agency Council.

E-commerce has taken the business world by storm, with many retailers now getting the majority of their sales online. The “front door” of a business’s online presence is its website.

Despite this, many companies haven’t upgraded their websites in years. The result is that buyers get into the site, notice the design and promptly leave. A website that hasn’t had an update in as little as five years shows its age.

If a business wants to compete with others, it needs to make its first impression on the customer a memorable one. To help, 13 members of Forbes Agency Council suggest a few simple changes that a business can make to its website to make a positive impact and increase the appeal of its brand to potential customers.

1. Create A Welcoming Experience

If a business’s website is the front door, you should make sure to put out a welcome mat. If a potential customer’s first visit to the site is an inviting experience, they will actually seek out those further interactions with your brand. Some ways to make the visit welcoming include putting the important information right up front, offering easy navigation, and writing with care. – Dmitrii Kustov, Regex SEO

2. Keep It Simple

Too many websites have too many clicks before people can find whatever they are seeking. It boggles my mind how many sites seem to be hiding their address (for physical businesses) as well as customer service numbers. If a potential client has to search to find a phone number, claims of excellent customer service seem incongruent. – Dian Griesel, Dian Griesel International & Silver Disobedience Inc.

3. Post Smart, Personalized Content

Depending on your customer relationship management tool, I’ve seen use cases where the website is personalized based on past visit history, purchase history or personal info that the company knows about you. You no longer have to be an Amazon-like company to utilize these personalized tactics. – Dustin DeTorres, DeTorres Group

Forbes Agency Council is an invitation-only community for executives in successful public relations, media strategy, creative and advertising agencies. Do I qualify?

4. Use Less Copy

These days, powerful websites have limited copy and impactful visuals. Make sure the visuals match the brand, and only use words that you can’t live without. Too much copy will overwhelm your customers. Make sure it is clear where and how they can contact you without having to go through too many menus! – Michelle Mekky, Mekky Media Relations, Inc.

5. Focus On The Story

Many websites and brand positions focus on what a company does, not how they impact their client. While usability and simplicity are essential on the web, it’s the simplicity of the message and content that many people miss. Creating a valuable web presence is necessary, but it is critical that the audience quickly understand how the product or service is going to make their lives better. – Bo Bothe, BrandExtract, LLC

6. Be Vulnerable, Be Human

Gone are the days of overly polished stock photography performing well. Your customers want to buy from you, not from a faceless company. Use real, relatable images. Have quotes. Highlight employees. Showcase your personality. After all, that’s what makes you unique from the competition. – Damon Burton, SEO National

7. Lead With Benefits

We improve websites and marketing with our services, and the biggest thing I see companies fail at is leading with how great their company is instead of how much the product will benefit the consumer. Remember that nobody cares about features but rather about what those features will do to benefit your customer. – Justin Christianson, Conversion Fanatics

8. Allow Visitors To Choose Their Journey

In order to create a meaningful journey on your website, you should allow visitors to choose their journey. This could be based on their buyer persona, the product or service they want to learn more about, or their life cycle stage. By allowing them to self-select this on your home page and throughout the site, you can deliver them the most helpful content to move them through the buyer’s journey. – Elyse Flynn Meyer, Prism Global Marketing Solutions

9. Give Them What They Want

When we look at developing new sites for our customers we make sure to identify the important pages and actions the client wants from their visitors. You don’t want to bury relevant information in a navigation menu — instead give little teasers to guide the user to the right pages. – Blake George, BMG Media Co.

10. Try To Give Back Time

The art of a home page is really something that hasn’t changed. Trends come and go, but what is still required for brands is finding ways to give them back time. For websites, that means ensuring that we really understand the user journeys and can get people to the right piece of content in as few steps as possible. If you can give a few minutes back to your guests every day, you win and they win. – Jackson Murphy, Pound & Grain

11. Take Calculated Risks

Too often, businesses try to appeal to a mass audience versus focusing on the true target audience. You only have a few seconds to make a first impression so you need to clearly differentiate yourself. Lead with a hard-hitting, provocative question, or with a powerful statement that shows you really understand the challenges and opportunities. Create a sense of intrigue so they are hungry for more. – Matt Berry, Conversion Agile Marketing

12. Optimize For Voice Search

More and more users are navigating the internet through voice assistants like Siri and Alexa, and businesses will have to adjust their content and search engine optimization efforts in order to rank competitively. Think in terms of long-tail, conversational keywords that mimic natural speech patterns, such as “best vegan bakery in San Francisco” instead of “bakery San Francisco vegan.” – Adam Binder, Creative Click Media

13. Use A Mobile-First Approach

Most web browsing is now on a mobile device. Today’s mobile buyers are doing everything, from product research to looking for contact information. If your website isn’t optimized for them, you’re making it harder for visitors to find what they need in order to convert to a sale or opportunity. Many website platforms like WordPress now make it easy to implement mobile versions. – David Ward, Meticulosity

By Forbes Agency Council

Sourced from Forbes

Sourced from Business Insider.

As global internet usage increases and bandwidth improves, digital video viewership is quickly replacing traditional TV viewership as the preferred method of media consumption around the world — and digital ad spending continues to grow accordingly.

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Digital video viewership trends by region Copyright © 2020 eMarketer Inc.
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Between social video apps like TikTok and Snapchat, social media platforms like Facebook and Twitter, connected TVs, over-the-top (OTT) streaming services like Netflix, Disney+, and Hulu, and live videogame streaming services like Twitch, the digital video landscape has never been so expansive.

But each country is facing its own technological, competitive and regulatory hurdles, resulting in a fractured global digital video landscape. With more marketing dollars going towards digital video ads than ever before, it’s crucial to know whether they’re being put to good use.

To help navigate the broad scope of the industry, eMarketer has published the Global Digital Video report, a comprehensive analysis covering both trends touching the entire global digital video ecosystem, as well as those occurring within specific regions throughout the world.

No matter which major video market you are looking at, these are the global digital video trends to pay attention to:

Digital Video Trends in 2020

  1. Rising Viewership Across All Devices and Platforms
  2. Growing Monetization of Video — including Ad Spending & Subscriptions
  3. Traditional TV Ad Viewing and Ad Spending Decreasing
  4. Video Platforms to Suit All Needs Available in Most Countries
  5. Video Streaming Services Investing Heavily in Original Content

More to Learn

If you are looking to take advantage of the growing digital video marketing landscape, you need to be equipped with the right knowledge. Understanding the why behind these trends will help you adjust to the quickly evolving industry and make smarter decisions for your business.

Get a more comprehensive look at the industry with the Global Digital Video report, covering topics like digital video vs. mobile phone viewers across different platforms, digital video monetization strategies and trends, FAQs, and analysis by country.

Interested in the full report and getting more content like this each day? eMarketer PRO features in-depth analyst reports, proprietary forecasts, customizable charts, and more.

Click here to inquire about access, or check to see if your company already subscribes to eMarketer PRO.

Sourced from Business Insider

 

By David Meltzer

Phillip Stutts discusses the branding and marketing lessons he’s learned from working in politics for the past two decades.

 

Phillip Stutts, founder of Go Big Media and Win Big Media and author of Fire Them Now, shares his thoughts on why the five-step process for branding a politician is the exact same as branding a person, product or service in any other industry. He also shares why customer data is so essential when putting together an impactful advertising campaign.

Stutts and The Playbook host David Meltzer chat about the importance of testing your advertisements before launching a campaign, why businesses should operate with a giving and abundant approach and why they believe in giving prospective clients a free assessment in order to get alignment.

By David Meltzer

Sourced from Entrepreneur Europe

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Back in May 2018, Twitter announced that they were collaborating with Google Cloud to migrate their services to the cloud. Today, after two years, they have successfully migrated and have also started reaping the benefits of this move.

For the past 14 years, Twitter has been developing its data transformation pipelines to handle the load of its massive user base. The first deployments for those pipelines were initially running in Twitter’s data centers. For example, Twitter’s Hadoop file systems hosted more than 300PB of data across tens of thousands of servers.

This system had some limitations despite having consistently sustained massive scale. With increasing user base, it became challenging to configure and extend new features to some parts of the system, which led to failures.

In the next section, we take a look at how Twitter’s engineering team, in collaboration with Google Cloud, have successfully migrated their platform.

How The Migration Took Place

For the first step, Twitter’s team left a few pipelines such as the data aggregation legacy Scalding pipelines, unchanged. These pipelines were made to run at their own data centers. But the batch layer’s output was switched to two separate storage locations in Google Cloud.

The output aggregations from the Scalding pipelines were first transcoded from Hadoop sequence files to Avro on-prem, staged in four-hour batches to Cloud Storage, and then loaded into BigQuery, which is Google’s serverless and highly scalable data warehouse, to support ad-hoc and batch queries.

This data from BigQuery is then read by a simple pipeline deployed on Dataflow, and some light transformations are applied. Finally, results from the Dataflow pipeline are written into Bigtable. This is a Cloud Bigtable for low-latency, fully managed NoSQL database that serves as a backend for online dashboards and consumer APIs.

With the successful installation of the first iteration, the team began to redesign the rest of the data analytics pipeline using Google Cloud technologies.

After evaluating all possible options, the team chose Apache Beam because of its deep integration with other Google Cloud products, such as Bigtable, BigQuery, and Pub/Sub, Google Cloud’s fully managed, real-time messaging service.

A BigQuery slot can be defined as a unit of computational capacity required to execute SQL queries.

The Twitter team re-implemented the batch layer as follows:

  • Data is first staged from on-prem HDFS to Cloud Storage
  • A batch Dataflow job then regularly loads the data from Cloud Storage and processes the aggregations, and
  • The results are then written to BigQuery for ad-hoc analysis and Bigtable for the serving system.

For instance, the results showed that processing 800+ queries(~1 TB of data each) took a median execution time of 30 seconds.

Migration final picture via GCP

The above picture illustrates the final architecture after the second step of migration.

For job orchestration, the Twitter team built a custom command line tool that processes the configuration files to call the Dataflow API and submit jobs.

What Do The Numbers Say

via Twitter 

The migration for modernization of advertising data platforms started back in 2017, and today, Twitter’s strategies have come to fruition, as can be seen in their annual earnings report.

The revenue for Twitter can be divided mainly into two categories:

  • Ads
  • Data licensing and other services.

According to the quarterly earnings report for the year 2019, Twitter has declared decent profits with steady progress.

“We reached a new milestone in Q4 with quarterly revenue in excess of $1 billion, reflecting steady progress on revenue product and solid performance across most major geographies, with particular strength in US advertising,” said Ned Segal, Twitter’s CFO.

The 2019 revenue was $3.46 billion, which is an increase of 14% year-over-year.

  • Advertising revenue totalled $885 million, an increase of 12% year-over-year
  • Total ad engagements increased by 29% year-over-year

The motivation behind Twitter’s migration to GCP also involves other factors like the democratization of data analysis. For Twitter’s engineering team, visualization, and machine learning in a secure way is a top priority, and this is where Google’s tools such as BigQuery and Data Studio came in handy.

Although Google’s tools were used for simple pipelines, Twitter, however, had to build their infrastructure called Airflow. In the area of data governance, BigQuery services for authentication, authorization, and auditing did well but, for metadata management and privacy compliance, in house systems had to be designed.

By

Sourced from AIM

By Nick Hourigan.

Financial crime is growing ever more sophisticated, but so are the techniques used to fight and detect it. What are the developments in the crimefighting industry?

Financial crime isn’t isolating. Criminals — money launderers, terrorists, fraudsters — evolve apace or ahead of the institutions and individuals they exploit. Global headlines, encompassing Panama to Moscow and due South, beg the question: “Why can’t we keep up?”

How data experts can help combat financial crime

Nick Hourigan, Senior Managing Director and Head of Data and Analytics at FTI Consulting, is one of the people tasked with fighting this growing problem.

He says that, at the point a regulator is asking really probing questions of a financial institution, “harm has probably already occurred, most likely over the course of years.”

“If there is crime, it’s usually in layers and the extent is often broader than even the regulator’s influence.” While Hourigan always advises his clients to seek objective legal and strategic advice, he emphasises time and attention from senior leadership, compliance and systems owners is vital, but challenging to synchronise.

“These are hard problems that can have major reputational and financial impacts for organisations — but that isn’t always obvious at the outset.” Grappling with vast data is essential to get to the truth. “I tell my teams,” he says, “you make the computer work for you; because you can bet the criminal did.”

The benefits of ubiquitous data

So, what challenges can be met using advanced analytics and process automation? “The response must draw upon a complete picture of events and parties,” says Hourigan. “One of the key benefits of advanced analytics and process automation is the ability to combine, analyse and review information sourced from very different business systems and processes. Historically, you may not have been able to identify that someone’s activity didn’t match up with how they present themselves, because the inconsistencies are scattered across different systems.”

FTI itself aims to combine advanced analytics, e-discovery services and financial crime expertise to fight the growing problem.

“FTI does not have many people who try to be all things,” explains Hourigan. “We have technical and topical experts engaged on a project and we are able to put together teams in which the decision-making process is led by some of the most experienced global experts in the fields of financial services, regulatory investigations and data and analytics.”

Tailored financial crime solutions for large and small businesses

The critical areas of development of advanced analytics and process automation to combat financial crime depend on the size and profile of the institution, says Hourigan.

“Larger institutions will likely need to leverage data from across a greater range of geographies and services, each supported by many-layered operations. Smaller and ‘challenger’ institutions may have a simpler data and systems landscape but less established operational and compliance support. Across the spectrum, there are powerful techniques such as network analytics that can be tailored to compliment traditional investigation techniques and provide a comprehensive, sophisticated and robust response to financial crime.”

In essence, to continue to meet and prevent the threat of financial crime, financial institutions need to rapidly combine, evaluate and make decisions on any data that may indicate criminal activity. Across all those incumbent, advanced analytics and process automation are essential tools to get the right data to the right person at the right time.

By Nick Hourigan

Senior Managing Director, Head of Data and Analytics, FTI Consulting

Sourced from CITY A.M.

By Lucas DiPietrantonio

From marketing to mission statements, the tools and techniques you need to change your narrative.

In our modern marketing landscape, brands cannot afford to exist as just another faceless entity. They need to have a powerful story that sells who they are and allows them to appeal to their target audience. While most brands understand this basic need to tell a story, many fail to succeed on the execution. Thankfully, brands that are failing at their current storytelling efforts tend to share a few common issues (see below), ones that can be identified and fixed with the right tools and techniques.

1. Your marketing isn’t memorable

Your customers have a desire to engage with quality brand stories, but if the story you’re trying to tell isn’t that memorable, you won’t make a lasting connection. A study in the UK found that while 79 percent of adults “want brands to tell stories as part of their marketing,” 85 percent of those surveyed couldn’t think of a memorable brand story.

As this sorry statistic reveals, most brand-marketing efforts fail to rise above the noise that bombards customers every day, particularly amid the rise of social media. Nielsen estimates that the average adult in the United States spends 11 hours per day interacting with various media, and while all that time certainly presents an opportunity, it also means there are lots of other stories competing for customer attention. It’s becoming increasingly difficult for marketers to create desirable, scroll-stopping content when users are constantly encountering the same messages over and over again. Be it templated digital-response campaigns or generic Instagram captions, this approach simply won’t cut it anymore.

Part of the problem could be that you’re not actually telling stories to begin with. While a case study can certainly be persuasive, if it doesn’t tie into a narrative with an emotional element, it likely won’t have as much of a memorable impact. According to the Stanford School of Business, stories are 22 times easier to remember than facts.

Consider how statistics, customer testimonials and other marketing options can be tied together as part of a cohesive narrative. A story with an emotional core will put those facts in perspective so they have a greater impact for your audience.

2. You haven’t built a “tribe” around your brand

Many of the world’s most successful companies have achieved their status by building a brand tribe — a group of people who believe in the brand and its mission, are intensely loyal to its products and services and will even promote the brand in their daily living.

This is especially prevalent with technology brands like Apple or Tesla, which achieved high rates of loyalty by linking their products with a unique set of values and beliefs shared among their target audience. The brand becomes more than simply a product — it becomes an experience, and even part of a lifestyle.

If your audience doesn’t seem to be very engaged or passionate, chances are high that a lack of cohesive brand storytelling is at least partly to blame. Your messaging needs to create a sense of solidarity and belonging among your target audience. Successful tribal marketing goes beyond basic demographic information and focuses on behaviors that create more meaningful connections.

In addition to fine-tuning your own marketing, leveraging the power of influencers can be a great way to build your brand tribe. A study conducted by Twitter found that 49 percent of its users turned to influencers for product recommendations. This is why influencer testimonials and interviews play such meaningful roles in advertising. They provide social proof, which is of particular importance when it comes to overcoming trust barriers or breaking into a new market.

Influencers have already created a tribe based on their personality, shared interests and engaging style of communication. Partnering with relevant influencers can help contribute to the growth of your own brand tribe. Similarly, basing your storytelling patterns off the techniques used by top influencers in your niche can help you better communicate your story in an appealing manner.

3. You aren’t communicating your impact

These days, it’s not enough to be a “fun” or “exciting” brand. More and more people want to engage with brands that they feel are making some kind of positive impact on society. In fact, the 2019 Porter Novelli/Cone Purpose Biometrics Study found that 72 percent of American consumers felt it was important to buy from companies that reflected their values. And close to 90 percent reported being likely to buy from a “purpose-driven” company.

This reveals two common issues where brand storytelling often falls short: not having a meaningful cause or purpose that you support, and then failing to communicate what you are doing to support your cause. Brands that succeed in the long run try to impact the lives of their customers in a meaningful way. They also strive to make the world a better place.

For any of these efforts to have positive storytelling outcomes, they must stem naturally from your company values and the products and services you offer. Find a relevant cause that you can support, like looking for ways to reduce your environmental impact. Attaching your brand to such initiatives and then integrating them into your storytelling will fuel loyalty and help you build your tribe.

However, do keep in mind that it is important that this element of social good be genuine. Consumers are intelligent, and if your impact doesn’t align with the overall tone of your brand’s message and mission, it won’t be as effective.

With quality storytelling, your brand becomes far more relatable and appealing to your target audience. You can make powerful connections that fuel the lasting loyalty needed to build a successful business. By digging deep into your storytelling genes, you can take your brand to the next level.

Feature Image Credit: Image credit: Xphi Chnm Phechr Nùn/EyeEm | Getty Images

By Lucas DiPietrantonio

CEO of Darkroom

Sourced from Entrepreneur Europe

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In a new report, researchers at Ranking Digital Rights lay out a prescription for fixing Facebook

In the face of the coronavirus outbreak, Facebook’s misinformation problem has taken on new urgency. On Monday, Facebook joined seven other platforms in announcing a hard line on virus-related misinformation, which they treated as a direct threat to public welfare.

But a report published this morning by Ranking Digital Rights makes the case that Facebook’s current moderation approach may be unable to meaningfully address the problem. According to the researchers, the problem is rooted in Facebook’s business model: data-targeted ads and algorithmically optimized content.

We talked with one of the co-authors, senior policy analyst Nathalie Maréchal, about what she sees as Facebook’s real problem — and what it would take to fix it.


In this report, you’re making the case that the most urgent problem with Facebook isn’t privacy, moderation, or even antitrust, but the basic technology of personalized targeting. Why is it so harmful?

Somehow we’ve ended up with an online media ecosystem that is designed not to educate the public or get accurate, timely, actionable information out there, but to enable advertisers — and not just commercial advertisers, but also political advertisers, propagandists, grifters like Alex Jones — to influence as many people in as frictionless of a way as possible. The same ecosystem that is really optimized for influence operations is also what we use to distribute news, distribute public health information, connect with our loved ones, share mediums, all sorts of different things. And the system works to various extents at all those different purposes. But we can’t forget that what it’s really optimized for is targeted advertising.

What’s the case against targeting specifically?

The main problem is that ad targeting itself allows anyone with the motivation and the money to spend it, which is anyone, really. You can break apart finely tuned pieces of the audience and send different messages to each piece. And it’s possible to do that because so much data has been collected about each and every one of us in service of getting us to buy more cars, buy more consumer products, sign up for different services, and so on. Mostly, people are using that to sell products, but there’s no mechanism whatsoever to make sure that it’s not being used to target vulnerable people to spread lies about the census.

What our research has shown is that while companies have relatively well-defined content policies for advertising, their targeting policies are extremely vague. You can’t use ad targeting to harass or discriminate against people, but there isn’t any kind of explanation of what that means. And there’s no information at all about how it’s enforced.

At the same time, because all the money comes from targeted advertising, that incentivizes all kinds of other design choices for the platform, targeting your interests and optimizing to keep you online for longer and longer. It’s really a vicious cycle where the entire platform is designed to get you to watch more ads and to keep you there, so that they can track you and see what you’re doing on the platform and use that to further refine the targeting algorithms and so on and so forth

So it sounds like your basic goal is to have more transparency over how ads are targeted.

That is absolutely one part of it. Yes.

What’s the other part?

So another part that we talk about in the report is greater transparency and audit ability for content recommendation engines. So the algorithm that determines what the next video on YouTube is or that determines your newsfeed content. It’s not a question of showing the exact code because that would be meaningless to almost everyone. It’s explaining what the logic is, or what it’s optimized for, as a computer scientist would put it.

Is it optimized for quality? Is it optimized for scientific validity? We need to know what it is that the company is trying to do. And then there needs to be a mechanism whereby researchers, different kinds of experts, maybe even an expert government agency further down the line, can verify that the companies are telling the truth about these optimization systems.

You’re describing pretty high-level change in how Facebook works as a platform — but how does that translate to users seeing less misinformation?

Viral content in general shares certain characteristics that are mathematically determined by the platforms. The algorithms look for whether this content is similar to other content that has gone viral before, among other things — and if the answer is yes, then it will get boosted on the theory that this content will get people engaged. Maybe because it’s scary, maybe it will make people mad, maybe it’s controversial. But that gets boosted in a way that content that is perhaps accurate but not particularly exciting or controversial will not get boosted.

So these things have to go hand in hand. The boosting of organic content has the same driving logic behind it as the ad targeting algorithms. One of them makes money by actually having the advertisers pull out the credit cards, and the other kind makes money because it’s optimized to keeping people online longer.

So you’re saying that if there’s less algorithmic boosting, there will be less misinformation?

I would fine-tune that a little bit and say that if there is less algorithmic boosting that is optimized for the company’s corporate profit margins and bottom line, then yes, misinformation will be less widely distributed. People will still come up with crazy things to put on the internet. But there is a big difference between something that only gets seen by five people and something that gets seen by 50,000 people.

I think the companies recognize that. Over the past couple years, we’ve seen them down rank content that doesn’t quite violate their community standards but comes right up to the line. And that’s a good thing. But they’re keeping the system as it is and then trying to tweak it at the very edges. It’s very similar to what content moderation does. It’s kind of a “boost first, moderate later” logic where you boost all the content according to the algorithm, and then the stuff that’s beyond the pale gets moderated away. But it gets moderated away very imperfectly, as we know.

These don’t seem like changes that Facebook will make on its own. So what would it take politically to bring this about? Are we talking about a new law or a new regulator?

We’ve been asking not just the platforms to be transparent about these kinds of things for more than five years. And they’ve been making progress in disclosing a bit more every year. But there’s a lot more detail that civil society groups would like to see. Our position is that if companies won’t do this voluntarily, then it’s time for the US government, as the government who has jurisdiction over the most powerful platforms, to step in and mandate this kind of transparency as a first step toward accountability. Right now, we just don’t know enough in detail about what, about how, the different algorithmic systems work to confidently regulate the systems themselves. Once we have this transparency, then we can consider smart, targeted legislation, but we’re not there yet. We don’t… we just don’t know enough.

In the short term, the biggest change Facebook is making is the new oversight board, which will be operated independently and supposedly tackle some of the hard decisions that the company has had trouble with. Are you optimistic that the board will address some of this?

I am not because the oversight board is specifically only focused on user content. Advertising is not within its remit. You know, a few people like Peter Stern have said that like, later down the road. Sure, maybe. But that doesn’t do anything to address the “boost first, moderate later” approach. And it’s only going to consider cases where content was taken down and somebody wants to have it reinstated. That’s certainly a real concern, I don’t mean to diminish that in the least, but it’s not going to do anything for misinformation or even purposeful disinformation that Facebook isn’t already catching.

Correction: A previous version of this post stated that the report was the work of New America’s Open Technology Institute. While the report was published on the Open Technology Institute website, it is the sole work of Ranking Digital Rights. The Verge regrets the error.

By

Sourced from The Verge

By Joe McKendrick

It takes design thinking to do digital transformation right. That’s the word from Teonna Akinsete and Kenton Hankins, both with Pega. In an insightful post, they describe the essence of design thinking as “co-production” with end-users of software and related products, to “encourage empathy and collaboration.”

However, they add, this is easier said than done, even in enterprises that seem to have robust design thinking initiatives. “In most digital transformation projects, the goal is to design a product or service that users or customers will love,” they observe. “Traditionally the design team will employ user-centered methods, such as conducting user research and usability testing. These methods are still essential to the design process, but when it comes to impactful collaboration, they only really scratch the surface.” The best way to approach productive design thinking “is to make users and stakeholders part of the entire design process; not just at certain touch points.”

Surveys out of McKinsey put a sharp point to this challenge, noting that many enterprises are still struggling with the right approach to design thinking. Companies that excel at design grow revenues and shareholder returns at nearly twice the rate of their industry peers, the survey finds. However, design thinking is not something that pops up overnight. “What we found was striking,” the McKinsey survey team, led by Melissa Dalrymple, points out. “Some 90 percent of companies weren’t reaching the full potential of design, even as, in the past five years, double the number of companies have added senior design roles to their organization.”

Overall, McKinsey finds, organizations with the most robust design initiatives increased their revenues and total returns to shareholders substantially faster than their industry counterparts did over a five-year period—32 percentage points higher revenue growth and 56 percentage points higher growth for the period as a whole.

Dalrymple and her co-authors make the following recommendations to deepen design thinking into every enterprise activity:

Create bold, user-centric strategies. “Embrace user-centric strategies, improving not only products and services but also the full user experience and, in some cases, the organization itself.”

Embed the design leader into the C-suite. As part of its study, McKinsey interviewed 200 design leaders, and they focus on three key players: customers, employees, and designers themselves. The key is to “embed your senior designer into the C-suite while cultivating a collaborative top-team environment in which your design leader will thrive,” Dalrymple and her co-authors state.

Get the metrics right. Only 14 percent of the companies in the McKinsey survey se are currently setting quantified targets for their design leaders. “Make the most of user data through a balance of quantitative and qualitative design metrics and incentives that enhance user satisfaction and business performance.”

The bottom line is everyone should engage in design thinking. “Gone are the days when the design department receives instructions via email and creates a fully fleshed-out design before aligning with the product owner,” say Pega’s Akinsete and Hankins. “In a design thinking scenario, everyone works together using all available tools, and the team selects winning ideas to go into the final product brief.”

Feature Image Credit: Getty

By Joe McKendrick

I am an author, independent researcher and speaker exploring innovation, information technology trends and markets. I am also a co-author of the SOA Manifesto, which outlines the values and guiding principles of service orientation in business and IT. I served on the organizing committee for the recent IEEE International Conference on Edge Computing, and was active on the program committee of the International SOA and Cloud Symposium series. Much of my research work is in conjunction with Forbes Insights and Unisphere Research/ Information Today, Inc., covering topics such as cloud computing, digital transformation, enterprise mobility, and big data analytics. I am also a contributor to CBS interactive, authoring the ZDNet “Service Oriented” site. In a previous life, I served as communications and research manager of the Administrative Management Society (AMS), an international professional association dedicated to advancing knowledge within the IT and business management fields. I am a graduate of Temple University.

Sourced from Forbes

By Daniel Sparks

This “once-in-a-lifetime consumer shift” looks extremely promising.

In The Trade Desk‘s (NASDAQ:TTD) earnings call late last month, CEO Jeff Green was incredibly bullish on one area of the data-driven digital ad buyer’s business: connected TV (CTV). Though the CEO has been bullish on CTV for years, his exceptionally rosy outlook for the nascent advertising channel during the company’s earnings call is worth a close examination. After all, with the fourth-quarter earnings report coming out on Feb. 27, the impressive quarterly update was quickly drowned out by the coronavirus outbreak that has grabbed the attention of investors all over the world.

In the fourth-quarter call, Green predicted an “accelerated shift” from advertiser spend in traditional TV to CTV in 2020. He backed this view up with a forecast for CTV ad spend on its platform to double again this year.

Here’s a closer look at why CTV could be a major catalyst for The Trade Desk in 2020.

A big opportunity

While The Trade Desk makes money from digital advertisements of all types, the tech company has been investing aggressively in CTV for years. Shareholders, of course, have been on board with these investments since the market opportunity is enormous. CEO Jeff Green thinks the global advertising industry will grow from about $725 billion today to about $1 trillion in seven years, with video representing half of this spend. CTV specifically, will take a “quantum leap forward” during this time, Green said in the company’s fourth-quarter earnings call.

One way to break down this opportunity is to look at CTV ad spend in the U.S. relative to total TV advertising spend. There’s about $70 billion spent on TV advertising in the U.S., yet total money spent on CTV ads domestically in 2019 was about $7 billion, according to eMarketer.  With an estimated 25% of U.S. households expected to be cord-cutters by 2022, CTV ad spend is bound to rise. Indeed, eMarketer estimates that CTV ad spend will grow from about $7 billion in 2019 to $11 billion in 2021, with the portion of this spend that is transacted programmatically (The Trade Desk’s specialty) increasing from $3.5 billion to $6.4 billion over this same time frame. And keep in mind that Green believes nearly 100% of advertising will be transacted programmatically eventually.

During the call, Green was adamant about the runway ahead, saying, “I know we talked quite a bit about CTV on these calls in the past, but we are in the middle of a once-in-a-lifetime consumer shift to connected devices and streaming content.”

Strong momentum

Of course, investors don’t need Green’s optimism to be convinced at how exciting the opportunity is in CTV. Investors can just look at the numbers.

  • CTV ad spend on The Trade Desk’s platform grew 137% year over year in 2019
  • In Q4, the company’s CTV ad spend increased about 100% year over year.
  • Based on a strong start to 2020, management guided for CTV ad spend to grow 100% in 2020.

Even more, thanks to The Trade Desk’s highly profitable business model, with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) coming in at 32% of total 2019 revenue, the company can invest aggressively in CTV and grab as much share early in the game as possible.

CTV is a massive tailwind for programmatic advertising — and The Trade Desk is a great way to play this opportunity.

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By Genefa Murphy

What makes a modern CMO?

The chief marketing officer (CMO) has historically worn many hats: the ideas person, the brand person, the creative thinker, the design person, the list goes on. Despite having a critical role in the organization, they weren’t always connected to the core strategy of the business, the financials and the transformations. In the past decade though, the savvy CMO has helped instigate a shift in the mindset of others when it comes to the CMO’s role in the C-suite.

Closer To The Customer, Closer To Strategy

In an era where marketplaces are moving faster than ever, smart organizations are inviting the CMO to sit at the table with the CEO and other C-level executives — not just for being the creative one, but for representing the voice of the customer in business discussions.

Today’s CMO needs to educate executives and the organization at large about how the market reacts to business decisions, the strategies it deploys and the directions it takes. Ultimately, a highly customer-centric business is a business that will retain its customer base, while also finding new business opportunities and building a lasting, loyal following.

Added Insights Yield Greater Return

Over the past several years, there has been a tremendous influx of dedicated marketing applications that allow the CMO and marketers to better track, manage and optimize marketing’s impact on the business. This increase in tools has helped CMOs run the “business of marketing” while providing a wealth of data that can deliver business insights.

Leveraging customer insights allows the CMO to be the business’s North Star, representing and understanding the voice of the customer at every turn. Helping the leadership team of an organization to truly understand the mind of the customer is critical. In today’s world where business-to-business (B2B) and business-to-consumer (B2C) companies alike are fighting to keep customers engaged, and these customers have higher expectations than ever, having the insights to provide personalized, custom experiences is key.

Having a strong brand is not enough. Having a strong product or technology offering is not enough. Having a good advertising campaign is not enough. I’ve found that customers want to feel a connection, an emotion  —they don’t just want a brand; they want brand intimacy. Companies that establish intimacy and focus on the experience and the engagement are able to outperform those that focus only on pure financial metrics in terms of revenue and profit.

The Difference Between Brand And Brand Intimacy: The CMO As The Change Agent

Yes, consumers want their needs fulfilled, but they also want the brands they engage with to resonate with their beliefs and lifestyles, according to “The Brand Intimacy Study 2019,” published by MBLM and Praxis Research Partners. Consumers want to feel that selecting a certain brand has meaning and value — that it will make them more capable and more connected.

Brands need to become embedded in the rituals of an individual and/or team, not just by habit, but by need. Software companies like Slack, Box, Monday and WhatsApp have achieved this. It has become a daily ritual for development teams that use Slack to collaborate on sprints to check into the app. Is there a new notification? Have I missed something?

Modern CMOs need to change their way of thinking and where they spend their effort. They need to balance their time between the creative and the analytics, and prioritize differently to bring new skill sets into the organization. Those who are data-driven, who can help mine data and turn it into business insights, will be successful in the long run.

The rise in demand for brand intimacy, coupled with the rise in technology and available insights at the hands of the CMO, has created a perfect storm for CMOs to have that seat at the executive table. They are the ones who bring the business something that few others can: blue-sky thinking and data-driven business insights that can ultimately drive customer loyalty. As the CMO uncovers and delivers business insights, they’ll find themselves not only at the table, but right next to the CEO.

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By Genefa Murphy

Dealing with Digital Transformation every day as CMO of Micro Focus, one of the world’s top 10 enterprise software companies @GenefaMurphy.

Sourced from Forbes