the smart places era › slides2019 › 2... · marketing “in a market where many brands are...
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The Rise ofSmart Places IoT, Marketing, and the Digital Transformation of Location
@alexdwhittaker @ProphetBrand
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There has never been a more exciting time to be in marketing
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1st generation digital marketing
Awareness building
Photo by Le Buzz on Unsplash
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2nd generation digital marketing
Personalization
Photo by Marten Bjork on Unsplash
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Next-generation digital marketing
True omni-channel
Photo by Marvin Meyer on Unsplash
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Three key features of next-gen digital marketing
Increasing the speed which a customer moves along the buying journey
Optimizing every interaction using behavioural, demographic & propensity data
Integrating communications across established and new, innovative channels
Key Elements of a Next-Gen Digital Marketing Strategy, Altimeter @ Prophet, 2018
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Marketers now play a pivotal role in the transformation of organizations
an activation agent
for insights
a driver of
demand
a facilitator of
innovation
a creator of
experiences
an integrator of
data
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But not all marketers benefit equally from the shift to digital
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“Less than halfway through April, American retailers have announced plans this year to shut 5,994 stores, exceeding the 5,854 announced in all of 2018”
New York Times, Apr 12 2019Photo by Daniel Case on Wikimedia
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“More than 1,000 restaurants went bust in Britain in the year through September, a 24% rise on the previous 12 months”
Reuters, Dec 17 2018Photo by Marco Verch on Flickr
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“2,868 bank branches will have closed between 2015 and the end of 2018, with the number accelerating this year”
BBC, Jun 15 2018
Photo from Wikimedia
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Location brands, which rely on a physical presence, are losing relevance
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1 2 3 4 5 6 7 8 9 10
1 2 3 4 5 6 7 8 9 10
1 2 3 4 5 6 7 8 9 10
1 2 3 4 5 6 7 8 9 10
Prophet Brand Relevance Index® 2018
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2.8 X
20.5 X
NOTE: Based on financials for all publicly traded brands within the Top 50 in US 2017 BRI
Relevance drives growth
GROWTH FOR THE TOP 50 MOST
RELEVANT BRANDS VS S&P 500
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But this battle for the customer is starting to shift
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We are seeing the emergence of Smart Places
"A physical space —public or private, indoors or outdoors — where connected, sensing technology is used to gather insights into the actions, intent, and behaviour of people in it to support customer experience.”
Smart Places, Altimeter @ Prophet, 2018
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Smart place devices fall into three broad categories
Allows brands to know who, and what,
is in their location and track their activities.
Facility trackingObject trackingPeople trackingCameraMicrophoneAccelerometerCompass
Analyse those activities to make assumptions about the behaviours that are driving them.
AI-assisted videoAudioConsumer devices
Delivering personalized experiences to consumers based on activities & behaviours.
Consumer devicesAudio assistantsDigital infrastructure
Smart Places, Altimeter @ Prophet, 2018
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$7.2bn
$12.5bn
Investment is increasing
MARKET FOR INDOOR LOCATION
PLATFORMS AND SERVICES
Gartner, 2017
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Digital-only brands are building technology-enabled, physical locations.
Photo by Warby Parker
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So, how are brands & marketers using this technology to gain advantage?
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Access
For consumers…
Control admission and deliver location specific services.
For marketers…
A real-world tracking mechanism similar to a cookie on a website.
Photo by Disney
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Wayfinding
For consumers…
Help customers, employees, and even robotic devices navigate locations.
For marketers…
Understand consumer intent, prioritise service enhancements, and optimize flow.
Photo by Target
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Personalized Content
For consumers…
Real-time, personalized content, including offers, rewards, user ratings/reviews, and experiences.
For marketers…
Drive loyalty and purchase in a similar way to online re-targeting techniques.
Photo by Cali Group
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Payments
For consumers…
Reduced purchase time and automatic connection to loyalty.
For marketers…
Offline customer data set, reallocate check-out staff to higher value customer service tasks. Photo by Suning
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Asset Tracking
For consumers…
Advance knowledge of what’s in stock, automated check-out.
For marketers…
Real-time inventory data, optimised CX.
Photo by SounderBruce on Flickr
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Employee Enablement
For consumers…
Focused support from customer service agents.
For marketers…
Turn employees into brand advocates, deployed where and when consumers (or patients) need support.
Photo by RFID Journal
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Consumer & Place Analytics
For consumers…
Optimised store & location layouts.
For marketers…
Detailed insights into consumer behaviours.
Photo by Heathrow Airport
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Connecting the dots
Smart Places, Altimeter @ Prophet, 2018
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Optimising cross-channel customer experiences
Photos by Fabletics
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To drive real impact
showed an increase inemployee productivity
experienced improvements in operational efficiency
saw a positive impact on brand equity
Zebra Technologies, 2016
For businesses investing in IOT-enabled CX initiatives
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So, where to begin?
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1. Educate
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2. Form a team
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3. Assess the market
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4. Extend the customer journey
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5. Model data integration
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6. Develop conceptual architecture
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7. Build a business case
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8. Test, learn, & test again
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Be ready for next generation marketing
“In a market where many brands are investing in digital to compete for attention at scale, CX can become a significant competitive advantage.
By focusing on experience as a driver for customer value and business growth, marketers at these innovative brands are earning the ability to gain more influence beyond conventional marketing.”
Digital Experience Innovators, Altimeter @ Prophet, 2019
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Find out more
prophet.com/thinking
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