With this quote by Jack Welch, Bob Pearson finished his talk at the W2O PreCommerce Summit in London today. The President and Chief Innovation Officer at W2O Group, encouraged the audience to remain nimble to be able to adapt to future trends and changes and shared some of his insights into tomorrow’s world of brands, customers and media.
As described in his book PreCommerce, Bob sees the biggest value for brands in decreasing the distance to their customers and focus on pre-commerce phase vs. the actual point of sale: Only those who are able to listen, will be able to respond and adapt to market needs – maybe even before those needs actually exist.
The digital age definitely enabled brands to be much closer to their target audiences than ever before; however, the structures, relationships and stakeholders, as we have known them for years, will no longer exist in the future. Bob Pearson summarizes this development in four key game changing trends:
- Our Definition of Audience Is Changing
If we look at the 1-9-90 model, we can clearly see the former content creators and outlets are no longer as relevant in the online conversation as the 9%, which we define as brand advocates, those who spend their time inside social media channels, who are part of strong peer groups and, who add their views to existing content, that will share the future of your brand’s or company’s story. With this development, the audience is now more important than the outlet.
- The PESO model is flipping
As the 9% grow in importance, so does earned and shared media. This requires us to integrate a new media planning model that defines an insight-driven social media channel and influencer strategy, which roles out into campaigns, content and experiences. As part of this model, paid media amplification remains an important part to break through the “noise”, but it will follow conversations and communities more than news.
- Markets Don’t Wait for Campaigns Anymore
Digital conversation is dynamic and to be able to participate, brands need to be agile. Providing customers with what they need, where they need it and when they need it, is a challenge that includes our creative approach. Those brands who are able to use data and respond to trends in real-time, with content dynamically changing based on interest, will make the 365 campaign become real.
- Micro Segmentation Replaces “Personas”
Or in Bob’s words “We always knew that top-down persona-driven segments of “five audience types” was wrong”. With each person and each audience having their own media ecosystem, the roll-up of these ecosystems defines the media network. In order to customize content to their target audiences, brands need to understand how the audience and their attention are fragmented. Therefore, the future media leaders will excel in audience architecture.
About Bob Pearson
Bob Pearson is President and Chief Innovation Officer at W2O Group. Bob has a unique combination of social media, marketing and communications skills acquired during nearly 25 years at three Fortune 500 companies and a major consultancy. In 2011, he published his book “Pre-Commerce: How Companies and Customers are Transforming Business Together”, in which he shares ideas for leaders to engage directly with customers to shape their brand and marketplace success. He is currently working on his next book, which will be available in March 2016. “Storytizing” will focus on the importance of creating a compelling and at the same time relevant narrative for your brand.