In 2014, Eastman Kodak Co. named Steven Overman @Stevenoverman, former Nokia Marketing Executive, Chief Marketing Officer and charged him with leading the global brand renewal of Kodak. In this new role, he led the strategic development of a brand that seemed to have missed the connection to the rest of the industry with the beginning of the digital era.
At the W2O #PreCommerce summit in London, he talked about the challenges to adapt long-term strategy to an ever-changing environment and the positive impact of increased connection on our behaviour in a fire chat with James Morley, Managing Director at W2O Group.
James Morley: The Kodak business understands more than most the impact of digital technology. Can you give us an insight into the impact on Kodak and what it has done to adapt?
Steven Overman: If we go back only a few years ago, Kodak was actually one of the most valuable stocks and companies globally. And some did not want to believe it, but the digital revolution has actually challenged a business model that remained successful for many decades. While we are now looking at platforms like Instagram and how successful it is, we still wonder what the actual business model behind it is. Consumables, as the Kodak product from the past, have been substituted by technology and non-tangible platforms. In order to adapt to this development, we have brought back technology into the family and are now bridging with B2B offerings between digital workflows and analogue outcomes.
James Morley: At WEF last week there was a lot of discussion about the importance of innovation within business. How does Kodak deal with this issue?
Steven Overman: Innovation is a very interesting concept, because it is actually against human nature. Within our nature we have a strong resistance to change, and look for safety and stability. However, innovation is necessary to remain sustainable in the future and true innovative ideas only thrive in a culture that brings in fresh thinking and is willing to take risk. For us, we see a lot of innovation come to life by working with our scientists from the labs. They do have this natural curiosity that you need to be creative and think beyond of what already exists.
James Morley: What do you believe will be the biggest innovations for Digital in the next 2 years?
Steven Overman: I actually see one important trend that actually involves the past, the present and the future. When we look at how much our behaviour has changed by an increased level of connectivity, we can only imagine what impact it will have when the rest (64%) of the world’s population will be connected to the Internet. I believe that in the near future everyone will be connected and with this connectivity comes great power for everyone in the ecosystem. The digital revolution not only changed the way we live, work and create today, but also our increased connection creates a conscious and a growing shared sense of what is right and wrong, which impact the way we do business in the future, but also the way we act as empowered consumers, patients and marketers.
About Steven Overman
Steven Overman was previously VP Global Head of Brand Strategy and Marketing Creation for Nokia, and is founder of Match & Candle, a brand strategy consultancy. In 2014, he published his book “The Conscience Economy: How a Mass Movement for Good Is Great for Business”.