SocietyOne Eyes Off Disruption in Personal Lending

Customer Experience, Disruptive Technology, Financial Services

For decades, many Australian business sectors have been asleep at the wheel – underinvesting in digital technology, employee skills and strategic thinking. Which sectors? They’re the ones people complain about on Twitter and Facebook – retail, healthcare, pharmaceuticals and financial services. And you can add utilities into that list (but that’s a subject for a future post).

In many ways this is what we’d expect. In the industrial era – business was designed to maximise the profits from investment and expenditure – and that’s what they were doing. We call it creating “shareholder value”. But times are changing. We are no longer living in a world where industrial era business models rule. They are the dinosaurs of the 21st century and those companies and industries that don’t look to reinvent their business models will not only face declining revenues – they’ll risk disappearing altogether.

Don’t think it can happen to you? So did Kodak.

When Google created their own financial services division, they fired a shot across the bow of the slow moving personal lending businesses in the UK. What Google understands is speed to market – and disruption. And remember, they have the inside view of what we search for, what we click on and how long we stay there. The shift to digital – the massive transformation in the way that we think, shop and live has largely been driven by access to Google’s services – and financial services is just the next step in a long journey for them.

But it’s not just global internet giants who will disrupt the market. Smaller, agile players are entering the market – rethinking the old business models and out-flanking them. Take a look at SocietyOne. Connecting borrowers and investors in a peer-to-peer fashion SocietyOne takes “crowdfunding” to a new, more knowable level. It’s designed to match investors and borrowers in an interest rate/risk online pitch-off. Check out their introductory video. Looks like no bank that I know. And that’s the point.

http://www.youtube.com/watch?v=lZqxVKgVbaM

Closed slimmer_jimmer via Compfight

Five Must-Read Posts from Last Week

5 Must-Read Posts

These days we see a lot of blog posts masquerading as news – about the industry, media, technology and so on. But there is often not a lot of insight, or action. There’s opinion and sometimes a few ideas – but precious few wrestle with what it means to live in media-saturated, always connected age. Here are five posts from last week that do. I hope they kickstart your brain for the week!

  1. Mark Hurst has an unusual point of view about Google Glasses – and it’s not about the technology. It’s about the experience. But it’s not what you think. It’s the feature no one is talking about. HT @ozdj
  2. Katie shares images from a photographer’s point of view. And how does he see the world? Framed by the view of his girlfriend. Great storytelling.
  3. The world is changing – but we sometimes forget that it changes at different rates for different people. Becky Lang shares some advice for college kids – what they don’t hear, but should.
  4. Great article from Edward Boches reminding us that social media isn’t about reach, controlling or drowning out the message, but about participation. And here’s what can happen when you do it right.
  5. Finally, powerhouse marketing innovator, CK has delivered a knockout transformation with her new website AllThingsCK, complete with mobile experience, an eBook and a range of new services designed to help you and your business. Get the full details on her blog.

It’s Not Risk. It’s Gaining Trust

Social Judgement, Trust, Videos

We often (still) hear stories of businesses and individuals fearing social media. And if you listen closely to what is being said, you will hear the fear. You will hear anxiety.

And when you hear about those folks who brave social media – who push the envelope within their organisation, you will hear them talk about managing risk. Engaging stakeholders. Dealing with the randomness.

But this great TED Talk by Amanda Palmer reveals a new way of thinking about this.

What if, rather than managing risk, we were to think about “gaining trust”. What would that mean for the way we approach our customers, audiences, stakeholders and employees?

And how would it change what we do.

IMG_9400 bluedance via Compfight

Scale Your Digital Marketing with Marketing Automation

Content Marketing, Customer Experience, Digital Strategy, Social Media

In these challenging times, we are all asked to do more with less. For marketers, this means coping with an explosion of channels, transformation in the expectations of our customers and an abundance of data that can, in equal parts,  obscure or facilitate insight.

So where can you turn to scale your marketing efforts?

The first generation of marketing automation software provided a great way to deal with an increasing volume of broadcast style communications. But in this digital – multi-directional world, marketers must be more responsive, engaging and yes, social.

My just released report, Scaling Up with Marketing Automation, provides a birds eye view of the marketing automation landscape, presents the key strengths and features of a range of vendors and examines how these solutions can help marketers do more with less. You can download a snapshot of the report here.

laughing cow chotda via Compfight

I’m Just a Little Bit in Love with This

Audience 2.0, Customer Experience, Digital Strategy, Story of the Week

I’m just a little bit in love with a great presentation by Martin Weigel.

I didn’t want to get in the way between you and this presentation – but it’s important to remember that there is a huge perception gap between what WE think consumers want, and what they EXPECT from us. It’s not even that we have to CLOSE the gap – just acknowledge it is there. Then we can get to work on truly inspirational customer experiences.

I'll Give You All I Can... Brandon Warren via Compfight

Content Marketing in Australia Needs a Wakeup Call

Conferences, Content Marketing, Digital Strategy, Social Media

The Content Marketing Institute’s new report on Content Marketing in Australia is timed nicely for the upcoming Content Marketing Conference (4-6 March 2013). The report contrasts the content marketing approaches taken by marketers in Australia vs the USA and reinforces much that we already know:

  • Over 60% of marketers expect to increase or significantly increase their expenditure on content marketing in 2013
  • Australian B2B marketers prefer LinkedIn as a social channel while B2C prefer Facebook
  • B2B marketers allocate higher proportions of their budget to content marketing activities than their B2C counterparts
  • A large proportion of marketers outsource content creation (B2C 74% // B2B 54%)

These findings, however, should raise alarm bells for CMOs across Australia.

  • Poor digital capabilities inhibit success. While 96% of Australian marketers use content marketing, the tactical choices favour traditional marketing channels with much lower levels of investment in experimentation and digital engagement. Marketers should set aside greater levels of budget to experiment and innovate around digital and social media. Training and workshop/conference attendance  should be provided to help more traditional marketers to transition their skills.
  • Weak digital strategy delivers weak outcomes. Weakness in digital strategy is seeing a misalignment between content marketing objectives/focus and measures of success. Marketers should draw upon skilled digital practitioners beyond their organisation (and even their industry), to begin to correctly align their business and marketing strategies.
  • Conservative channel choice cripples engagement. Marketers the world over are challenged to create engaging content, yet continue to focus on non-digital channels which produce high-levels of engagement. Again, experimentation is vital. Also, look to pure-play agencies to bolster internal skills for particular marketing programs – for example, work with a social media agency on a social media project, bring in a digital experience expert to reinvigorate the online customer experience.
  • Lack of effectiveness is undermining confidence. Content marketing effectiveness levels remain abysmally low, undermining confidence in marketers and the work produced by their agencies and suppliers. After correctly aligning strategy (as noted above), marketers should build metrics and analytics dashboards to report on effectiveness. Investigate options from companies like Anametrix.
  • Executive buy-in to content marketing needs to be revitalised: Connecting results with effort will give marketers the tools to gain buy-in from their Boards and from senior executives. Investments in analytics and reporting software that aggregates multi-channel data should be prioritised.

The detailed report appears below.  Remember to check out the Content Marketing Conference, using the code CMI200 will save you $200 when registering.

You Thought Siri Was Cool Until You Got Google Glass

Future of Work, FutureVisions, Web/Tech

I can remember my first bulky personal digital assistant (PDA). It was cumbersome, hard to use and ugly. Very ugly. But I loved it. It felt like a ripple in the fabric of the future.

While at university, I took notes on this PDA, scrambling to jot bullet points into the slim LED screen and save them before we moved onto the next subject. Sometimes it worked, and sometimes I lost whole lectures when the AA batteries failed. But even then I realised that there was serious value in being able to search through lecture notes on-the-fly.

And then along came the Palm Pilot. I thought the handwriting recognition was a breakthrough. As I skimmed my stylus across the plastic screen I really felt that I was experiencing another of those ripples in the fabric of the future. It was the right device at the right time – a bridge between my analog and digital worlds. But it wasn’t just a PDA, it was a phone too. And it was changing the world.

With each new innovation, the barriers between me and my device would evaporate. They became easier to use, smarter, friendlier – and dare I say it – more human. Each iteration would be less about the device and more about the experience. My experience. It was like the technology was disappearing before my eyes.

Recently, when Siri came along, we celebrated as if the world had turned on its side. Apple had somehow, again, not only innovated on top of its already innovative iPhone platform – they trumped themselves and changed our relationship with the technology. Now you didn’t even need to swipe and type, you could speak. You could ask questions.

http://youtu.be/v1uyQZNg2vE

And we all loved Siri. But, for me, Siri was a constant reminder that I was using a device. A particular device. It called out my own reliance on that device and its manufacturer – for always in the background, there was that awareness that the experience was being delivered only by Apple. In many ways, Siri wasn’t just a ripple in the fabric of the future, it was the rock that caused the splash.

But Google’s Glass project fascinates me – partly because it is literally transparent.

As you can see from this video, it’s freshly intuitive – and that’s saying something considering Google’s usually clunky interfaces. But the thing that excites me most is the way that experience – human experience – is front and centre. For decades, technology has drawn us away from the body and focused our minds on the screen. But here, we are celebrating, not the technology, but the body in action. It’s technology taking a back seat. It’s the always on Kodak moment.

And its the closest we’ve yet seen to the future.

At least until the next ripple.

Water Drop ~ Explored ~ Sergiu Bacioiu via Compfight

Group Buying Code of Practice Tightens

Compliance, Group Buying

Group buying has proven popular in Australia. In 2012, the market generated $504 million, and according to a December 2012 study by Telsyte, the top five sites showed year-on-year growth of over 9%.

However, it is not all roses. Competition is fierce and the size of the market is not expected to grow as strongly this year. That means we can expect consolidation at some point.

But the industry has also suffered from a range of issues and has been the subject of complaints from consumers and merchants alike.

To combat this, ADMA, the principal industry body for data-driven marketing and advertising, became involved in writing the Group Buying Code of Practice last year.  The aim was to set a best practice benchmark for group buying in Australia.

The code which is voluntary, boasts foundation members Cudo, Groupon, LivingSocial, OurDeal, Deals.com.au, Ouffer and Scoopon – but Spreets has changed its business model and will no longer be a signatory to the Code.

A recent review recommended changes to the code, which the ADMA Code Authority will be enforcing. The changes to the Group Buying Code of Practice include:

  • New Code Authority powers to spot check group buying company compliance
  • Requirements for more detailed terms and conditions (no more surprises for consumers)
  • Tighter controls over how many vouchers are sold – helping ensure merchants understand and can meet their obligations
  • Clear and unambiguous refund policies which must be readily accessible with each offer
  • Improved complaints handling with defined response times for queries and complaints (1 business day) to reduce consumer frustration
  • Defined complaint resolution timeframes set at 10 working days — unless there is a reasonable expectation the process will take longer — but no more than 30 days.

The ADMA Code Authority will proactively conduct checks on the websites and offers made to the public. Signatories can be identified by the Group Buying Code Member logo which will be on their websites and offers.

@Doug88888 via Compfight

Five Must-Read Posts from Last Week

5 Must-Read Posts

This week there has been plenty of discussion around the world of digital. From metrics to trust  and selling to strategy, it feels like digital – as a disruptive force – is itself being disrupted. This reinforces the sense that we must continuously update our skills and expertise – and work with one foot in the present and an eye on the future.

  1. Great article from Ben Kunz on the changing world of digital metrics. In Going for Global Metrics, comScore Dismisses Clicks, he explains that changing consumer behaviour warrants a rethinking of what we measure and how we measure in the digital domain.
  2. Drew McLellan says the hard sell doesn’t work anymore and argues that Selling Shouldn’t Equal Annoying. I think I agree.
  3. I almost missed this one – but am glad I didn’t. Roger Martin reminds us that Strategy is Not Planning.
  4. Have you ever shared a link without checking it first? Admit it! Well, Adrian Snood has a warning for you.
  5. Ellis Hamburger says you’re not gonna Like it: Facebook’s new search struggles with the real world

Waving Goodbye to Posterous

Web/Tech

Bye Bye PosterousI have long been a fan of Posterous. It was a platform that was ridiculously easy to use – and was a great introduction to social media for those who were (or remain) cautious of technology and online publishing.

But when Twitter acquired Posterous in 2012, it was only a matter of time before it was made redundant. And now we know that Posterous will be turned off on April 30, 2013. Making the announcement on the official Posterous blog, founder, Sachin Agarwal, thanked the users and supporters of Posterous and explained how to backup and download your site:

  1. Go to http://posterous.com/#backup.
  2. Click to request a backup of your Space by clicking “Request Backup” next to your Space name.
  3. When your backup is ready, you’ll receive an email.
  4. Return to http://posterous.com/#backup to download a .zip file.

I’ve started the process of moving the various Posterous sites that I have created. I will probably move them to a WordPress site of some kind – when I have the time … but I do so a little sadly.

Posterous’ ease-of-use was a phenomenal wake-up call to the rest of the web world. It will be a shame to see it disappear. Let’s hope the Posterous focus on simplicity impacts the Twitter product roadmap. After all, we don’t need more features, we need a better experience in our use of technology. And for my money, simplicity it the key.