Digital Disruption

Brian Solis, Principle Analyst at Altimeter Group, posted this amazing “Wheel of Disruption” in a recent article. While it may be full of buzzwords, we cannot deny that digital technologies are impacting our customer’s behavior already today and even more so in the future. And businesses need to respond to these changes if they want to remain competitive. Brian interviewed over 20 strategists from leading global companies to find out how they are changing in light of this. Very interesting to hear that most felt that the way to adapt to this transformation was not only through investing in new technologies. But to adapting to the behaviours of customers and employees. At the end of the day is it about “creating a culture of adapation and innovation” in your business. And that is something us in marketing communications also have a large role to play in.

The digital economy. Cheap smart phones will change everything.

I gave a presentation at the European University as part of the American Germany Business Club Exchange yesterday together with another marketing colleague of mine on “Marketing Strategy in the Digital Economy”. And I realized the 45 minutes we had to present just did not suffice. So much has changed since digital hit us and hit us in all industries and the way we need to do business now and will be doing business in the future.

Catching up on my reading this Sunday morning, I came across this interesting article in WIRED which is just one of the many examples of how changes are influencing our digital economy. Cheap smartphones are popping up everywhere. But don’t dismiss them. For many people around the globe it will be their first screen and their only screen. Their primary interface with the world. This means a huge array of new opportunities huge impact on both social and political issues.

Developing World Changing Ideas

Something inspiring and motivating to kick off the new week. Have a good one!

Marketing is more than marketing

Marketing has become more than just marketing. With the explosion of communication channels , the chief marketing officer needs to truly understand the customer’s journey. Marketing is responsible for the brand and the customer experience is your brand. But marketing is not always at the frontlines of interaction with the customer. But it should be. Marketing needs to forge partnerships with sales, customer service, and product development. In order to deliver not only a great but specifically relevant customer experience, a collaborative process needs to be established from product development, to IT to marketing and sales departments that are “selling” the same message. Every CMO should ask themselves and their organizations the big questions. Why are we doing this? What’s the value to our cutsomer? And how will this add to our efforts?

ISPO Munich 2014 – Visions become reality

Winter hesitantly arrived just in time for ISPO – making it all the more appropriate to check out the latest winter sport gear and clothing. ISPO is a great, colorful place for me to meet people and network, especially as this is an industry most removed from all my other daily business encounters.

After all the hype around this year’s CES in Las Vegas, I was pretty excited to check out the latest wearable tech on offer at ISPO. This year the organizers even dedicated a special wearable technologies show. I am amazed at the multitude of fitness trackers but none really stuck out. Probably most noteworthy was SenseCore . According to the Swiss startup, SenseCore not only can track the “regular” data but also has an EKG functionality, body temperature, acceleration and more. The sensors can be integrated into clothing and that way produce a multitude of data In addition it is waterproof up to 5m. With a price tag of approx. EUR 900 this little wonder will most likely be used more for the professional sports people and possibly even whole teams.

Not necessarily wearable tech but definitely wearable was Hyperice – a joint specific neoprene bandage that offers cold treatment. If you don’t mind looking like something out of Terminator it sure seems to produce great regenerative results.

While I always enjoy to check out the latest clothing, ski and snowboard gear the best place for me to go is ISPO BRANDNEW. This is where ISPO features the newcomers, the pioneers, the startups with a passion and vision. Having launched the Zipflracer myself at the trade show 6 years ago, I love spending time and talking with people who are at that same place as I was.

The most prominent new kids on the block this year were the bike crowd. I particularly liked Loopwheels, a British startup that has truly “reinvented the wheel”. Funded by Kickstarter, Loopwheels has the suspension in the wheels, making riding much more comfortable. You can just buy the wheels or check out their foldable bike. Cool design. I got a great kick out of Ass Savers. There are so many bikers going passed me who look a little muddy on their be-hind. Well ass savers – basically bicycle mudguards will take care of that problem. They come in cool colors too.

And then there is also Pub Peddles. Never will have an excuse again not to ride my bike in my high heels (fortunately or unfortunately). They are attachments that will let you use any type of shoe to pedal. Easy to attach, many colors, how perfect is that.

The other two startups that definitely got me excited were Fimbulvetr from Norway and Oru Kayak from my old home, California. Fimbulvetr has developed this amazing snowshoe that is lightweight and consists of only 12 pieces. But even better is the “all direction” hinge which gives your foot excellent flexibility while walking. Hopefully one day I can actually test this (please let it snow more again please!)

Oru Kayak of course got my heart beating faster as we have been looking for kayaks that we can take with us on our sailboat without taking up too much space like the one we have now. Another startup funded by Kickstarter, Oru Kayak gives you a kayak that comes in a bag, weighing approx. 12 kg and unfolds into a 3.66m long kayak. Brilliant. Discussions are already happening at my house how we can get one of these from California over the Adriatic!

As an aside – even though I am known to have way way too many myself – I always wonder who buys all those hats and gloves that are presented at ISPO every year. They are so generic every year. Therefore my prize for most innovative headwear this year goes to Beardo – thanks for offering many options that made me smile.

At the end of the day I wished I’d had some wearable tech as I am sure to have logged at least 20 km walking the halls. See you next year!

Living in a Digital Economy with Analog Boards

It’s been a while since my last blog – summer is turning out to be busier than I thought! Russell Reynolds Associates 2012 Study of Digital Directors did catch my eye this month though.

In today’s world, the CEO should also be the chief digital visionary in order to be able to lead the company’s digital transformation. And if this is not yet the case, companies – large and small – definitely need to start building their digital capabilities in order to remain competitive in this ever increasing technological environment. It was not surprising to read that almost all of the “highly digital” boards were in the U.S, with only two in Europe and none in Asia.

Technology is creating new ecosystems and opportunities. And these opportunities also demand the need for thoughtful investments. So in order to fully take adavantage of what our new digital world has to offer, CEOs and management boards need to start to adapt.

It’s time for management to become digital visionaries!

Leadership and Governance in Family Enterprises

I attended a very interesting summit of Turkish and German family entrepreneurs at the beginning of June in Istanbul. The conference was held at thevhistoric summer residence of the German embassador in Tarabya – a gorgeous house on the Bosporous with the most amazing gardens.

Most of the world’s best performing companies are family owned. They are job creators and drivers of growth in today’s often frazzled markets. But being a family enterprise often poses risks. Discord amongst family members, succession issues, ensuring smooth transitions amongst the generations. All these issues can make or break a family enterprise. And this is where leadership and governance come into play. They are the glue that keep family enterprises together. For generations to come. Or at least can. It is all about managing this “golden triangle” between family, management and ownership.

But how do companies manage to keep all these in balance? Many may have so-called family constitutions, others have put some type of family shareholder governance into place. And having rules in place to govern is necessary and part of a professionally run company. But there is always something that is missing from a contract. One of the most important factors in keeping family enterprises running is to be able to pass along the common values and to keep an open dialogue amongst all family members. This needs to be installed from an early age on.

But succession planning is also just as important. Family enterprises that are looking for growth and long term continuation need to make sure there is an open path for the next generation to move up sooner rather than later. The older generation needs to give the next enough time so that there is less pressure to succeed and room for failure. Governments are mostly only liable for 4 years. Management in big corporations only live on 5 year plans. There is no one really liable for ensuring the long term continuation. They are not invested in their undertakings. Emotionally and monetarily. And that is why family enterprises and entrepreneurship are the drivers of the future. And leadership and governance are the cornerstones that keep these enterprises on track and successful for generations to come.

This was the second time that the confererence was held and it is a great opportunity for dialogue and business opportunities and I would like to thank Alphazirkel for the wonderful organization.