As disruption tightens its grip, taking hold of companies in every industry, the need to transform becomes a business imperative – future strategies will define success or failure.
Strategies to manage the collision of innovations should have big data front and center with cloud computing as the backbone.
Strategic solutions should then focus on the intersection of socialization, mobilization and personalization which will provide a blueprint to manage this intersection in the context of a broader business strategy.
The future of a company’s sustained competitive advantage hinges on the ability to effectively manage the collision of disruptive innovations. The disruption driven by mobile, social, big data, cloud and the consumerization of IT is affecting every industry.
Although much has been said and written about these individual areas of innovation, the areas of intersection – critical to creating value from these innovations – have been greatly ignored. As innovations like social and mobile collide, the intersection must be effectively managed or the result is distributed chaos across all verticals.
The Gap between Consumers & Brands
Research indicates the gap between consumer’s expectations and what brands are delivering remains wide, making social and mobile critical components for brand strategies. Consumers want to get recommendations from friends, read expert reviews, glean technical specifications, compare prices, check availability of local inventory versus shipping options, and ultimately purchase products from their smartphone.
They want to browse and shop accompanied by their social network, they expect to use QR codes and NFC to access content on their devices, and want coupons and discounts sent directly to their smartphones. In the not-so-distant future, consumers will expect real-time, department-specific offers sent to their phones while they shop that retail zone.
Analysts estimate that companies’ social media posts already influences about 78% of the viewers and that number is growing rapidly. The innovation collision will occur in retail stores as digital information is integrated with physical space.
Retailers have already started implementing mobile point-of-sale, social media interaction, in store Wi-Fi, interactive displays and mobile payment schemes.
Augmented reality will be used to enhance the customer experience, thereby reducing the number of returns from online purchases by providing consumers with a better understanding of what they are buying.
The absence of holistic strategies that address all digital initiatives and data will slow the enterprise movement towards competitive advantage. Whereas past efforts to create this holistic view have been hampered by organizational silos, current and future efforts will add complexity of the ecosystem or environment to their list of hurdles.
Whatever nomenclature you might stumble upon nowadays, whether it’s SoLoMo, Mocial or some other variation, everyone is trying to relay the same concept; social and mobile overlapping and intersecting. Buzzwords like Mocial allude to prodigious concepts but how does an organization translate these terms into more immediate requirements such as revenue and profit?
A recent eMarketer report examined the various devices U.S. consumers used to access social media in 2011 and 2012. Ninety-seven percent used a computer in 2011, while only 94% used a PC in 2012.
Tablets saw the greatest growth in usage with a mere 3% accessing social in 2011. However in 2012 this number rose sharply resulting in 16% of respondents agreeing they used a tablet to access social media. Unsurprisingly mobile phone access also increased with 46% saying they used a mobile phone in 2012, as opposed to 37% in 2011.
A key takeaway from the study is that the most engaged people on social networks are consumers who are accessing this media via mobile devices.
We have more and more people choosing to access social networks via mobile. These mobile users are more engaged that static users and that engagement continues to increase. In my mind it all boils down to a single conclusion: Mobile is Social …
For more information on the intersection of mobile, social and cloud be sure to download our recent whitepaper and watch the replay of the subsequent webinar on mobile and social engagement.