Transformation. We often associate this word with significant or sudden change, but its real meaning is gradual change. Even Netflix didn't grow in a single year. Similarly, Nokia did not leave the top position of a phone manufacturer overnight, its descent to the bottom took 5 years. Transformation and the tips associated with it are today's topic of Bystra, Pen&Production's marketing newsletter.
Netflix: from mail-order DVD rental to the world's largest streaming service
If anyone is adapting its services to changing trends, it's Netflix, founded in 1997 by two Silicon Valley entrepreneurs. In the beginning, they offered DVD rentals that were delivered straight to people's homes, and after watching them, you had to send them back. The service gained popularity thanks to a monthly subscription system and within five years had a million customers. In 2007, Netflix began streaming movies online, followed by entering into technology partnerships, producing its own shows, and hitting the 200 million subscriber mark by 2020. After 20 years at the helm of the company, CEO Reed Hastings shares 5 key takeaways that may inspire you.s
CMO today: transforming a key position in the company for the near future
According to a Deloitte study, only 23% of marketing directors are part of the firm's senior management team. At the same time, only 3% of the surveyed executives of large companies have marketing experience. No wonder then that the high expectations placed on CMOs are not met and many leave after two years. Yet, today more than ever, the transformation and growth of a company is in their hands, as they are the ones who have first-hand data on campaign performance, customer behavior, etc. Deloitte also identified 5 types of marketing managers and Google elaborated on this concept in their presentation. In it, you'll also learn how to get better collaboration between CMOs and executives.
Invest more in creativity, not just technology
The obsession with meeting customers with a technological solution often offers little room for creativity. The door to your company is usually a website or app. These are often implemented on identical technologies, so, for example, fashion e-stores look like a carbon copy, as do food delivery services or airline check-in apps. But digital transformation is not just about technology. What exactly will help differentiate your brand from the rest of the competition? Creativity! This is the domain of the marketing department and your strategic partner in the form of an agency or consultant. According to a study by Forrester, a partial shift of investment from technology to creative processes can significantly help increase ROI over a few years.
Successful transformations are helped by a refresh of corporate values
With the millennial generation, corporate values are becoming more important. Just as today's youth demand them from the brands they buy, the same is true for their employers. According to Gallup research, a clear understanding of values helps drive higher employee engagement, which leads to better company performance. And better customer perception. As a shining example, let's once again look at Netflix, whose core company value is freedom. It gives employees free rein in their work and gives its subscribers the freedom to choose what they watch. This has clearly set Netflix apart from TV stations from the start and is the essence of its success.
Do you know what your company values are? Do your employees and customers know them? And isn't it time for a refresh? We are preparing a unique brand workshop for our clients, which serves to identify corporate values and their application in practice. For more information, please contact us.
