MKT494 Innovations in Marketing
What was written by AI:
"It's true- you can unlock cash from the equity in your home."
according to Peter Drucker
"entrepreneurs are committed to the systematic practice of innovation"
About _____ % of clicks for ads are considered fraudulent (class data), and one technology we talked about that can help with this ad fraud is _______.
(1/5 or 20%) and Blockchain
Peter Drucker
creator and inventor of modern management entrepreneurs are committed to the systematic practice of innovation
Components required for internet of things include...
data processing sensors user interface connectivity devices
Gain Creator
do we offer valuable gains?
Inclusivity at its core doesn't mean that we accept differences but instead that we _____ differences.
embrace/welcome
Gender Identity
fluid changes within gender roles
Pain Reliever
from value prop canvas
Catalytic Innovation
has social change as its primary objective. These are likely to come from outside the ranks of established players in the space. They create systemic social change through scaling and replication; They meet an overserved need; They offer products simpler and less costly than existing alternatives, likely a lower level of performance but good enough They generate resources (donations, grants, intellectual capital, etc.) that are unattractive to competitors -- think Tom's Shoes They are ignored by top players because the segment is not-sustainable or unprofitable for them.
Why might virtual reality "tip" or become part of the mainstream more slowly than augmented reality?
it requires hardware most don't have and/or it is more expensive to implement and create.
There are two types of acceptable outcomes in innovation:
1) a success 2) a failure that comes as quickly and inexpensively as possible.
According to "think with google", the average load time for a mobile page is ____ seconds compared to the ____ seconds most people are actually willing to wait for it to load.
15; 3
Prototype
4th stage assume you are right and everyone else is wrong test
4G latency
5G versus 4G is...Less able to penetrate buildings and trees; needs more towers closer together than 4G Relative to 4G of current time, 5G will decrease latency, will increase the number of devices in an area that can be connected at any given time and will increase overall speed.
Market
A physical or virtual place where two or more parties gather with the intent of exchanging goods and services. For innovation to work well, it needs brands (sellers) and people (buyers) both aligned in a way that, appropriate to the need, favors each. So from 1940-1990, essentially nothing at all changed in the marketing tactic landscape. Innovation Can Better Connect a Brand to the People It Serves. For an innovation to be successful, it needs to solve a problem faced by people.
Empathy Map:
A way to gain a deeper understanding of the people a brand intends to serve (through innovation or otherwise) A way to understand the user's needs / pains... etc. Purpose: to provide business teams with insight into the mindset of the customers by collectivizing the opinions of potential customers. Includes: what do the customers THINK & FEEL, SEE, SAY & DO, HEAR. What are the customers: PAINS, GAINS
Other Info
AI is seen as a current disruptive technological force alongside IoT. There are clearly many implications of AI and machine learning (ML), and there is no exception in our world of marketing. Robotics unlock innovation by enhancing intelligence and performing tasks with more dexterity than a human might.
Ad Fraud
About 1 in 5 clicks in digital advertising is considered fraudulent. These fraudulent clicks result in bad data for a marketer, as it's hard to tell what was unintended, clicked by bots, etc. versus what was not. With blockchain, an advertiser can "trace" a click-through from its original source, ensuring more so it is a legitimate click.
When brands try to get involved in podcasts, unfortunately they often just do so in the easiest way possible, by ______. This is the least effective, though. Instead, they should create an original podcast that adds ______ to the people they serve.
Advertising and value
If I know what my customers are thinking and feeling, saying and doing, hearing and seeing and, from that, can observe a real gap between what exists and what would improve their experience, class would tell me I've most likely uncovered that information through what map?
An Empathy Map
When AI decides and executes autonomously from a human, according to class and The AI Advantage (Davenport) that is called what?
Autonomous Intelligence
IOT is mainly used for
B2B
most opportunities of IoT are in the ______ space
B2B
What is Bret's favorite sweet/dessert?
Chocolate Chip cookies
Disruptive vs. Catalytic Innovations
Disruptive Innovation creates social change, but it is often "a by-product" as Christensen describes it. Catalytic Innovation has social change as its primary objective. These are likely to come from outside the ranks of established players in the space.
Travis Scott launched Astroworld Festival in his hometown. In class, this is an example from what form of innovative marketing?
Experiential marketing
Barriers to Technology Enhancement
Government regulation and restriction. What has happened to Facebook, Apple and Google will likely continue as technology evolves the human condition. Access to talent and expertise. The competition for well-trained individuals is fierce. Data scientists, behavioral researchers, people trained in algorithmic design and AI, etc. Big leaders of today restrict innovation. If you are Alibaba, Amazon, Apple, etc., you might not want some of this innovation
Image Recognition
How technology might help in aiding image recognition For companies that what to be able to use it to do a better job at figuring out skin tone for cosmetics or things like that ex. find a picture in your camera roll of a dog use it in a department store, netflix, google images AI understands content and can figure out images even if they look very different
Value Proposition Canvas
Identify needs of a customer and how you can add value Strategic management tool to design, test, build, and manage products and services. Fully integrates with the Business Model Canvas.
Through 2022, what technologies will drive the greatest business transformation, enable consumers and drive the greatest benefit to life, society and the environment?
Internet of Things
IoT stands for what? and What needs to be present for an IoT strategy to be effective?
Internet of Things The people you serve need to be the center of your strategy; you need to be solving a pain point they have
Global tech leaders think that among technologies _____ will drive the greatest business transformation, enable consumers and drive the greatest benefit to life, society, and the environment
IoT
Industrialization led to mass marketing. The main issues with mass marketing, as discussed in class, is what?
It assumes everyone has the same pain point(s). It treats people who, in reality, behave and are motivated very differently as if they are similar.
Customer Experience
Know what your customers are thinking and feeling, What you customers are saying and doing, What your customers are hearing and seeing. The sum total of the interactions that a customer has with a company's website, from the initial look at a home page through the entire purchase decision process the internal response that customers have to all aspects of an organization and its offering
Peter Drucker cites "unexpected occurrences" as sources of innovative opportunity. IBM was cited as an example of this when they failed in selling to banks so pivoted to this target market instead.
Libraries
Until more recent times, the action of marketing got too disconnected from the _____ to the point it was all about the seller and not the buyer at all.
MARKET - no connection with people to brands - got too far apart from making marketing into mass marketing (market to as many people at possible) - trying to get the market back into marketing - making them more specific (niche)
Other Info
Marketing has a key role to drive growth. Entrepreneurs are committed to the systematic practice of innovation, according to Peter Drucker. When an industry has a steady growth market but falling profit margins. This is an incongruity that can be exploited. Current Technological and other advancements create rapid innovation.
A real-world environment plus virtual objects you can interact with is an example of what technology we discussed in class?
Mixed Reality
Affiliate marketing
Most affiliate marketing relies on tracking pixels and complex URL strings to pass information from the affiliate doing promotions to the company offering the bounty for a lead or sale. For many reasons, this is inaccurate and information is often lost in the process. With blockchain it would look different... Instead, a brand can use a smart contract instead of a tracking pixel - every time someone clicks on the referral link, a smart contract is created with a unique id of that specific visitor, with the timestamp and the activity in question. This information would be available to both the affiliate and the brand, and it couldn't be manipulated in any way.
Blockchain is secure but, like most things, subject to human hacking. What is a famous example of a hacked blockchain we discussed in class in which substantial value was stolen?
Mt. Gox or "a bitcoin exchange in Tokyo"
Netflix promotes "binge watching" while HBO releases episodically. Given what we discussed in class, which is the smarter approach?
Neither - instant vs. delayed gratification - both are strategies that can work and win
Protopersona & persona
Persona = much more in depth Proto-persona = just to get a basis A proto-persona (unlike a persona) is developed by your team. Usually, you would then take that proto-persona and see if people in the real world exist that align to your proto-persona. They you would see if they share the pain point you identified, so you are verifying the ultimate listener will care about your content proto-persona = who is the person to which we are trying to align (behaviors, beliefs, needs, goals, pain points)
Shaping Choices (look at weak signals project)???
Purpose = answer a bunch of questions Strategies = answer more questions
According to Clayton Christensen, innovation that is incremental, breakthrough or leapfrog of quality or functionality is called a ______ innovation.
SUSTAINING
_____ allow the performance of credible transactions without third parties like banks
Smart Contracts
Robotics
Success of robotics program in Japan - well ahead because they saw the baby bust of Gen X and a smaller workforce they saw a more educated workforce capable of more than screwing a bold into a hole unlock innovation by enhancing intelligence and performing tasks with more dexterity than a human might enable innovative thinking and provide enhanced experiential marketing opportunities
Christensen's two innovative categories
Sustaining: better quality or additional functionality for demanding customers. They can be incremental, breakthrough or leapfrog innovations. Disruptive: don't meet existing customer needs as well as current products, lack features, but are more convenient and less expensive, so they appeal to less-demanding customers. (Southwest Airlines is an example)
Singularity University developed a tool to enable you to identify positive and negative long-term implications of a likely central event, trend or disruption and calls this tool what?
The Futures Wheel
Industrialization
The US was primarily a farming/agricultural country for many years in the 1800s the agricultural economy and the industrialized economy co-existed started with shoes, clothing, and textiles manufacturers worked with wholesalers to bring product to market, and the supply chain was born rose fast because Americans did not want the overly complex or expensive items from Europe any longer - they wanted simple goods at a cheaper rate (simplify the complex) created the rise of "mass marketing" = overproduction and in order to sell they started to advertise to larger and larger groups of people (newspapers and magazines then into TV)
Value Proposition & what it looks like
The Value Proposition Canvas is used to ensure any innovation we consider is done with the people we intend to serve in mind. It looks at what we are trying to create and see if it aligns with "jobs" people are trying to hire someone for, thus eliminating "pains" or creating "gains". In other words, do we offer valuable "gains" that someone wants or needs. Value Proposition Hypothesis is... For (customer) who (problem), (company) is the (solution type) that (solution). In doing so, (impact).
Machine Learning:
The capacity of a computer to learn from experience, i.e. to modify its processing on the basis of newly acquired information. Machine Learning is a current application of AI based around the idea that we should really just be able to give machines access to data and let them learn for themselves. the extraction of knowledge from data based on algorithms created from training data
Acculturation (look at image on my notes)
The change that occurs within a culture when it adopts a practice from another culture the change that occurs to both when two cultures come into contact theory= explains how individuals from a cultural background reach when in contact with another culture Can be used for explaining consumer behavior, attitudes of consumers and marketing towards ethnically diverse consumers i. Its not just about the language, its about traditions, values, food habits, etc. ii. Each person acculturates at a different rate iii. Want it to be an additive
Innovation often starts by uncovering ways to simplify what?
The complex - take something complex and hard to deal with and make it easy
Artificial Intelligence:
The theory and development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages. Artificial Intelligence is the broader concept of machines being able to carry out tasks in a way that we would consider "smart". AI can help in improving the customer journey by changing the way a company makes people aware, how it captures a customer/lead and how it nurtures a customer. AI powers many of the social media monitoring tools on the market today, and that is only going to expand. AI can create a persona, monitor social media, enables customer service, makes better content, recommends products, organizes data,
T/F: When an industry has a steady growth market but falling profit margins, that is an industry ripe for innovation
True
Hypothesis
Value hypothesis - whether a product or service really delivers value to customers once they are using it. What could we see in real time that would serve as a proxy for the value clients you gain from our offering? Growth Hypothesis: how new customers will discover a product (in particular, early adopters) Define your hypothesis: start with make or break assumptions to test. DO not start with something to just see what happens (if you can't fail, you can't learn). Make a clear prediction about what is supposed to happen - then test empirically (by means of observation or experience). Don't ask for opinion. Measure action. Test your early adopters, those who need it most. Is it falsifiable? Is it specific? Is it causal? Is it relevant to learning goal?
5 years ago you noticed more and more people becoming anxious in our society, and from that developed a mindfulness app on phones. At that time and for our purposes, anxiety would be considered a _______
WEAK SIGNAL - because of the "5 years ago" - would be a pain point if it didn't say 5 years ago because it is solving something
MR is...
a real world environment overlaid with virtual objects you can interact with (think rearranging furniture you want to buy in a real world)
AR
a type of interactive, reality-based display environment that takes the capabilities of computer generated display, sound, text and effects to enhance the user's real-world experience. combines real and computer-based scenes and images to deliver a unifies but enhanced view of the world (AR & MR) are experiential by nature reach value of 70.01 billion by 20203 VR= fully virtual environment AR = real-world environment overlaid with virtual objects (Pokémon GO) MR = a real-world environment plus virtual objects you can interact with
Empathy Map
a way to gain a deeper understanding of the people a brand intends to serve Helps integrate interview data into insights by considering: -What did they say? -What did they do? -What might they be thinking? -What emotions do you think they are experiencing? -A way to understand the user's needs / pains...etc
Virtual Reality
an artificial environment which is experienced through a sensory stimuli provided by a computer and in which one's actions partially determine what happens in the environment oculus/cardboard/daydream options 1/3 of global consumers are expected to be using VR used for training
Weak signals
are a way to look into the future of brands, a seemingly random or disconnected piece of information that at first appears to be background noise but can be recognized as part of a significant pattern by viewing it through a different frame or connecting it with other pieces of information. Weak signals are missed by most. Those that "see" them get ahead of the curve. Those that identify the right ones to see and discard those that will have little impact are able to build innovation and business around these weak signals.
Rational
based on or in accordance with reason or logic
A person can track exactly where a can of tuna came from and if it was from a sustainable source using the underlying principles of...
blockchain
The singularity is a hypothetical future point in time when technological growth becomes uncontrollable and irreversible, resulting in...
changes to human civilization
Social Change
once a business has an idea of a social change to address, look for current signs of disruption. - a new entrant is providing a low-cost, low-function option to overserved or not served segment - dominant players have moved away from niches that can be profitable - copycats are emerging - investors are frustrated with current solutions - business models are not set up for anything catalytic current social change breeds innovative thinking in marketing - gender identity, human equality, inclusivity, and global mindedness. Gender identity - much more prevalent among Gen Z and Millennials (many are parents of those who identify this way) - don't limit male and female preferences - when looking at creative delivery, stretch a bit to include people representing new dimensions in gender - when creating products, think about the importance of gender in the product itself Human Equality - every individual has an equal opportunity to capitalize on their talents and live a full life (BLM, LGBTQ, united we dream (Immigrants) - have a significant impact on how people live - believe in something and opt in to get involved Inclusivity - at its core that you don't just tolerate differences but that you embrace and welcome differences - willingness to welcome others who are not like us - 70% of millennials are more likely to choose one brand over another if that brand demonstrates inclusion and diversity in terms of its promotions and offers - inclusive design = build digital experiences from which everyone can derive benefit from. Global Mindedness = - a large concern around the world is the loss of local culture (not necessarily a bad thing) - 85% of us believe global brands have the power to make the world a better place - think globally, act locally - your customers can come from anywhere (think of language, pay, currency, time, etc.) - nationalism is often used in product marketing - Made in USA is a clear example - nationalism = would identify with and support your country at the exclusion or detriment of others Embedded organizations like to keep the status quo Catalytic innovation can surpass the status quo, providing "good enough" solutions to address social problems - they are distinguished by their focus on social change DISRUPTIVE INNOVATION creates social change CATALYTIC INNOVATION has social change as its primary objective & create systematic social change
Flash Briefing
podcasts and accompanying text-based pieces Flash Briefings are an easy go-to for brands and news agencies (primarily) who are already skilled at creating content for users. Breaking into this new medium, NPR or ESPN could deliver their latest news, sports score and headlines straight to their users living rooms. Or, if entertainment is more your angle, you could catch the most recent monologue from Jimmy Fallon's Tonight Show. Flash Briefings are essentially the "entry point" for many when it comes to Voice Applications and Skills.
_____ and ____ concerns is perhaps the biggest barrier to technology enablement today.
privacy and security
AR is...
real world environment overlaid with virtual objects (think Pokémon Go)
Disruptive Innovation creates...
social change, but it is often "a by-product"
Catalytic Innovation
surpass the status quo, providing "good enough" solutions to address social problems they are distinguished by their focus on social change, on a national or international level 5 Qualities: 1. They create systemic social change through scaling and replication; 2. They meet an overserved need; 3. They offer products simpler and less costly than existing alternatives, likely a lower level of performance but good enough; 4. They generate resources (donations, grants, intellectual capital, etc.) that are unattractive to competitors -- think Tom's Shoes; 5. They are ignored by top players because the segment is not-sustainable or unprofitable for them. Example: Minute Clinic (CVS): offer less but more accessible and less expensive. You don't choose your doctor but you can see them right away.
Price Optimization
technologies that can enable you to set a price more effectively for different types of people ????? marketers can optimize prices based on demand - AI enables dynamically priced products and services in real time and can determine how much each person might be willing to spend, not offering discounts to people it thinks don't need them to make a purchase
Customer Experience
the "human centered design" - the customer first all about the buyer (know what they are thinking, feeling, saying, doing, hearing, and seeing) engage with customers through benefits and use a go-to-market strategy appropriate for the right customer marketers win by including the people they serve early and often the internal response that customers have to all aspects of an organization and its offering
From the "shaping choices" exercises in class, a marketing team can expect the outcome to provide insights and data into _____
the first/best idea to pursue
above all else, brands need to create aligned value with...
the people they serve
Consequence
the result of an action
Aligned Value
the value between you as a brand and the people that you serve
Trend vs. weak signal
trend = current and changing now weak signal = will be a trend years to come
T/F: Augmented and Mixed reality cannot be used interchangeably
true
Customer Journey???
understand the basics of the customer journey and how you might map the journey AI can help improve by changing the way a company makes people aware, how it captures a customer/lead and how it nurtures a customer IoT enables key data points that 'fill in' a customer journey and how people do things in their every day the complete sum of experiences that customers go through when interacting with your company and brand
A _____ is used to see if a product/service will really deliver value to the people we intend to serve once they are using it.
value hypothesis
Sentiment Analysis
what to know how the people you serve feel about a product, new campaign, can extrapolate key trends in perception and thoughts, feelings. the favorability, how much people like or don't like you and how you could improve that how you feel about a product, new campaign, etc.
