In the age of digital disruption, every company needs to think differently about their business – both to grow beyond their core markets, and to head off competition from new entrants. But often the exact skills that helped companies succeed in the past prevent them from finding success in the future. At Xerox we have reinvented the company multiple times as technologies and markets change over time.
While today’s chapter in our history is still being written, we have found several ways to think differently about our business. These six insights may be helpful to other companies with a similar need to transform and grow beyond their core business.
1) Focus on what your customers want, not what you make
Your customers buy from you for a variety of reasons, the most important is that you help them achieve the outcomes they want. But it’s all too easy to lose sight of that and focus only on improving your product or service to keep up with competitors. This tunnel vision can prevent you from helping your customers achieve their outcomes in new and better ways and exposes you to new entrants that have figured this out.
With this mindset, you focus on how to deliver your core value to your customers in new ways. For instance, auto manufacturers will still be around in the future, but they are starting to define themselves as “mobility services companies.” They will increasingly deliver transportation as a service that meets the needs of young people who have little interest in car ownership.
2) Innovate in business models, not just technologies
It’s also important to create business models that make it easier for your customers to adopt new products faster. The original growth story of Xerox with the plain paper copier was as much a business model innovation as it was a new technology. Xerox launched the product with a leasing model to make it easier for customers to buy an expensive piece of office equipment that was unknown at the time. This is an especially important consideration with new technologies, because they are often expensive to produce until they can gain economies of scale. In mature markets, a business model innovation can also change the value proposition, and competitive dynamics, in an industry that has shifted focus from features to outcomes.
3) Create a unifying vision of the future
All of your employees want your company to grow through innovation, and they all have ideas on how best to do it. It can be helpful to create a unifying and directional vision of the future to focus your employees’ ideas and energy. By defining a high-level but actionable vision that is aligned to your strategy, you can harness the creative energy of your employees with greater productivity.
4) Look both “inside out” and “outside in” for new opportunities
There are always many potential directions for innovation, and it can be difficult to evaluate and prioritize a large opportunity space. We have found that one effective approach is to look both “inside out” to apply your core capabilities in new adjacent markets, and “outside in” to identify new digital disruption opportunities sparked by new technologies.
Many companies stop with the “inside out” analysis. But it’s also important to understand how the world is changing to identify emerging, non-obvious market opportunities from the “outside in.” In our analysis, we believe the next major technology revolution is the convergence of the physical and digital worlds. This creates massive opportunities to transform how work gets done.
Our world has reached a critical mass of connected devices, collectively known as “the Internet of Things (IoT).” Sensors and electronics allow machines to perceive the physical world. Now enter machine intelligence, or what some call “narrow AI”, in which machines can understand and make decisions in domains that we have modeled with a high level of fidelity. Now you have a feedback loop that enables real world, real-time optimization. Add to that loop the machine’s ability to work collaboratively with people in knowledge-intensive workflows and learn from us. This area will be a very fertile ground for innovation over the next decade.
5) Break traditional tradeoffs to deliver greater value
With the emergence of digitalization in the age of the Internet of Things and Machine Intelligence, our customers have grown accustomed to personalized experiences that are also low cost. Consider your experience with Amazon, Netflix, Uber or Lyft. Digital natives, who now make up a large percentage of our customers and employees, demand these types of experiences in their personal and work lives.
In every industry, companies have to rethink competitive strategy. Formerly, we were forced to think in binary terms of either high quality or low cost. Digitalization means these tradeoffs no longer exist, because digitization adds the “and” to our strategies, i.e. high quality AND low production costs; personalization AND efficiency. Researchers (and marketers) have to rethink how we deliver on the “and” promise.
6) Adopt agile and open innovation
Inherent in the act of pursuing new markets is a lack of historical data to plan for the future. Innovation for new markets requires a human-centered, agile process that focuses on rapid learning and iteration, with explicit hypotheses and experiments to create new business options.
In addition, companies will likely not have all of the required technical expertise, so it’s important to look outside for innovation. However, when you pursue new markets, it’s a mistake to equate open innovation with technology sourcing. When there is high uncertainty, you can’t treat innovation partners like vendors. You need to share more information and manage intellectual property (IP) rights with a longer-term strategic view. Focus on what you really need to protect. Allow your partners to have sufficient IP rights and opportunities that will generate the return they need. These focal points allow them to share the risk with you.
There is never a one-size-fits-all approach to growth, so these ideas are meant to be a starting point for you to think about ways you can mix and match to suit your specific situation and goals.
Expanding into new markets is hard because it requires investment trade-offs from your core business into new, uncertain opportunities. These practices can help you produce a greater volume of new growth opportunities that excite your employees, fit with your abilities to deliver them, and are aligned to important growth trends in the world.
Written by Lawrence Lee, Vice President, Incubation and Strategy at Xerox
With the holiday season in full swing and Affluent increasingly searching for unique experiences rather than growing their material possessions, the luxury travel market is booming. What are the travel trends among Affluent worldwide?
Because of their immense spending power, Affluent are highly rewarding customers for travel brands. Not only does the average Affluent make five roundtrips a year, they are also not afraid to splurge during their limited time off. Even in still developing markets like China, Affluent travellers already spend over $9000 on international leisure trips a year.
Expenditures on international leisure travel in Asia Pacific region
Searching for exclusivity
With emerging middle classes in different parts of the world increasing the number of tourists globally, what this lucrative target group craves most is exclusivity. Now that we travel more frequently and further than ever, destinations that once used to be unexplored territory are now becoming increasingly crowded.
Especially young Affluent singles and young Affluent without children are looking to discover places off the beaten track. For example, 77% of the European Affluent Millennials say they value exploration and discovery, and 79% enjoys going to new travel destinations. Relatively popular among this target group are safari’s and trekking adventures, luxury spa holidays and active sports trips.
Most popular travel destinations for leisure trips for APAC and US Affluent
If European Affluent want to get away from the crowd, they should avoid Spain: over 5.4 million of them have planned a holiday to the Spanish mainland in the next year. Also popular are the United States (4.5 million) and Italy (3.6 million). Upcoming destinations for adventurous European Millennials include the Seychelles, Colombia and Peru, whereas countries like South Africa, Namibia and Malaysia attract rich babyboomers, that offer exotic getaways with high levels of comfort.
Travel Destinations Next 12 Months for European Affluent
So where do these Affluent travellers stay? Four star hotels are the most popular choice for Affluent in the US and Asia. Respectively 38% and 36% prefer this type of accommodation, although there are clear differences between age groups. For example, luxury boutique hotels welcome an increasing number of Millennials: 1.6 million young American Affluent typically stay in this type of accommodation. Cruises remain popular with the older target group, with a total number of 3.8 million regular passengers in the US.
For frequent travellers like the Affluent, the world is their playground. In Europe, 57% of the Affluent describe themselves as global citizens. Especially women are internationally-minded: almost three-quarters of all females say they are interested in other foreign cultures, compared to only 67% of the male Affluent.
iProspect India, the digital performance agency from Dentsu Aegis Network, has roped in Dinesh Swamy as National Creative Director.
He will be reporting to Rubeena Singh, CEO, iProspect India and will be based out of Mumbai office.
Dinesh, a Digital player, comes with over 17 years of experience and brings with him a strong digital orientation with experience across agencies such as BBDO Proximity, Tribal DDB, Digital Law & Kenneth, SapientRazorfish & Liqvd Asia.
He follows customer-centric approach with game-changing technology at its core. His ever-growing portfolio includes clients like Idea Cellular, MTV, Reliance Mobile, Volkswagen, Renault, Hero MotoCorp, Visa, Tourism Australia, UltraTech Cement, Sanctum and Jeep amongst others.
Some of the successful campaigns that bloomed under Dinesh’s leadership are MTV Roadies, Idea Cellular - Use Mobile and Save Paper, Reliance Mobile - Go for it, Hero Motocorp - Hum Mein Hai Hero and building Social media community for Visa in India. He also managed campaigns such as UltraTech - Colours of grey, building Bengal Warriors Community and the launch of Jeep Compass digital assets to name some. He was also on the jury panel of Adfest Asia Awards, Goafest, Media Apac, New York Festivals and Tambuli.
Talking about his appointment, Dinesh said, “I am excited to be part of this ever-evolving network, which changes with the dynamic consumer behaviour. I Strongly believe creative act is a responsibility, where the end user gets to experience the ideas. I love the medium because it is tangible; it makes you accountable and above all, it can be measured. I am looking forward to create something innovative at iProspect along with the team.”
Rubeena Singh, CEO, iProspect India said, “There's no denying that the degree of creative quality always has an impact on marketing effectiveness. In the future, successful brands will be those who combine creativity with emotion, data and technology to make meaningful connections with the audience. The appointment of Dinesh Swamy as National Creative Director will strengthen iProspect’s capabilities in the area of ‘data driven creative’. His experience of technology and smart creative solutions will add to our existing proficiency in media performance and we will be able to offer holistic solutions to our clients.”
The 30-hour hackathon brings together the best of Bangalore’s young tech enthusiasts to tackle brand challenges in the 21st century.
The Mobile Marketing Association (MMA) in India will introduce its first ever Ideathon, a 30-hour nonstop hackathon to address and solve brand challenges in a highly competitive environment. The event, which will take place on 25 – 26 August 2018 at K-start Respace, is targeted at tech-driven entrepreneurs and students. The first of its kind, the Ideathon will also be introduced at the upcoming MMA Forum in September.
Bringing together the brightest and youngest minds from across Bangalore, the event, run in partnership with IncubateIND, will see advertisers from big brands across industries present their problem statements. Participants are then expected to come up with a solution and present their proposals after a 30-hour nonstop hackathon.
As mobile continues to occupy maximum time and attention of consumers today, brands need to seek new and innovative ways to stand out and effectively reach their consumers. More than a place to share ideas, the Ideathon will also act as a platform for industry practitioners and students to network.
“The rapid growth of mobile adoption in India alongside the competitive landscape it operates in prompts companies to rethink their strategies when it comes to growing their businesses,” said Moneka Khurana, Country Head at MMA India. “The Ideathon will bring fresh insights from some of the best and most creative young minds in Bangalore, challenging brands to think outside the box and look at the multitude of possibilities mobile presents.”
Brands that will be participating in the Ideathon include Unilever, Vodafone, Tata Chemicals Limited, and Godrej Consumer Products Ltd. Despite coming from different industries, they all face challenges when it comes to engagement on different levels, especially in a mobile environment. This Ideathon provides a platform for brands to bring their individual problems to light, allowing the younger generation to use their creativity and talent as they do a deep dive into individual brand issues, providing solutions that are relevant to todays mobile audience. (Individual brand problem statements can be found here)
“Vodafone seeks to partner India and the world in building a future which is exciting. In an era of technology, via this MMA Ideathon, we are keen to see some innovative and creative solutions coming from these young minds who are working on the designated briefs. It will certainly be interesting to watch how these young teams approach complex business and brand problems of today, and I’m sure there will be several fabulous nuggets to takeaway for the participants as well as the jury,” said Siddharth Banerjee, EVP-Marketing, Vodafone India.
“Most of us (the business and marketing fraternity) have been solving business problems or marketing challenges, and connecting with consumers in a particular way for decades now. Through this Ideathon, the future generation will get a chance to tackle real-life scenarios and will empower them to speak their minds and come up with a possible solution which we might not have thought of. It is also a good opportunity for us to meet these young talents and possibly work with them in the future”, said Pankaj Parihar, Vice President & Head, Digital Marketing & Transformation, Godrej Consumer Products Ltd.
“Events like this are a great way for brands to hear from a generation of young talents who grew up in a mobile-first environment. Likewise, this Ideathon will allow future technopreneurs to get real insights from brands,” said Rohit Dadwal, Managing Director, MMA Asia Pacific. He added that while this is only the first event of this nature, he looks forward to seeing more events like this hosted by MMA across the region.
Display of Best Discipline and Skills: The Hon’ble President of India, Shri Ram Nath Kovind on National Geographic’s documentary on The President’s Bodyguard
National Geographic’s ‘The President’s Bodyguard’ to celebrate the rich traditions and legacy of one of the oldest regiments of the Indian Army
National Geographic, a brand that has a rich legacy of 130 years of telling the most inspiring and spectacular stories, announced an exclusive documentary on one of the oldest regiments of the Indian Army, The President’s Bodyguard. The film, which will definitely hit the patriotic chord with the viewers, is set to premiere on the channel on the 72st Independence Day at 9 pm.
Commenting on National Geographic documentary, the Hon’ble President of India, Shri Ram Nath Kovind, said, “Ceremonial occasions like the Republic Day parade, the President’s address to Parliament, oath-taking ceremony of a new President, or receiving a visiting head of state, are watched keenly in India and abroad. The President’s Bodyguard displays the best traditions of discipline and skills of our Armed Forces. Their flawless turn-out and impressive bearing speak for the heritage of our country, and our Armed Forces. But behind their skills, while standing erect or on horse-back, is years of hard work and the relentless pursuit of perfection. These are untiring, dedicated and brave soldiers – as good as the best in the world. I am very proud of them.”
A special screening of National Geographic’s The President’s Bodyguard will take place at Rashtrapati Bhavan on August 14, 2018. The event will be graced by The Hon’ble President of India, Shri Ram Nath Kovind and will be attended by representatives from several ministries and forces.
Uday Shankar, President of 21st Century Fox, Asia; and Chairman & CEO of Star India, said, “The President’s Bodyguard is the story of India’s historic and heritage cavalry unit, and one of the senior most regiments of the Indian army. Its glorious history of service to the nation and pursuit of excellence makes it unique and we are incredibly proud of bringing its story to our viewers. National Geographic, over many years, has showcased history, science, geography and cultures around the world and is the only platform which can do justice to the rich legacy of these untiring, dedicated and brave soldiers and their military traditions.”
The President’s Bodyguard is narrated by Amitabh Bachchan, whose voice strings the film together. Complementing National Geographic’s spectacular storytelling, Amitabh Bachchan’s powerful narration will bring the story of the regiment’s legacy and tradition to life.
Says Mr. Amitabh Bachchan 'As a nation of diverse cultures, patriotism is a very strong term that resonates with every single person living in the country. The love for patriotism is at its peak on many occasions, out of which the Independence Day remains one. I feel National Geographic’s film is a complete package which brings forth the stories of some selfless men who have put national duties above any other interests. The film will surely take the viewers a step closer to the history and heritage of one of the oldest cavalry units of our homeland.”
It was way back in 2003, when National Geographic established itself as a pioneer in the Indian television industry, by partnering with various branches of the Indian Armed Forces, to bring to viewers, access to the forces like they had never seen before. In that year, National Geographic’s ‘Mission Everest’, that featured the Indian Army was India's first televised reality-adventure, and it marked 50 years of Mt Everest's ascent. That was just the beginning of National Geographic’s legacy of bringing the most exclusive content on Indian Armed Forces to the viewers. The brand went further and brought some of the most inspiring stories from all three forces – Indian Air Force, Indian Navy & Indian Army. However, along with giving viewers an exclusive access to these forces, National Geographic also told their stories in the most powerful and cinematic manner, giving viewers a completely immersive storytelling experience. An experience that has not only moved them with emotions but also made them connect with our nation’s bravest men and women. A testament to this was when National Geographic’s exclusive documentary ‘BSF – India’s First Line of Defence’ broke viewership records, and premiered as the most watched show of the Infotainment genre.
With this rich heritage of creating the most powerful storytelling of the Indian Forces, National Geographic is all set to once again give its viewers an unprecedented access by taking them inside the world of the President’s Bodyguard. The President’s Bodyguard is the oldest surviving mounted unit and is one of the senior most regiments of the Indian Army. The regiment, which has 245 years old legacy, and is made up of almost 200 soldiers, represents supreme and selfless service. Be it the Republic Day Parade or the President’s swearing-in ceremony, these men have upheld important traditions which have been passed on to generations, many times over the last two hundred years.
The President’s Bodyguard will premiere on National Geographic at 9 pm, on August 15, 2018. The documentary will also be available on Hotstar.