I had the unique privilege to attend a recent WPP Stream conference, hosted by Sir Martin Sorrell and Yossi Vardi. The self-proclaimed (un)conference, included leaders within B2C and B2B companies, advertising and media companies, venture capitalists, academia, entertainment, and start-up companies.
The guiding principles for Stream are designed to encourage free-thinking and informal interactions (no PowerPoint allowed) with the greatest portion dedicated to concurrent series of self-selecting, discussion groups. Key organized events included "Gadgethon" -inventors and entrepreneurs competed to win by showcasing their gadgets (e.g., cat meow translator, drones, and fat thinning iPhone application for photos), "Ignite" -individuals shared "their most inspiring story" with all attendees, animation drawing and sculpture workshops, and "The Pitch" to be discussed below.
This fusion of participants from multiple disciplines and geographies in a fluid, interactive environment underscored five leading challenges and opportunities facing the marketing world.
- The Technology Race: technology is a top agenda for CXOs, as enterprises and agencies alike are grappling to understand how technology impacts the way they interact with customers/ partners and the way they run their business internally. While technology promises opportunities for increased productivity and enhanced user experiences, it's also a disrupter -- growth companies keep an eye out for the next generation of game changers. For CMOs, this focus on technology is amplified, as customers expect brand interactions to be delivered with personalized and relevant content, at the time it's required, and where it's most likely to be consumed. This technological mastering of the customer experience requires: (1) a single source of customer truth, (2) knowing the customer's whole experience, and (3) being ready to shift with the customer.
- "Wi-Five, Give5" - a movement that raises awareness and donations for Ebola with digital high-fives or a "wi-fives". People share photos of digital high fives and donate5 to Ebola.
- Green Hands - a sponsored soap product that leaves your hands green for a couple minutes to raise awareness for Ebola. Each product sold helps raise money for Ebola.
The speed of technology transformation has direct impact on organizations and growth markets alike, which is especially true in marketing. Successful companies are able to: (1) identify the technology and data that are the most relevant and (2) apply them to being more customer-centric. In addition to a creating a resilient portfolio, diversification provides organizations with diversity in thinking - allowing companies to tap into alternative ways of creating business solutions. With an increasing dichotomy in social economics (this dichotomy also fosters the monetization of advertising), organizations and individuals alike are giving back to the community, which provides an opportunity for individuals and brands to interact together in ways never possible before via social media.
Strong brands are in a unique position to be a platform for something much greater than the sales of their products or services alone, which is best exemplified by WPP and its generous sponsorship of Stream.
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