Convergence Strategy – Keeping it Modern

on June 10, 2015 Resilience - Growth & Strength and Tags: , , , with 0 comments
Convergence Digital

Convergence drives and changes strategy. Last week at VentureBeat’s first GrowthBeat Summit, execs discussed the challenges they face in 2015, and their correlating strategic approaches.

Digital strategy has dominated the past year or two, and now several types of disruptive convergence are surfacing:

  • Consumer media behavior cuts across screens, not within them. Time spent evaluations and KPI’s are not as relevant, since the data often parallels.
  • The perception challenges of targeting and personalization. Targeting strategies have become so good that they push privacy limits.
  • The issues of data privacy and security. While they may be separate issues – security is technical and describes the protection of private data, while privacy leans towards the rules that govern the activeuse of data – consumers don’t know or care about the difference.

In response to the above challenges, several similar convergence strategies surfaced across multiple markets and geographies.  Each could be a whole blog, but I’ll summarize them here:

  • Rebuild the business starting with the consumer. Start with the customer and their sensitivities, needs, and receptiveness to messages.
  • If it’s a big idea, it requires guts and a plan. Taking a risky bet requires confidence, a model for how to monetize the investment in data, and a plan for how to handle unintended consequences.
  • Staff convergence with change agents.Rethink the role of content for your company – shifting the pace to minutes, not hours or days. This effort allows one be on top of any event related to their brand on any scale.

Convergence is or likely will be an issue for your company. Where are you seeing markets, worlds, or technologies collide? Are you strategically thinking years ahead?

~ Bill

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