WEBCAST

Webinar Replay: Innovation as a Future Growth Driver for Singapore

The pandemic is changing the role of innovation. SGInnovate’s CEO explains how that plays out in Singapore.

58 min

Innovation is the cornerstone of business growth today. Figuring out the right formula results in big ideas and opens the door to new business opportunities. In this webinar, our expert speakers, Jacqueline Alexis Thng, Partner of Prophet, and Dr. Lim Jui, CEO of SGInnovate, discuss how innovation is driving future growth in Singapore.

Watch to learn:

  • How SGInnovate is driving innovation and investing in Deep Tech (newly researched, frontier technologies) in Singapore
  • The essentials of open innovation, including its benefits and best practices
  • The impact of coronavirus and the future of innovation

To learn more about how to create winning innovations that grab customers’ attention at once, download our latest whitepaper High-Concept Thinking: 6 Ways To Create Striking Innovations.

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The Art of Strategic Storytelling: Behind the Scenes of Dr. Sanjay Gupta’s “Race for the Vaccine”

This compelling narrative offers lessons for businesses everywhere.

The biggest challenge for today’s businesses is to consistently produce personalized content at a large scale, deliver it at breakneck speed, and credibly have an impact on revenue. The businesses that are successful in this endeavor have invested in an innovative set of capabilities that make up an “Agile Content System”.

Imagine you had a front-row seat to the world’s foremost scientific teams as they worked to develop a life-saving vaccine. The filmmaking team behind CNN’s “Race for the Vaccine“ recently did just that, and Prophet’s healthcare team sat down with a few of them in conversation.

“To be a strategic storyteller, acknowledge that every interaction is an opportunity to build the relationships that could lead to the next great story.”

Produced by the Global Health Reporting Center and narrated by Dr. Sanjay Gupta, “Race for the Vaccine” tells the story of the Oxford University, the NIH, Pfizer, University of Queensland and China’s CDC teams that undertook the heroic task of developing a COVID-19 vaccine as the virus swept the globe. Co-Director Caleb Hallerman and Editors Brain Truglio and Shayon Maitra joined the healthcare consulting team to share their experience making the documentary and how their efforts were designed to build confidence in the scientific processes that underpinned the vaccine development.

Whether in journalism or business, well-crafted narratives can engage audiences in an authentic and persuasive way – what Prophet’s founder emeritus David Aaker likes to call “signature stories.” Here are our takeaways from the conversation – which provide lessons for anyone who tells stories in a business context.

Lessons from Filmmakers: How to Tell Stories in the Business World

1. Know Your Beat: The Power of Relationships

Relationships unlock access to great content. In the case of “Race for the Vaccine,” relationships allowed the documentary to tell a truly global story. Because of former projects and collaborations, Caleb and the Global Health Reporting Center were able to get access to research institutes including China CDC. As Caleb pointed out, “the most important relationships you have are the ones you have before the story breaks…to make those connections before you’re in the midst of a crisis.”

To be a strategic storyteller, acknowledge that every interaction is an opportunity to build the relationships that could lead to the next great story. In doing so, you’ll build credibility and trust not only through direct interactions but also by virtue of second-degree connections to other people, expertise and opportunities. Also, the broader that network is, the greater the opportunity to bring a diversity of perspective and experience to strategic recommendations and communications.

2. Find the Right Source: Characters Who Make the Story

People want to connect with other people. And to create a powerful story you need characters that keep audiences interested and invested in the story you’re telling.  As Brian Truglio pointed out, “Character is really what drives the story…the most important thing is that you have interesting people who bring energy to the topic, and who can explain it. If you don’t have that…it’s not going to stick with people.” In “Race for the Vaccine,” this meant finding the scientists who could guide audiences on this complicated scientific journey such as Dr. Kizzmekia Corbett (NIH) and Dr. Keith Chappell (University of Queensland-Australia).

As business transformation leaders, it’s equally important to identify the central characters in any team you lead. What are individuals on your team passionate about? Where do their strengths lie? And where do the two come together to influence the business to adopt a strategic decision? Identifying what makes for a strong character at your organization can help rally it to change by clearly communicating its benefits to the market and modeling the behaviors that will lead to its success.

3. Go Beyond the Headline: Context Matters

It probably won’t come as a surprise that one of the challenges the filmmakers faced was capturing moments with the scientists in their labs. In early edits, one the biggest problems they identified was the lack of footage showing scientists in lab coats. It ran contrary to Brian and Shayon’s mantra for editing documentaries, “Show, don’t tell,” and required additional shoots and thoughtful editing to ensure that there was the right context to establish the credibility of these scientists. If the filmmakers had only had images of Dr. Corbett or Dr. Barney S. Graham at home, it may have limited viewers’ confidence in the safety and scientific rigor behind the vaccine research.

This experience highlights just how much context matters in strategic storytelling. In any business transformation, understanding the starting point – and how that starting point impacts any solution proposed to a business challenge – is critical to how a story is shaped to business leaders and executives. The synergy between story, strategy and action is the basis for credibility and trust, and the foundation for business success.


FINAL THOUGHTS

Telling the story of the development of the COVID-19 vaccine is (hopefully) a once-in-a-lifetime achievement for the filmmaking team behind “Race for the Vaccine,” but it doesn’t mean that the story is over. As governments continue the vaccine rollout, they are faced with overcoming the fear and biases that prevent people from getting vaccinated.

In this blog, David Aaker argues that storytelling, with the right frame of reference, is one of the best ways to connect emotionally, attract attention, distract from counterarguing and ultimately change the hearts and minds of those who may be vaccine-hesitant or resistant. Whether you’re a documentary filmmaker, a consultant or just a friend and neighbor, the stories we tell have the power to shape the world around us.

Thank you again to Caleb, Brian, and Shayon for speaking to our team. You can learn more about the Global Health Reporting Center’s mission to create in-depth health journalism here.

If you’re interested in working with Prophet’s healthcare growth strategists – or are interested to learn more about opportunities to engage our network of industry experts – reach out today.

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The Cure for Stalled Transformation? Your Brand

This valuable asset can be the most effective catalyst for change.

It’s no secret that many companies struggle with transformation. A recent survey from the Harvard Business Review reports that only 20% of executives believe their efforts are working. While there are complex reasons behind these expensive flameouts, an often-overlooked factor is brand. Leaving brand out of the transformation equation can be a crucial mistake when implementing a business transformation.

Thanks to Prophet’s ongoing research into brand relevance, we’ve seen what happens when businesses get it right. Companies as diverse as Costco, Peloton, LEGO and Apple use the strength of their brand not just to sell more products but as catalysts for change. Brand continually fuels revolutionary growth in every function of the organization.

Brand–is often a company’s most valuable asset – it can drive transformative growth. And when companies fail to weave brand into the entire transformation strategy, they make costly mistakes.

For brand to play a genuinely transformative role, it requires a fusion of an integrated brand and business strategy. Brand becomes accountable for growth and investment both inside and outside of the brand function. Brand strategy doesn’t just follow business decisions, it guides them at the highest levels of the organization. In these companies – the ones most beloved by their customers – brand always has a seat at the table.

Four Requirements for Brand-Powered Transformations

A brand-driven transformation is the intentional use of brand strategy to ignite tremendous change. To reach that level, companies need to make four critical shifts.

Brands must become purpose-led, rather than product-or offer-driven

Organizations must consider the impact they want to have on the world – not just shareholders, but customers, colleagues and the broader community. Companies based on a strategic brand purpose create shared value and resonate with key stakeholders. They know why they exist and the difference they are trying to make in the world. Most importantly, they know how to deliver on those promises.

Thrivent, a financial services company, recently redefined its purpose to become much more than a business that sells insurance policies or investments. Based on the conviction that humanity thrives when people make the most of what they’re given, its brand now stands for helping customers achieve financial clarity. Thrivent believes that money is a tool, not a goal that enables people to fill their lives with meaning and gratitude. And that’s led to massive changes in how the brand shows up for customers, especially in digital offerings.

Thrivent’s shift has opened the aperture of how it can engage customers, propelling growth that isn’t available to the hundreds of competitors that simply sell annuities or mutual funds.

Brand teams must become experiential leaders, not just a communication-oriented function

Messaging to customers alone isn’t enough. To build relevance, companies need to engage audiences through cohesive experiences, including the seamlessness of how a brand integrates products, services, communications and its culture. The most relevant brands create experience innovations that deliver on their positioning, ensuring impact with both employees and consumers. They can flex and change while still standing up for their purpose, promise and principles.

T-Mobile continues to be a favorite example. Customers hated everything about the cell phone industry, and T-Mobile knew it. The weakest player in a growing category, it needed a radical strategy. Working with Prophet, it transformed from an also-ran to the Un-Carrier, helping consumers break free of contracts and credit checks, adding the freedom of unlimited talk, text and data

“Brand strategy doesn’t just follow business decisions, it guides them at the highest levels of the organization.”

T-Mobile became the wireless carrier that didn’t act like one. With then-CEO John Legere as its highly visible trash-talking cheerleader, consumers flocked to its brash branding and the simplicity, fairness and value it provided. Well-orchestrated “rolling thunder” of activation efforts added 1.1 million new customers in the first quarter of the relaunch.

The brand must ignite the passion of employees to embrace and drive change

Businesses built just for customers, with little consideration for employees, struggle. Strong enterprises fuel growth from the inside through culture, capabilities and engagement. They work from the brand’s DNA, constantly articulating the “why” of the transformation to rally colleagues.

When Plantronics, the audio pioneer, acquired Polycom, with its secure video, voice and content solutions, for $2 billion, it needed a new identity to demonstrate its combined might–not just to investors but apprehensive employees. The new brand needed to reflect each legacy company’s heritage, aspirations and passion, while signaling a unified, modern technology product suite. The Poly brand needed a look and feel that conveyed ease-of-use and accessibility with input from top leadership, including teams from mergers and acquisitions, communications and finance.

While the merger came from outside forces, the reinvention – a global communications company that powers meaningful human connection and collaboration – came from within. It gave every employee a mantra to help build this new technology brand, already generating record sales.

Brands must develop cross-functional, full-funnel activation strategy, not just serve as an internal creative team

Instead of simply approving, protecting and managing the brand, it’s time to lay a brand foundation for the entire customer journey. The most relevant companies create signature brand moments in the most fertile opportunity areas.

Nike’s ongoing success in supporting the Black Lives Matter movement continues to be a powerful example. While Nike had long led the way among purpose-driven brands, it did the unthinkable in 2018, launching a full-scale marketing campaign starring Colin Kaepernick, perhaps the most polarizing figure in all of sports.

To some, the “Dream Crazy” campaign sounded just plain crazy, sparking boycotts and bonfires of Nike gear. But quickly, it built new brand strength. Moving beyond the campaign, it empowered its many Black athletes – as well as its passionate, young consumer base – to speak out for racial justice. The company’s stock hit new highs, and engagement broke records as it gained market share. It built unparalleled relevance.

It’s this kind of transformation that can only come from brand teams working closely with top leadership. “You can’t be afraid of offending people,” Phil Knight, Nike’s chairman emeritus, told Fast Company. “You can’t try and go down the middle of the road. You have to take a stand on something, which is ultimately I think why the Kaepernick ad worked.”


FINAL THOUGHTS

A brand-driven transformation goes beyond brand modernization or activation. A brand-led vision spans marketing, customer experience, product innovation, sales and distribution and much more. It embraces culture and technology as it directs cross-functional change. It’s the kind of substantive direction that allows companies to transform while staying true to what they stand for. And it leads to new customers, more revenue and uncommon growth. If your transformation is stalling out, make sure to recalibrate your brand at the center to drive your own success.

Get in touch to learn more about we help our clients achieve uncommon growth through brand-driven transformation.

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A Consultant’s Guide to Summer Reading 2021

Our colleagues share 21 books they can’t put down right now.

Every year we ask our Propheteets to share their top reads. From murder mystery and romance to personal memoirs and solid business reads, this year, our book worms have compiled quite the list. So, whether you’re someone looking for a story to immerse yourself in during your first time back commute, your rescheduled COVID-19 vacation flight or just your poolside summer hangout – there is surely a book ready for you to check out.

Our Consultant-Curated Summer Reading List:

Novels:

“Apeirogon”

by Colum McCann

McCann shines a new light on the relationship between Palestinians and Israelis. See how this unlikely friendship of two fathers develops into a partnership where both use their grief as a weapon for peace.

“Five Little Indians”

by Michelle Goode

This compassionate and insightful novel shares the struggles and conquests of five Candian Indian residential school survivors. Goode offers a story that’s not only timely but well-plotted with truly authentic characters.

“Klara and the Sun”

by Kazuo Ishiguro

What does it mean to love? Ishiguro’s novel probes the nature of human existence and the definition of love with a hint of sci-fi and zero sappiness.

“The Golem and the Jinni”

by Helene Wecker

Wrecker’s debut novel is a marvelous read about an unlikely connection between two supernatural creatures in turn-of-the-century, immigrant New York.

 

Real Life Reads:

“Born a Crime”

by Trevor Noah

This compelling, coming-of-age story takes the reader on several twists and turns. From being forced to hid in his home to on the run, you never know what Noah’s next challenge will be.

“Cadillac Desert: The American West and its Disappearing Water”

by Marc Reisner

Set in the American West, this story showcases the relentless quest for the ultimate resource – water. Read how the earliest settlers were lured by the promise of paradise, and the cruel tactics employed by Los Angeles politicians seeking city growth.

“Lights Out: Pride, Delusion and the Fall of General Electric”

by Thomas Gryta and Ted Mann

This is the authentic history of General Electric’s epic decline from one of the most iconic corporations in America. The story is also told by the two Wall Street Journal reporters who covered its fall.

“The Fabric of Civilization: How Textiles Made the World”

by Virginia Postrel

Postrel gives a fascinating perspective on the story of textiles. Explore the growing need and how these materials have driven technology, business, politics and culture.

“The Lost City of the Monkey God”

by Douglas Preston

A tense yet refreshing read bout the real-life adventures, this #1 Wall Street Journal and New York Times bestseller is a timely commentary on colonialism, disease and our interconnected world.

“The Sixth Extinction: An Unnatural History”

by Elizabeth Kolbert

Kolbert unveils the mass extinction unfolding before our very eyes. This Pulitzer Prize winning book blends intellectual, natural history and field reporting into a powerful account of the future of our world.

 

Reality Check:

“American Dirt”

by Jeanine Cummins

This intense and emotional novel is a deeply personal story about the perils of Latin American migrants. Follow the great ordeal of a Mexican woman who must leave her life behind as she and her son escape to the United States as undocumented immigrants.

“Funny Weather: Art in an Emergency”

by Olivia Laing

There is a common misconception that art cannot change anything. Laing argues it can in her collection of essays explaining the importance of art and culture in times of crisis.

“Minor Feelings: An Asian American Reckoning”

by Cathy Park Hong

In this New York Times bestseller, poet and essayist Cathy Park Hong fearlessly and provocatively blends memoir, cultural criticism and history to expose fresh truths about racialized consciousness in the United States.

Beach Reads:

“Soft Apocalypse”

by Will McIntosh

What happens when resources become scares, and society starts to crumble? A new normal arises and one must adjust to a vastly different society. Join a tribe of middle-class Americans as they struggle to survive this new and dangerous world.

“The Guest List”

by Lucy Foley

Everyone plans for the perfect wedding, but no one expects the celebration to turn deadly. Find out how this wedding challenges the phrase “For better or worse” dee to its core.

“The Humans”

by Matt Haig

This contemporary novel follows an alien visitor as it discovers the true meaning of life and humanity through a dead human’s body.

Business Builders:

“Hooked: How to Build Habit-Forming Products”

by Nir Eyal

Based on years of behavioral design research, Eyal explains how to create and market products that people can’t put down. Someone can think using your product is cool, but it is even better when they get into the habit of using it.

“How to Win Friends and Influence People”

by Dale Carnegie

Despite being written in the 1930s, Carnegie’s book offers strategies on how to deal with people and build solid relationship that can be applied today.

“Humor, Seriously: Why Human is a Secret in Business and Life”

by Jennifer Aaker and Naomi Bagdonas

In corporate culture, one of the biggest misconceptions is that we must act seriously to be taken seriously. Aaker and Bagdonas share the power behind humor in everyday life and the business world.

“Making the Healthcare Shift: The Transformation to Consumer-Centricity”

by Scott M. Davis and Jeff Gourdji

Davis and Gourdji share a practical guide for healthcare leaders across the globe who have the fortitude to transform their organizations to both compete and win in the age of healthcare consumerism.

“Subprime Attention Crisis: Advertising and the Time Bomb at the Heart of the Internet”

by Tim Hwang

Follow Hwang as he discusses how digital advertising is on the cusp of collapsing in a way similar to the housing crisis in 2008.

To learn more about our culture and people, visit the Life at Prophet page

 

“Whether you’re someone looking for a story to immerse yourself in during your first time back commute, your rescheduled COVID-19 vacation flight or just your poolside summer hangout – there is surely a book ready for you to check out.”


FINAL THOUGHTS

It’s not just us. The pandemic has been good for book sales, as people report reading more–from fiction to memoir to how-to. Sales of print books rose 8.9% this year. Read on, friends.

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Digital Transformation in Healthcare: Senior Leaders on Opportunities and Challenges

Our seven-expert panel says that while there’s no single strategy, transformation must always deliver value.

The tech is ready, but people and talent are just as important. Digital is no longer the domain of just one team. User experiences must be personalized and offer clear benefits.

Those are among the major takeaways from Prophet’s most recent healthcare roundtable on digital transformation. We gather for these discussions several times a year so leaders from different subsectors and functions can compare notes and share insights. A big thank you to our participants:

We covered a lot in a little time, but here are the big takeaways – many of which align with the insights found in Prophet Healthcare’s research report.

Five Things to Keep in Mind as Your Healthcare Organization Digitally Transforms

1) There’s No One Right Transformation Strategy

Transformation approaches are as varied as the healthcare organizations trying to transform. If the question is whether to build, buy or borrow, the answer in healthcare is often all of the above.

Healthcare leaders called out that startup acquisitions can be attractive when they provide access to new thinking, talent and ways of working. But the acquiring company must take the right integration approach if it is to overcome cultural barriers and fully realize the value of its investment. One global healthcare leader carefully evaluates talent as part of its acquisition strategy and said that putting “acqui-hires” high-profile leadership positions can signal the organization’s commitment to its digital transformation. Such bold moves are a good way to move the needle on “digital thinking” at the largest organizations.

2) Flexible Solutions and Hybrid Models Suit Varying Needs

Tactical flexibility is necessary to navigate inevitable resistance points. For example, the overnight shift to remote working showed just how quickly organizations could “get digital.” Now it’s a matter of optimizing what works and scaling it. For example, mental health is a natural fit for virtual care, but not for all patients (e.g., those with roommates). Such realities necessitate business models that are both traditional and virtual, rather than either-or.

One healthcare sales leader confirmed that field representatives want to get back out on the road, but also recognized how digital made their lives easier and helped enhance personal relationships. What “location, location, location” was once to retail, “hybrid, hybrid, hybrid” will be to all parts of healthcare.

3) Digital Must Deliver Value

Participants pointed out common links among effective transformation strategies – how they deliver real value to users and solve real-world problems. One leader mentioned digital interactions that provide “a little something extra,” such as access to a community or tools to address common issues (e.g., guides to talking to an employer about a disease).

“Such realities necessitate business models that are both traditional and virtual, rather than either-or.

Another stated that too much digital content is still brochureware when it should be engaging users with questions about specific needs. While digital transformation is strategically critical, success can – and should – be measured tactically and practically.  It’s not about taking non-digital things and making them digital.  It’s about making things better through the use of digital.

4) Transformation Takes More Than Tech

Healthcare organizations adopted technology at an unprecedented pace in 2020, generally a good thing for a historically slow-moving industry. There’s a risk, however, that some companies may under-invest in other vital people-related capabilities (e.g., user experience design, Agile methodologies, innovation approaches). In some cases, it may be necessary to dust off that tired ­– but still true – warning: “tech is not a silver bullet.”

Leaders want to avoid simply adding more devices. They are looking for tech that simplifies and streamlines. For instance, smart beds that automatically take patients’ vital signs could free nurses to focus on more meaningful tasks. In order to change a behavior, there has to be a clear benefit.

Indeed, behavioral change may be the biggest barrier to achieving scale, according to our group. Consider how it took a global pandemic to overcome caregiver resistance to virtual visits. The technology has been ready for years and patients wanted virtual care, but the power of habit – doing things the way they’d always been done – was too strong. Some leaders are wary that we’ll lapse back into these old patterns post-pandemic, though others are optimistic that medical schools now offer virtual care training for the next generation of physicians.

5) Optimizing The Value of Digital Means Thinking Digital

To build on the momentum of the last year, leaders are looking to optimize what works. For example, enhancing online sessions for new pharma research or treatment options and mandating that some appointments be virtual (e.g., check-ins for prescription renewal or with chronic disease patients). They also called out the necessity of balancing digital marketing and sales efforts with traditional tactics.

Leaders in our roundtable also spoke to the need for specific digital talent (e.g., individuals who can translate business needs into technology requirements). Everyone claims to be agile, but too many projects run into “sprint-stop, sprint-stop” patterns because one leader or stakeholder isn’t on board. Our roundtable participants showed empathy – as well as a few eye rolls and chuckles – about this common experience. Still, everyone agrees the journey to agile must continue and a ‘digital mindset’ from leaders is necessary to accelerate it.


FINAL THOUGHTS

In terms of digital transformation, healthcare adapted quickly to the COVID-19 crisis. Leaders are pushing forward, despite significant barriers, fine-tuning and scaling their successful initiatives and exploring new capabilities. The next year may not bring as much change as the last year, but it will be critical to sustaining the positive change that’s occurred.

For more, download our Transforming Healthcare: The State of Digital Marketing and Selling in Life Sciences report.

If you’re interested in participating in future healthcare roundtables, reach out to Paul.

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Three Ways Financial Services Companies Can Dial-Up Empathy

In the last 15 months, the world has vaulted years ahead in digital acceptance. As consumers gain tech experience, their standards get higher. They’ve developed the ability to tune out fake empathy and cringe at personalization efforts that are either lame or creepy.

Yet empathy counts more than it ever has before. During the pandemic, unemployment because of a harsh reality, many individuals lost or were separated from loved ones, several were forced to postpone milestone moments and no one was able to participate in the communities that made them feel the happiest and safe.  Brands and companies that build true connections are those that understand that context is everything. Personalization is only relevant and timely when it relates to what prospects and customers are going through at that moment.

Financial services companies have a clear advantage compared to other industries, with more data-driven insights that reveal specific struggles. While not every family’s finances have been impacted, 51% of consumers added to their credit card debt during the pandemic. Additionally, Pew Research reports 27% of consumers are worried about the cost of healthcare.

Catch Up With Missed Milestones

Financial services companies can improve personalization efforts by helping people catch up with milestones. The weddings, graduation ceremonies and retirement parties that were put on hold due to COVID-19 left emotional holes. Consumers are still coming to terms with the impact of that disruption. And as vaccination rates rise and cases drop, people are looking to reclaim those “lost” moments.

Weddings are a happy example. The Knot predicts this year will be the biggest wedding year ever, increasing by 20 to 25%. And many couples who got hitched during the pandemic will celebrate with a long-delayed bash.

Moving house – always a significant financial transition – has also taken on outsize proportions, with millions of millennials struggling to find affordable homes. They are trying to navigate a real-estate reality that’s markedly different, not just because of the pandemic. Housing prices are soaring, up 23.6% – a record increase. And after two decades of declining home construction, experts say America needs an additional 5.5 million units.

It’s a market more confusing than their parents ever faced­. Instead of buying dream houses or starter homes that make them feel financially comfortable, they’re often stuck. They need content that helps them make the best choices and financial partners that understand their frustrations and disappointments.

Consumers also need support for events that aren’t happening. The birthrate has been falling for some time, but experts believe COVID-19 caused a further 8.6% decline. Again, this loss is felt more keenly among millennial women.

But baby boomers and Gen Xers are taking some emotional lumps, too. About 40% of retirement savers say the pandemic has shaken their confidence in their financial plans, and 32% in their 50s plan to delay retirement as a result.

Even more disruptive? Nearly 2 million older Americans have been forced out of work into a retirement they aren’t quite ready for.

To handle these curveballs, people need new planning tools, focused content and a tone that recognizes new challenges. Even automated content needs to be more human, sensing what consumers crave at each touchpoint.

Understanding The Pandemic’s Lasting Economic Impacts on Women

The pandemic fundamentally altered life for many women in deep and profound ways. Not only did women lose more jobs than men, but one in four employed women have considered leaving the workforce or downshifting their careers, according to Lean In. The pandemic also pushed women to take on multiple roles including juggling more family responsibilities. Lean In says moms are 1.5 times more likely to be spending three or more hours a day on housework and childcare.

And while many companies just spouted generic “We’re here for you” messaging, some built genuine relationships. For instance, fintechs like Betterment and Ellevest are personalizing marketing and content messaging to emphasize what female customers can do for themselves in light of COVID career setbacks and how they can help other women directly impacted by the pandemic.

These enormous problems will shape family life for years to come. Companies that tailor valuable content, compassionate messaging and thoughtful timing can achieve relevance. Those that don’t risk getting dismissed or, worse, alienating a key customer base.

Three Ways Financial Services Companies Can Dial-Up Empathy

1) Give existing marketing messaging a compassion check-up.

How should personalization strategy change given the effects of the pandemic on life events? Which use-cases should take priority? How can marketing and content be more empathetic to new realities?

2) Identify changes in customer needs across the journey.

Using consumer interviews and behavioral insights, identify how customer needs have shifted because of the pandemic’s wide-sweeping effects and how that impacts their customer journey. How might products and services need to adapt to best meet these needs?

3) Develop personalized experiences around life events that are more likely to occur post-pandemic.

From the brand’s perspective, prioritize the most relevant life events that relate to the customer journey and develop personalized touchpoints for them.


FINAL THOUGHTS

As the world continues to open back up, consumers’ financial needs are evolving. It’s time for financial services companies to think even more carefully about how those changing needs best align with their digital transformation priorities. It requires an empathic ear to hear how customer priorities are shifting and an agile mindset to adapt quickly. Life has changed in fundamental ways for so many, creating an opportunity to build brand relevance in this post-COVID-19 environment.

To learn more about the latest market and consumer trends impacting your business, reach out to Prophet.

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Four Traits of Top-Performing B2B Digital Sellers

Understand the mindset and strategies of the most successful brands. Hint: Teamwork makes all the difference.

In our 2020 State of Digital Selling global research report, we found that top-performing digital sellers have four traits in common: Teamwork, they excel at cross-functional alignment around both strategy and operations; Strategy, from long-term strategy to short-term plans, these sellers align across functions to deliver results; Mindset, Companies that embrace a shift in culture and skillsets earn a competitive advantage; and Customer Focus, top B2B digital sellers use data and cross-functional teaming to deliver what the customer needs. Use our infographic, 4 Traits of Top-Performing B2B Digital Sellers to start conversations in your organization to transform sales.

The Traits of Top Performers

Teamwork

Sounds easy, but the reality is many sales and marketing organizations don’t work well together. Our 2020 State of Digital Selling research found that only 31% of sales reps view marketing as essential to their success. There are also digital cultural barriers: marketing uses analytics and automation at a much higher rate than sales, who focus more on direct relationships with prospects and customers. As digitization of both the sales/marketing funnels and customer experiences increases, handoffs between the two teams become more problematic.

In our research, we found two key gaps between average performers and the top 10% of performers: collaborative customer insight sharing and planning long-term digital strategy. 67% of top performers strongly agree that their marketing, sales, and service teams work well together to provide sellers with real-time data intelligence on prospect activity (vs. only 36% among average performers). As prospects move through the funnel, these teams excel at real-time sharing of new insights, sharing a more complete picture of the customer.  This could be as simple as marketing informing sales that a key account clicked on an ad to target sales’ best next move, to as complicated as knowing a prospect downloaded a white paper, how far they read and which topics they spent the most time reading.

Top sales performers collaborate closely with marketing on long-term technology roadmaps that lay the foundation for shared digital transformation of both internal enablement technology, as well as customer experience. Among top performers, 76% collaborate to put in place a technology roadmap for how digital tools and data will integrate over time, compared to only 38% of average performers.

Strategy

A turning point in strategy collaboration started in 2007 with the introduction of Account-Based Marketing (ABM) and Account-Based Sales (ABS).  Our research has found that B2B sellers who follow these strategies outperform their peers. Sixty-three percent of top performers use well-coordinated teams and unique sales planning with marketing, which persists through ongoing teamwork throughout the funnel (vs 43% of average performers).  We also found 47% of top performers focus on industry vertical, vs. only 27% among average performers.

ABM/ABS is a great starting point, but in this year’s research we’re seeing a trend towards more frequent planning, to the point of “always on” dynamic plans.

Mindset

Companies that embrace a shift in culture and skill sets earn a competitive advantage. A key shift in mindset is needed around trusting data and analytics that form the foundation of sales automation. Sales teams need to develop trust in sales automation and the data that fuels it.

In our research, 63% of top performers strongly agree that sellers embrace the adoption of sales enablement tools, are certified as part of training, and managers are held accountable for tool adoption, vs. only 33% of average performers. Fifty-five percent of top sellers use of tools, AI and data analytics consistently identify best next moves that move forward prospects to conversion (vs. 32% of average performers). There’s a clear gap in mindset among top performers vs. the average.

Customer Focus

Top sales organizations prioritized customer satisfaction above metrics such as sales quota achievement and recognize the link between customer satisfaction and quota. Recognizing and addressing the diversity of buying committees typical in B2B needs is a key success factor, as well as customizing sales approaches by industry vertical. Today’s B2B buyers expect sellers to understand their industry to the point that they become a trusted partner in their own success.

Top performers focus on existing customers over acquisition. For B2B sellers, that means understanding their customer’s industry as a trusted advisor, and that they remain in close contact with both marketing and especially service to guide their sales plan by using those teams’ data insights.  Our research data found this area represents the largest gap between top performers and the average: 73% of top performers say their sales process is defined around the customer journey and informed by rich data analytics (vs. 39% among the average); and 75% of top performers (vs 55% index) said improving customer satisfaction was their top priority.

What You Can Do

For these 4 areas that separate the top 10% of performers vs. the average, consider these tips (and learn more in-depth strategies in our 2020 State of Digital Selling research report):

Teamwork

  • Use Slack or another enterprise social network to better connect team members among sales, marketing and customer success. Use hashtags to share customer success stories; surprising data analytics; and connect to your CRM to share key account information.
  • Create shared digital dashboards with key metrics for each team to illuminate handoffs between teams that need attention and to better understand where your partner teams are focused.

Strategy

  • Form a joint sales and marketing digital transformation working group and steering committee to share baseline capabilities, objectives and to plan a shared digital transformation vision.
  • Ensure alignment between sales and marketing on industry vertical targets, buyer segments and customer journey(s).

Mindset

  • Create a “digital sales champion” program to recognize sellers that have successfully made the digital selling shift. Embed these champions in teams as advocates for digital, especially by sharing specific sales results tied to it.
  • Find opportunities for joint digital skills classes among sales and marketing staff to both build relationships and offer mindset shift guidance. Marketing has gone through this transition, and personal stories of success will help sales teams get ready.

Customer Focus

  • Benchmark your data, that is, assess whether you have the right customer and prospect data to understand and deliver to customers what they need.
  • Make shared customer success metrics (such as Net Promotor Scores) part of compensation incentives among marketing, sales and service. Have customer satisfaction lead sales team objectives.

Please share our infographic with your colleagues to start conversations that can improve your digital transformation of sales.

More Digital Selling Resources

INFOGRAPHIC

Digital Selling is a Healthy Investment for Healthcare Companies

With less access to doctors, digital selling is the only choice. That leads to smarter strategies.

WEBCAST

Webinar Replay: The Insurance Customer of the Future

We take an in-depth look at sweeping demographic and psychographic changes shaping the insurance landscape.

59 min

Prophet’s financial services team leaders moderate a discussion with executives from MetLife, Thrivent and Shift Technology on the way customer behaviors are shifting and these shifts are impacting their transformation priorities.

Watch to learn:

  • The key findings about insurance customer behavior shifts – and predictions for their shift over the next decade
  • The ways financial services organizations – from a global insurance provider to an AI-native InsureTech company – are helping build better experiences for their customers
  • The top priorities of senior leaders advancing transformation agendas of their own

Panelists:

  • Michelle Froah, SVP Global Marketing Strategy & Sciences, MetLife
  • Rohit Mull, Chief Marketing Officer, Thrivent
  • Benjamin Braunschvig, Global Head of Partnerships, Shift Technology

REPORT

High-Concept Thinking: 6 Ways To Create Striking Innovations

A high concept creates clarity about an idea, making sure it’s developed and delivered as originally intended.

How To Find (and Keep) Your Competitive Edge in Innovation

Innovation is the cornerstone of business growth today. Figuring out the right formula results in big ideas and opens the door to new business opportunities. ‘High-concept’ thinking is what’s separating successful innovators from the rest of the field. A high concept creates clarity about an innovative idea and ensures the idea is developed and delivered as originally intended.

In this report, our Experience & Innovation practice outlines how to take your innovation strategy to the next level with high-concept thinking.

Read this report to learn: 

  • The definition and key traits of high-concept thinking
  • How high-concept thinking can help re-center how your company thinks about innovation
  • The six critical ways high concepts are used for innovation
  • Examples of successful high concepts in practice

Download the full report below.

Download High-Concept Thinking For Box Office Innovation

*Fill in all required fields

Thank you for your interest in Prophet’s research!

BLOG

Mastering Business Complexity Through Experience-Led Solutions

Moving forward requires separating complex problems from those that are merely complicated.

The last decade has seen accelerated business change more than any time before. The maturity of connected technology, the scale of global growth and the breadth of new business models have delivered a wholly different set of opportunities for businesses to work through. Most large enterprise businesses are evolutions and conglomerations of 20th-century industries that efficiently solved complicated problems around scaled development, distribution, price and marketing. 

While these attributes may have conquered vertical integration and built resiliency at one time, today, they are no longer sufficient to address the business issues of our connected markets and empowered consumers. This is even more evident now in a post-pandemic world. Businesses in 2021 are being challenged by interdependent complex issues and new delivery models, which require an experience-led approach to problem-solving. 

The Critical Difference Between Complicated and Complex Business Problems  

Understanding the difference between a complicated and complex business problem is crucial. Before a problem can be managed effectively, it must be recognized for what it is. If you manage complex things as if they are merely complicated, you’re likely setting your company up for failure.  

So, what is the difference between a complicated 20th-century business problem and a complex 21st-century business problem?  

Complicated problems are hard but can be resolved through systematic reasoning and processes. With complicated problems, you often can identify the constituent parts, optimize each individually and deliver value across a solution. Clear, MECE and broadly applicable. Whether that was global supply chains, optimizing manufacturing or franchising service experiences, the goal has been to optimize elements in the process to improve the bottom line and create efficient scaled solutions.   

Complex problemson the other hand, involve many unknowns and are created when different actors and systems interact in a way that can result in unexpected cause-effect scenarios. These can be as distinctive as looking to improve retail employee career support globally, building a green energy marketplace or delivering home health care for people with chronic conditions.  

Dealing with such complex problems requires a more nuanced approach, including firsthand knowledge of how different incentives and constraints within a network of actors might adjust the experience for the people you are looking to deliver value for. This type of work cannot easily be strategized or architected from afar. Instead, it requires individuals to be active in the participation and immersion of the experience to identify the user needs, craft insightful hypotheses, test their ideas in the real world, thoughtfully measure outcomes and iterate.  

“Applying a 20th-century solution approach to a complex 21st-century problem will invariably fail to account for all the conditions, levers and expectations of the people involved.”

Recently we worked with a large retailer to help them understand the opportunity to create a B2B prosumer offering. Through interviews and testing, we realized that a major improvement to attracting and retaining customers in this new audience required better data-driven services for their front-line employees. Through rapid prototyping in coordination with their employees, we developed a new inventory interface, tested with real customers, and operationalized this in under 12 weeks to unlock a new experience and expand the share of wallet with a new audience. 

Business Problems Today Need a More Resilient, Experience-Led Approach to Solve Them 

Applying a 20th-century solution approach to a complex 21st-century problem will invariably fail to account for all the conditions, levers and expectations of the people involved. The focus should be less on knowing the answer and more on understanding the opportunity deeply. It is the best time to innovate. It is the worst time to stand still. 

Taking an experience-led approach to problem-solving helps businesses to:  

  • Achieve desired outcomes
  • Build business value by finding new ways to delight users with solutions that are fit for purpose
  • Capture better intelligence and awareness of the context in which users are interacting 
  • Solve for non-obvious needs that create greater value for the user

Ultimately, an experience-led approach to problem-solving helps you to deeply understand a complex environment and context in order to iterate a solution that delivers against multiple needs. Companies are better positioned to thoughtfully understand what needs people have and deliver more impactful experiences as a result. 

We worked with a large healthcare company to identify new product offerings for a very complex set of patients. In working with the customers and the client’s customer support team, we found that many services that were meaningful fell into categories like supporting the caregivers, coordinating third-party care services and restorative care for the families of patients. This insight led us to develop a more holistic product offering through partnerships instead of relying on the client to build or own all the capabilities and still monetize a product. 


FINAL THOUGHTS

More Businesses Need to Become Outcome Obsessed 

You have probably heard the phrase of focusing on ‘outcomes over outputs’. However, focusing on what a great outcome looks and feels like for the user, helps us to think more broadly on all the contexts we can use to design experiences and products. In a world where better, cheaper and quicker is not enough, focusing on outcomes helps us to frame opportunities that are inspirational instead of simply tactical.  

This is a fundamental shift in focus for many. It brings with it a lot of baggage in questioning the norms and constraints that we have worked under for centuries – and that have underpinned the development of, what by all rights, is a successful society. We are no longer judged on only what we can deliver and if it was functional, but if it was impactful and delightful for the user. When we help companies create new business offerings, or reinvent their existing product capabilities, our goal is to make sure we are not just optimizing for complicated issues but developing muscles to compete in an increasingly complex environment. 

Prophet’s Experience & Innovation practice can help you to underpin a rigorous approach to business problem-solving. Get in touch here 

PODCAST

Michael Dunn – The Amazing Story of Prophet

53 min

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