Digital - be bold, disrupt your traditional ways, and transform
If you don't, somebody else will disrupt you and you will miss the moment to transform your business. Digital is impacting every aspect of businesses in general. Not just how you go to market with your re-imagined offerings, but also in the new ways you have to rethink your operating model. Attention on delivering value to your customer through every means has become paramount. Businesses that have been producing products are realizing that service offerings to their customer can be padded around their products to enhance value delivered. And digital has become the channel of choice to extend any servicing of the customer.
People everywhere are using smart-phones for communication, information, entertainment, socializing, etc. - now more than ever. The trends are shifting rapidly among consumers as the ownership of these devices are growing at an estimated rate of 43% a year since 2010, and there are 2.5 billion of these phones in use around the world. That is twice the number of PCs that are installed world-wide. Consumers are increasingly attached to these devices; and they consume 25% of their media on these devices and they have extremely short attention spans. The "Rogue One: A Star Wars Story" official trailer#2, that was released couple of months ago is 2 minutes and 38 seconds long. On the big screen TV or even on the monitor of the desktop computer that might be considered tolerable. It would be interesting to know, how many people who watched that trailer on their smartphone went to see the movie in the theater. Did Disney miss out on the opportunity to convert the consumers who watch movie trailers on their mobile devices? How can the motion picture industry capitalize on their digital moment?
Businesses across the media and entertainment industry are still missing out on the big opportunities, not only to interact and deliver optimum value to their customers, but also in how they operate their business internally. The rules of engagement are changing on every front. Leaders in this sector ramp down the traditional ways of doing business, while they ramp-up new and innovative ways. Compelling new opportunities are popping-up on their radar that was not even feasible in the recent past. They look beyond the obvious for new ways. They are creative and innovative at the same time, and they are agile. They can not afford to miss their digital moment to create, deliver and capture value.
Digital transformation is an imperative motion picture businesses should not ignore anymore. No , not just individual one-off transformations of their traditional ways of motion picture business; but, they need to implement ongoing, interdependent transformations across business units and functions. They have to prepare their companies to thrive in a permanent state of change. Take for example, the previous anecdote about movie trailers. the question you should be pondering right now, is what kind of processes and capabilities should you have to capture better trailer moments from your movie as it is written, filmed, and locked-in to put together better and shorter trailers pre-production, during production and post-production for the mobile devices? Do you have sufficient consumer insight of the targeted segment of your audience? Are you using the right analysis of the big-data access you have to put more eye-balls on the trailer for your movie? How effective can you be with these micro trailers for the mobile devices during your omni-channel push? Could you use stills from the movie to create an effective micro-burst for these devices to generate sufficient intrigue and curiosity to watch the extended trailer on the bigger screen? All these can become opportunities to create, deliver and capture value for your business.
Don't miss out on your digital moment. That moment is now!