• HOME
  • ABOUT
    • CAREER
    • TESTIMONIALS
  • BLOG
    • Business
    • Creativity
    • Marketing
  • PODCAST
  • SUBSCRIBE
  • HOME
  • ABOUT
    • CAREER
    • TESTIMONIALS
  • BLOG
    • Business
    • Creativity
    • Marketing
  • PODCAST
  • SUBSCRIBE
BILLY LOIZOU

LEND ME YOUR EYES

HAS FACEBOOK BROKEN OUR TRUST?

3/25/2018

0 Comments

 
Picture
I was on the phone to a friend of mine the other day, and I was talking about how much I was craving Vegemite. A few hours later, when I opened up Facebook, the first thing I saw was an ad for Vegemite!! How weird!! Has Facebook been listening to my phone calls? Does this sound familiar?...Well it could actually be true!

​Earlier today I came across a tweet from Dylan McKay claiming that he'd downloaded his Facebook data as a zip file and it bizarrely included his entire call and sms history. See for yourself.​

Downloaded my facebook data as a ZIP file

Somehow it has my entire call history with my partner's mum pic.twitter.com/CIRUguf4vD

— Dylan McKay (@dylanmckaynz) March 21, 2018

@dylanmckaynz #DeleteFacebook #facebookshit I just downloaded my facebook ZIP and ran your script ., the length of contact info page itself scares me.
It contains all my SMS,MMS,call logs and contacts from Sep 2015 to Dec 2017 pic.twitter.com/rMp3SCc8eK

— pcm mushthaq (@mushthaqpc) March 25, 2018
So I decided to do some digging into my own Facebook data. After downloading my personal data directly from Facebook I realised the immense amount of data they have available on me i.e. my posts, messenger activity, timeline, friends, places I have been, ads I have interacted with, instagram specific interactions and strangely my entire phone contact list. I admit, I was aware of most of this data being available however not my phone contact list.
​
​Access your own Facebook data by going to settings and clicking on the "Download a copy" link. Example below.
Picture
​

Companies regardless of them being a fashion retailer or technology giant need to give control back to their customers. Allow your customers access to control the information you have, the information you collect and more importantly the information you use. This should also be designed in a way that is clear and simple to understand - not designed in a way that is strategically complicated so users abandon the process.

It seems Facebook has worked tirelessly over the years to gather as much data on users as it can – and to profit from it. As of the fourth quarter of 2017, Facebook had 2.2 billion monthly active users. Facebook's revenue grew from 7.87 billion in 2013 to 40.7 billion US dollars in 2017, it accumulated a net income of 15.9 billion US dollars and majority of that revenue was generated via advertising.
​

Why am I not surprised?

In 2004 Zuckerburg used the term “Dumb fucks” when he described the users of Facebook for trusting him with their personal data.  Zuckerberg also talked about what Facebook insiders called radical transparency, an idea that partly amounted to an insistence that old ideas about privacy were becoming outdated. “To get people to the point where there’s more openness – that’s a big challenge,” Zuckerberg said. “But I think we’ll do it. I just think it will take time. The concept that the world will be better if you share more is something that’s pretty foreign to a lot of people, and it runs into all these privacy concerns.” 

Facebook has gone to great lengths to convince members of the public that it’s all about “connecting people” and “building a global community”. In 2016 this became the tale of Facebook & Cambridge Analytica, a saga that highlights the awful mess that the biggest player in billions of online lives has enabled. If you aren’t familiar with the story Cambridge Analytica spent more than $1 million dollars harvesting personal data through Facebook so they could micro-target you with advertising. Advertising which Christopher Wylie (ex Director of Research at Cambridge Analytica) claims is grossly unethical and uses new constructs of psychology to target you based on personality. He say’s they used apps such as games that have special behaviours that harvest your data and pull all your friends data while they are at it. Once they have this data they know how to talk to you, via what medium and how often they have to show you a message in order to change your behaviour. This strategy is what most claim was used in the 2016 US presidential election which led to Donald Trumps success and in the same year Brexit. Chris says they are responsible for creating the worlds largest psychological warfare tool and full service propaganda machine who can influence how people behave and react. They did this by whispering in the ear of each and every voter using Facebook. In my opinion this is one of the worlds biggest data breaches.

To dig more into the revelations surrounding the Cambridge Analytica scandal click here.
"People change culture and if you change the people, in theory, you can change the culture. If you want to win a war in this example a political war you need to start by building cultural weapons. Once you destroy the existing culture, you can rebuild it however you want!” - Christopher Wylie explaining the psychological warfare tools they created.

WHAT DO I PLAN TO DO ABOUT IT?

​Well I’m not Elon Musk and won’t make headlines about joining the #DeleteFacebook movement, but I plan on taking a stance. Data should be treated like a precious gift and until Facebook start to take peoples data more seriously I will be deleting my personal account.
“We have a responsibility to protect your data, and if we can’t then we don’t deserve to serve you,” - Mark Zuckerburg
Actions speak louder then words Mark. Make it happen!
0 Comments

Rise Of The Intelligence Economy

1/8/2017

0 Comments

 
Picture
2015 was the year of the Customer Journey, 2016 was the year of Design Thinking....so what's does 2017 have in store for businesses and marketers across the globe?

To find an answer I decided to do some research on how the economy has changed over the last 50 years. It was evident that consumers are willing to pay a premium for a product or service based on it's perceived value; such as does it save me time? does it create a memorable experience? does it have long lasting qualities?

Thanks to Joseph Pine II and James H Gilmore they made it quite simple to understand with an article on HBR called 'Welcome To The Experience Economy.' They simplify the entire history of economic progress across the four stages of evolution using a birthday cake as the example:


  1. The Commodities Economy: As the agrarian economy advanced, mothers made birthday cakes from scratch, mixing farm commodities such as flour, sugar, butter and eggs. That together it would cost a dollar - however it took time to buy the ingredients and make the cake.

  2. The Goods Economy: As the goods-based industrial economy boomed, mothers paid a few dollars to Betty Crocker for premixed ingredients, where all you had to do was follow the recipe and bake the cake - you saved time and ingredients by buying it all in one box.

  3. The Services Economy: When the service economy took hold, busy parents ordered quality made cakes from the bakery or grocery store. It would cost $10-$15, far more then packaged ingredients however it was convenient, desirable and saved you time in the kitchen.

  4. The Experiences Economy: In the time starved late 90's, parents neither make the birthday cake nor even throw the party. Instead, they spend $100 or more to outsource the entire birthday event to Mc'Donald's so they can stage a memorable event for the kids - and the cake is thrown in for free.

An experience occurs when a company intentionally uses services as the stage, and goods as props, to engage individual customers in a way that creates memorable events. Experiences have always been at the heart of the entertainment business - think Walt Disney. However if you could charge admission for consumers to interact and engage with your brand, what would you do differently? - thats a good place to start brainstorming.
Today the concept of selling experiences is spreading beyond theatres and theme parks
​Customer experience today has become one of the key pillars for organisations around the world - irrelevant of industry. Consumers desire experiences, whether it be buying a laptop at the Apple store, staying at the Hilton for a few nights on a business trip or going into an ANZ bank branch to take out a mortgage on a new home.

​The Digital Evolution = The Intelligence Economy

Picture
Over the last 10 years we have seen amazing advancements in digital technology - from cloud computing, mobile smartphones, virtual & augmented reality and now the explosion of machine learning. This has made a significant change to customer behaviour as now not only do we expect a personlised service from all brands but it has created a need for us to have access to that information and knowledge on demand.

Good businesses today meet customer expectations through seamless, invisible service that predicts their needs and wants. Welcome to the intelligence economy where experiences are driven by customer data, underpinned by artificial intelligence and personalised to the individual through the channel of their choice. Let's simplify it by bringing it back to the birthday cake.

The Intelligence Economy: In the digital evolution during the internet boom, parent's want to be able to order the cake or book the event while on the go from their mobile phone, they would also like personalised recommendations based on there searches, inspiration from social sources and access to the information (recipes) and tools (applications) so they can recreate the experience themselves if needed. Delivery to the front door will be included in the cost of the cake.
​
The businesses that utilise their data and serve it in meaningful powerful ways to help there customers will charge ahead in 2017. Creating intelligent and smart tools that allow consumers from their homes to have meaningful interactions with your brand are the next battleground.
​
How about a bank that provides you the tools to scenario plan and budget for your future using your real-life data, such as transactional history i.e where am I spending my money? what investments can I make? How about a gym that tracks your activities on the treadmill, then through a Fit-bit to provide tailored food plans to help you reach your desired weight? How about a real-estate agency that guides you through a lifestyle application online and then can recommend a suburb for you to live in based on it's demographic profile? The list of possibilities goes on when you combine data, technology and creativity...
2017 is the year of Artificial Intelligence
The goal is to turn data into information, information into insight and insight into actions
We are going to see some amazing advancements in this space - IBM Watson and Salesforce Einstein are just the beginning. If you are interested in this space pick up a book called "The Master Algorithm" by Pedro Domingos.
0 Comments

What is success?

8/30/2016

2 Comments

 
Picture
2 Comments

A LITTLE BIT OF PERSPECTIVE

8/22/2016

2 Comments

 
Picture
2 Comments

We cannot change anything if we cannot change our thinking!

8/19/2016

1 Comment

 
Picture
In today's fast paced world a lot of us get caught up in the noise of the day to day grind and forget about the big picture. We start to think that the company we work for and a job title defines who we are. From time to time we all need a bit of perspective, so last weekend I felt like I needed to recalibrate my thoughts and I decided to jump into a sensory deprivation tank for an hour (I can’t recommend this enough, if you are into mindfulness meditation then give it a shot.) What came out of this experience were these 12 life lessons that I thought I would share with you.  

I know what you are thinking….."You are just over 30 years old, what do you know about life lessons." I completely agree with you, I'm not Steve Jobs, Bill Gates or Richard Branson; however the last 10 years for me have been quite the adventure and I feel the need to share.
​
  1. We are so focused on making money, we forget about humanity. What I mean by this is we get so caught up in generating sales and flogging product that we forget we are talking to real people.

  2. Technology should be used to help humans, not to replace them. Think drones, artificial intelligence, augmented reality, 3D printing - these are solutions that will enhance our world, provide more opportunity, automate repetitive tasks and remove high risk jobs.

  3. Learn to listen to that quiet voice in the back of your mind, its called intuition. 

  4. Your personal brand is just as important as the brand you work for. It’s time to start investing in yourself.

  5. Listening is important, you have two ears and one mouth for a reason.

  6. Collaboration is key, start by building on the ideas of others. As humans we always feel the need to trump other peoples ideas or stories.

  7. Stay hungry & stay foolish, never be satisfied and always push your self to be better. Just because someone has told you it can’t be done doesn’t mean they are right. This world was built by people no smarter then you.

  8. A good mentor can be more effective then an MBA. The moment I found a mentor my career accelerated - find great mentors through the inspiring people you’re already interacting and working with now. They need to be people to whom you have already demonstrated your potential – who know how you think, act, communicate and contribute.

  9. You don’t buy things with money, you buy it with your time....the time you used to create that money. This concept alone changed my life.

  10. Giving back is more rewarding than receiving. Numerous studies have shown that happier people are those who are selfless.

  11. The disparity between the rich and the poor is not always because of work ethic. It comes down to opportunity - be grateful.

  12. Most of the time you need to fail in order to succeed.
    ​
1 Comment

The top 15 skills every marketer needs by 2017

8/16/2016

0 Comments

 

Marketing is always in evolution. It has to adapt to the sub-conscience of the generations in order to stay present and reach its targets. Gone is the Don Draper golden era of marketing, no longer do you only have to worry about TV, Radio, Print & Display. Thanks to the explosion of technology, marketers now need to manage and communicate to customers across hundreds of potential touch points. 
See the Marketing Revolution illustration below (ExactTarget.)
​

Picture

​A few other factors to be mindful of is that the population has grown, media has expanded, customer expectations have increased and today's competition is fierce.

​​The job of a marketer today is no longer just about creating brand awareness, it's about growing a database, driving sales and most important of all creating remarkable customer experiences.

What are the skills a marketing professional needs to be successful?

1. Empathy
T
he ability to understand and share the feelings of another. In the advertising and marketing world find the 'human story' and understand the perspective of your customers. ​
"I ask myself things like, What would a 5 year old think of this? What would a 70 year old think? Empathy is king!"
2. Customer Journey Management
Enabling organisations to effectively segment customers and build behaviour-driven journeys through the creation of automated activities prompted by real-time events. These activities send the right message, through the right channel, at the right time, to the right individual, based on their behaviour. The key to doing this successfully is researching and understanding the journeys your customers go through when interacting with your company; whether it be for a product, service, issue, delivery etc.

3. Marketing Automation
There are plenty of technologies designed for marketing departments and organisations to more effectively communicate on multiple channels (such as email, social media, print, websites, etc.) Marketing automation technologies also create operational efficiencies as they can automate repetitive tasks such as data imports.

Here are few marketing automation tools:

- Salesforce Marketing Cloud
- Adobe Marketing Cloud
- Marketo
- Silverpop
- Autopilot

4. Technology Understanding
​A marketer’s job is no longer about just managing the advertising agency. They now need to understand the functionality of multiple cloud based platforms and systems. I like to call it understanding your businesses 'Marketecture'; which includes everything from CRM, e-commerce, social listening, marketing automation, business intelligence and analytics.

5. SEO & SEM
Thanks to smart phones and the quick accessibility we have to the internet, according to Google it has forever changed the way we live - It has fractured the customer journey into hundreds of real-time, intent-driven micro-moments. SEO and SEM has never been more important as you fight to identify search terms that will give your website higher ranking. Optimise your content, website, and blog for organic earned search.

6. Data Analysis
​Yes...unfortunately you need to understand data, but you don't have to be a Data Scientist. Data holds you accountable, it highlights where you are successful and where there are areas for improvement. Basic data visualisation tools can help you read the data and benchmark it against previous campaigns or even industry statistics. For example Google Analytics is a great tool to analyse:

- Where leads are coming from
- Average time on site
- Bounce rate
- Average transaction value
- Most viewed products etc.

See below for an overview of how data and creativity intersect:
Picture
7. Collaborative Consumption
Marketers need to understand and recognise the new business models which are disrupting industries. Collaborative consumption describes the shift in consumer values from ownership to access. Together, entire communities and cities around the world are using network technologies to do more with less by renting, lending, swapping, bartering, gifting and sharing products on a scale never before possible.

From 
Airbnb to Uber to Taskrabbit, collaborative consumption is transforming business, consumerism and the way we live for a more fulfilling and sustainable quality of life.

8. Targeted Online Advertising
A recent study from Salesforce & Facebook showed that sending an email and a social ad about the same campaign to the same group resulted in 22 per cent uplift in conversion and 77 per cent uplift in reach. Salesforce's new Advertising Studio allows businesses to send targeted ads to a customers based on their CRM data.

9. Email Marketing
For every $1 invested, email marketing generates an average return of $38. Email still generates on average around a 21% open rate and 3.5% click through rate. Consumers today receive more emails than ever before and claim to have inbox fatigue - however marketers have to become better at mastering the art of timely and targeted emails.

10. Mobile Marketing
With over 50% of emails now being opened on mobiles and the boom of the app world - we now need to think mobile first. Many brands still have a website that is not mobile responsive and have no apps to make it easy for customers to engage with you. Think about the potential of geo-location push messages from a service perspective; for example you have entered the airport ready for your flight interstate and receive a real-time alert about the flight delay, followed by an offer to head into the Qantas lounge for free. 

11. Social Listening & Engagement
A brand is the sum of the conversations being had about them. Since the launch of social media, customers have found it easier to praise or call out brands about their experiences. A smart marketer would have their finger on the pulse and be listening to online behaviour to identify areas of concern or competitive advantage. Take a look at Salesforce's new Social Studio product for an overview.

12. User Experience
Pixel perfection and eye for detail is important. Design isn't just how something looks and feels, it's also about how it works. It's important to understand the different devices that consumers use like a desktop, tablet and mobile; but also how they use them. 

13. Content Creation
Content is the foundation for all marketing according to Joe Pulizzi. You need to start blogging, creating engaging images, infographics, free eBooks, and much more. Content is the main driver to generating leads.

14. Business Savvy
While I don't expect all marketers to have an MBA - they need to understand some simple metrics such as average transaction value (ATV), customer lifetime value (CLV), net promoter score (NPS) and return on investment (ROI). The list could go one but I thought I would keep it short. The line between service, sales and marketing is blending and every campaign you send needs to have a clear measurable goal. If there is no goal, then ask yourself why are you sending it in the first place?  

15. Prototyping Mindset
With the adoption of Design Thinking it has allowed employees to take their ideas and make them reality in a cost effective way that doesn't impact the business. Anyone can have an idea - it's the critical process of making that idea a tangible prototype that drives innovation. A prototype can be interacted with and reveal to the creator some valuable learnings to refine over time. We need to embrace that everything in life needs continuous improvement.
0 Comments

Why Customer Experience Is Confusing Your Business

6/23/2016

0 Comments

 
Picture
“60% of IT workers now identify improving the customer experience as their top digital goal, while the majority of marketers chose ‘integrating all platforms and channels’ as their main focus.”
The number one goal for most businesses all around the world is to become more customer-centric. According to McKinsey&Company over 50% of customer interactions now happen during a multi-event, multi-channel journey. Over the last hundred companies I have consulted with it seems they all have a different terminology of what they are after; so I wanted to take some time a put together a library of terminology. It depends on the view you are taking whether it be a macro or micro. Are we looking at the whole end-to-end customer lifespan with our business or just the micro moments which are being influenced by today's constant connectivity.

What is the difference between the customer lifespan, customer lifecycle, customer journey and customer moment? Let me explain going from a macro to micro perspective:

1. Customer Lifespan
> Usually measured in decades

Phases in the customer's lifespan where they may find value in a brand and it's offering.

For example setting up a savings account typically happens at the age of 7 through your primary school and family's support. Then by the age of 18 you apply for a credit card - then by late 20's early 30's apply for a home loan.


2. Customer Lifecycle
> Usually measured in years

A brand-centric view to map customer loyalty through acquisition, on boarding, engagement, conversion & retention overtime. May also be mapped to a sales funnel. 

For example a potential customer may be acquired through a sign up form to receive email offers from your company, however doesn't make their first purchase for over 6 months.


3. Customer Journey
> Usually measured in hours or days

A useful view for process and experience design showing a contained series of brand interactions and customer experiences.
For example a traveler’s journey on an airline, a customer applying for a home loan or a patient visit to a hospital.

4. Customer Moment
> Usually measured in seconds

A view for designing individual interactions, services or touch points.

For example, a customer service interaction at an airport check-in or a purchase page on an Ecommerce site

[Source] Here is a great infographic illustrated by Lenati explaining the concepts in more detail: http://www.lenati.com/blog/2016/02/how-to-view-your-customers-experience-customer-journey-mapping-vs-customer-lifecycle-infographic/
0 Comments

Bridging The Gap Between Data & Creativity

6/7/2016

0 Comments

 
Picture
In the last year or so I have been hearing and reading a lot about the death of advertising, the death of email, the death of creativity...the death of blah blah. I think it's important to understand that just like a healthy diet everything has a purpose and is recommended in moderation. The biggest clash recently has been the battle between 'Creativity VS. Data.' What I don't understand is why does it have to be one or the other....why can't it be both?
Some say when big data and creativity meet you get pure sex?  I agree and personally think you need a balance of both....some of us are even lucky enough to be able to do and understand both, they call us unicorns.
The questions we should be asking; Is creative marketing or advertising more effective in inspiring people to buy products? Numerous experiments have found that creative messages get more attention and lead to positive attitudes about the products being marketed, but there’s no firm evidence that shows how those messages influence purchase behaviour. Similarly, there is remarkably little empirical research that ties creative messaging to actual sales revenues. Reason being product and brand managers—and the agencies pitching to them—have lacked a systematic way to assess the effectiveness of their ads or marketing campaigns, it has been a crapshoot.

The Formula:
DATA (Insights + Analytics) * CREATIVE (Design Thinking + Experience) = Business and Marketing Brilliance
Picture
Top quality analytics still require a creative mind to interpret, position and act upon the data; these judgments demand more than just technical skills. The tactical know-how must be augmented by a strategic sense that involves intuition, business acumen, excellent communication skills and the courage to try new approaches in search of the game changing insights that create value from data. The best Data Scientists (I prefer the term Data Artists) in the business tend to have a great blend of business, creativity and story telling ability to communicate back their findings.
Companies all across the world have an enormous amount of data, however data doesn't add value unless it is used correctly. ​
Think about the game of soccer for a second, hundreds of players around the world go through the same level of training and preparation before a game - however most fans idolise Lionel Messi because of the flare he brings to game. Athletes may have similar training, but there are additional layers of creativity and improvisation that go beyond just connecting the dots.
Fundamentals are important, however bringing your own perspective and creativity to life is the only way we can differentiate ourselves and our brand.
These days companies must adapt faster then ever to compete. They need a creative culture to generate new ideas, refine them and then go to market. Business leaders need to understand their companies specific strengths and blind spots when it comes to adapting to an ever changing market. The data will help you identify the pain points/opportunities and the creative culture will drive change and innovate. Both compliment each other and are vital elements to generate success.

Businesses tend to label the agencies they work with and categorise them into buckets. For example:
​
  1. Creative agency
  2. Data & analytics agency
  3. Technology agency
  4. Marketing agency

How about we create a hybrid agency that pure focus is on solving business problems and improving customer satisfaction? Let's call it a 'Customer Experience Agency'? A company that is focused on understanding your business, understanding your customer and helping you create innovative solutions using technology. That to me is the true art and science of bridging the gap between data and creativity.

Would love to here your thoughts - leave a comment below.
0 Comments

Voice of the customer

4/21/2016

1 Comment

 

Every customer has a voice...yet not every company listens. Successful companies use their customer as their secret weapon. Accessing that secret weapon isn't difficult; create customer focus groups, conduct market research, invest in social listening or merely send out timely customer surveys across the customer journey via digital channels like email, web and sms. Sounds simple doesn't it, but why do most companies take a blind eye? Is it because it's too difficult, too expensive, too confronting? Most of the time it is just easier to keep doing what you have always been doing because it has worked in the past.
​

It is fair to say that most large Australian companies have a monopoly on the market so their is no real need to change. Until the competition sneaks up behind you and is starring you in the face i.e the taxi industry vs. Uber, hotels vs Airbnb and retailers vs Alibaba. All three companies don't carry any inventory, yet drastically improve customer service and provide new revenue opportunities for those willing to leverage their technology. Companies need to go from being brand centric to becoming customer centric.

Picture
Heinz are a perfect example of a brand who listened to their customer and implemented their recommendations. The sauce that they produce is of great quality, however the user experience of trying to get the sauce out of the glass bottle is extremely clumsy. If you make some subtle design changes like flip the bottle upside down and change the material (glass to plastic), the experience changes dramatically.
“People want what’s best for them, and they can switch on a dime, because there’s always a new disruptor disrupting the last disruptor. So companies should just strive to keep changing and adapting to their customers’ needs.”
Hearing the voice of the customer is essential for effective marketing, but also improving service. If companies are to be relevant to the consumer of tomorrow, they will need much more than an email blast engine and a call centre. They must develop a broad contextual understanding of the customer.

Voice Of The Customer Programs:
Many companies have embarked in creating seamless customer journeys across product, marketing, stores, call centres and sales. How do you now capture feedback to see if what you are doing is providing a positive or negative experience? Answer: set up a Voice of the Customer (VoC) program. Effective voice of the customer programs allow you to connect and engage with customers at key points in the customer journey. 

The Voice of the Customer is a term used in business to describe the process of capturing customers’ requirements. It is a product development technique that produces a detailed set of customer wants and needs which are organised into a hierarchical structure, and then prioritised in terms of relative importance and satisfaction with current alternatives. 
​

To enhance customer experience and increase business growth, many firms are developing voice of the customer programs. Successful VoC programs should support a cycle of five activities that make up a closed-loop process:

Picture
  1. Identify: What is it that you want to learn?
  2. Devise: What is the best way to collect the data?
  3. Collect: Capture the data through the right channels
  4. Analyse: Gather insights in real-time
  5. Draw: Monitor results and take action

The most successful VoC programs help companies connect multiple types of feedback across data channels, provide collaboration across functional departments, incorporate voice of the employee and leverage dashboards and reports that allow you to visualise the information regardless of the source. The key objective is to help deliver clear ROI, business results and prioritise issues.

​There are plenty of platforms now that allow you to implement VoC programs. Here is a quick snapshot of market leader Qualtrics' platform; 
capturing the customers voice & realtime reporting dashboard:
Picture
"Your most unhappy customers are your greatest source of learning."
1 Comment

Blockbuster VS. NETFLIX

3/22/2016

0 Comments

 
Picture
Blockbuster in 2004 ended negotiations in buying 49% share of Netflix for $50 million. One of these businesses is now bankrupt...the other one has a market valuation of over $30 billion. Companies need to not lose sight of the bottom line, however innovation and a change in customer behaviour can have you scratching your head only ten years later. 

Former Blockbuster workers all over the world must cringe every time they hear the words “online streaming” and “on-demand.”


That’s because back in 2000, Reed Hastings approached former Blockbuster CEO John Antioco and asked for $US50 million to give away the company he founded — Netflix.

Antioco, thinking that it was a “very small niche business,” ended the negotiations and didn’t buy Netflix, which at the time was a DVD mailing service, according to Variety.

Now Netflix — just short of being worth the same as CBS last year — soared past the television network owner with a $US32.9 billion market valuation. Netflix also reached the 50 million mark in subscribers of its paid service and became available in 40 countries, CNN Money reported last year.

“Management and vision are two separate things. [Netflix was] losing money,” a former Blockbuster exec told Variety back in 2013, explaining Antioco’s decision.
This isn’t the first time that a company missed out on an opportunity that could have shifted continents of the business world. There have been other bitter “what ifs” including: Verizon shunning Apple for the first model of the iPhone, Comcast foregoing Disney, Friendster refusing Google, and AOL merging with Time Warner instead of AT&T.

Perhaps the company that made the biggest blunder in tech history is Yahoo, which had chances to buy both Google and Facebook.

Source: 
http://www.businessinsider.com.au/
0 Comments
<<Previous
Forward>>

    Archives

    August 2019
    April 2019
    March 2019
    December 2018
    June 2018
    March 2018
    January 2017
    August 2016
    June 2016
    April 2016
    March 2016
    February 2016
    January 2016

    Categories

    All
    Business
    Creativity
    Customer Journeys
    Design
    Digital Marketing
    Innovation
    Phygital
    Poem
    Service
    Video
    Virtual Reality

Let's Connect ON SOCIAL



​© 2016 Billy Loizou, all rights reserved
​