If you are going to take a break from digital “bliss” by putting your phone down, take the time to read this Harvard Business Review primer on augmented reality. “Augmented” is not the same as the “virtual” reality which your children love and of which you make fun. Augmented reality bridges physical reality with the data that all of the machines around us are generating utilizing a screen attached to our face (aka glasses). Think of a heads up display on a fighter jet.
So you can be on a plant floor, retail store, trading floor, or hospital and see the reality in front of you merged with the data that can assist you in making better and faster decisions. It’s well worth the read and sitting with your team to think through the implications for your business. One way we hope to use this technology is with our mechanical team so they can access repair manuals in front of the machine instead of going back to a terminal. Download the app before reading the article and it will literally jump out at you from your phone. This reality does not bite!
One of my good friends, Kevin Coupe of Morning Newsbeat, scored one of the best interviews of the new year. In his conversation with Tom Furphy, a former Amazon executive, he drills deep into Amazon’s secret sauce as well as its implications for the rest of us who are living through the “black plague in retail”. From overall retail to the impact of Alexa, it’s a great conversation, or as Kevin would say, “An Eye Opener” and you won’t find it in the Wall Street Journal or the NY Times. You can listen to the interview here: The Innovation Conversation
America has the highest per-capita amount of retail real estate of anywhere in the world. And with the digital world crashing the world of brick and mortar, a lot of “b” and “c” malls need major changes in their customer bases.
According to some analysts, over 400 of the country’s 1100 malls may close in the next few years. Fortunately, Adam Smith (with some help from Henry Ford), is quietly riding to the rescue. The WSJ had a story titled “The Mall of the Future Will Have No Stores” about the re-purposing of a Michigan mall into a combo traditional mall by re-configuring one of the major retail anchor spaces into significant engineering design center for Ford Motor Co. for almost 2,000 of employees. The key to all of the re-purposing around the country has been to add either office space or residential into the retail mix.
Nothing like a market evaporation to bring out the creativity. My bet is we are entering a new golden age of Malls and far from the headline of the “Mall of the Future Will Have No Stores”. Or as Henry Ford said, “Failure is simply the opportunity to begin again, this time more intelligently”.
There is no better moment than realizing your brand is strong enough to move outside of its original category into an adjacent category or even make the epic move to a “lifestyle” brand.
The NYT had a great story that addressed the move of brands such as Aston Martin into the lifestyle category. Aston has licensed its name to a line of residential apartments in Miami, speedboats and sunglasses all derived from its “art of living” experiences which built upon the brand’s storied history. The key was finding partners who were as dedicated and knowledgeable about branding as Aston.
But the fun part of the article chronicles the bad moments when brands reach for a “bridge too far” or found the wrong partner. Colgate brand frozen dinner entrees, Zippo perfume and Harley Davidson cake decorating are worth learning about. Of course being the NYT, they could not “resist” throwing in a Trump licensing angle too.
The reality is that licensees who are sophisticated trustees of the brand’s adjacent
core values usually add value. The issue is when a large company sees the dangling image of guaranteed minimum royalties without taking a deep dive into brand management issues that come from choosing the wrong partner. As the article notes, “shoddy” work can be catastrophic for a brand not only in the extension, but in its core product.
The article quotes the brand expert Larry Light “Just plopping a brand logo onto a product… is a recipe for failure. Giving somebody the logo and then hoping the execution will live up to the brand promise-that’s a very risky strategy”.
Power Stick frozen entrees? Has a whiff of success, n’est pas?
Last week saw two important retail events. Unilever’s purchase of Dollar Shave Club and Dollar General’s announcement that it purchased 41 former Wal-Mart stores. A billion dollar purchase for a consumer direct business is exciting and a sign of Continue reading “Dollar Shave vs Dollar General?”
The June 22, 2016 Wall Street Journal had a front page chart illustrating that (au contraire!) the fastest growing demographic segment is Continue reading ““The 29.36%” Does Not Sound Like The “1%””
Politicians are the ultimate consumer product. Brand is everything, packaging is critical and content is the least important part, as long as it tastes “great”! So other than promising a “free lunch” of education, which Mayor Bloomberg noted usually means the recipient will be eaten for breakfast, one has to ask why Bernie trends so young? Continue reading “Why Bernie Trends Younger?”
I have to profoundly disagree with W. H Auden’s opinion. In the Vows section of the New York Times there was a fascinating article about the demographics of American marriage that debates Auden’s view of love (and marriage). Continue reading “I Thought Love Would Last Forever. I Was Wrong.”