Short term focus versus long term brand thinking can make the difference between a successful organisation and a smart organisation. It can also determine the company culture regardless of its size. Over the last twenty years I’ve seen companies that end up commoditising their offer nearly always start by trying to fix a short term problem. I saw it with motor insurance providers when they first tackled price comparison sites. They dropped their premiums to chase volume sales, attracted the wrong customers, eroded their retention figures and saw lifetime value fall.
Short term focus makes you solve the wrong problems
Short term focus perpetuates rapid decisions that often solve the wrong problem. I worked with a high street bank that had a shortfall in new credit card customers, so their acquisition team introduced a 0% balance transfer offer. They exceeded their acquisition targets. A year later the retention team felt the impact when everyone switched out. It cost them more to administer the cards than they made in interest. The problem wasn’t a shortfall in acquisition, or necessarily the 0% offer. The problem was the segregation of their acquisition and retention teams meant they didn’t share a view of their perfect customer or have a strategy to acquire them.
I remember being told that when growing their insurance book, Legal & General wanted to reduce the administration costs when handling claims. They calculated that payout was cheaper than processing, and it worked – for a while. Over time Legal & General became known as Legal & Generous, and as they grew the business their number of claims rose exponentially.
In both cases these short term actions not only hurt the business, but it stimulated a change in consumer behaviour that’s felt today. Of course neither were solely responsible for the market, but as an industry, insurance is now a tougher gig.
Short term focus also guides an organisation’s innovation strategy. There are countless success stories of tech firms using data and AI applications to disrupt commoditsed markets. Xero, the accountancy software platform did it with their real time bank balance feeds. Sage reacted quickly by copying them. But they were again outmanoeuvered when Xero introduced a complete cloud based solution that included third party mobile applications and a really smart user experience. While Sage worried about the short term impact, Xero had mapped out a 10-year innovation programme, and subsequently scaled the business from $60k in 2008 to $60m in 2018.
That’s not to say that you don’t get successful fast growth organisations in commodity markets. But smart organisations always look before they leap and this is why.
Long term thinking protects your meaningful difference
Few companies have a truly unique offering outside of their brand. See Axa, Andrex or Acer. Without one, the method to outpace the competition is by either exploiting a niche audience, providing an ever better service, or simply outspending everyone else on promotions. Unless diversifying, none of these are sustainable for a company looking to grow.
On an annual basis Millward Brown and Kantar track and report on the world’s top 100 performing brands. They outline factors that are driving success in the current landscape and have defined the essential core of successful brands as ‘Meaningful Difference’. And it’s this that drives brand power.
A meaningful brand meets the consumers needs both functionally and emotionally, whilst being different by standing out from the competition through their distinctiveness in positioning and offering. This gives them purpose. Marketers like us should help brand leaders understand their purpose, and articulate their meaningful difference so they can put their innovation in focus.
Smart organisations are already successful, but they maintain their competitive advantage by aligning their purpose with their customer. Smart organisations build their brands for the long term by focusing on three core principles.
Internally a clear purpose should drive an organisation’s values, NPD, decisions on people, relationship with customers, innovations and approach to sales.
In a recent Think Google interview, Marie Gulin-Merle, Calvin Klein’s chief marketing officer cited that 50% of all sales are now digitally influenced. That means generating Brand Love externally requires a consistent representation of an organisations purpose at every touchpoint.
Xero is a smart organisation because its purpose rests on easy access to real time accounting information for small businesses. This means ever evolving software that’s always relevant, useful and easy to use. Nauto is a startup data platform that’s sole purpose is to positively influence driver safety. It uses AI to gain situational awareness when on the road. This single minded purpose has influenced the innovation of the platform and how the data can be used in the future. It can support driverless technology, report on fleet driver performance and even underwrite insurance policies.
In the majority of cases we have found an organisations purpose is already known, rarely recognised and never articulated. It’s a vital exercise that supports the process for small companies to scale up, and for large conglomerates to simplify in a smart and practical way.
This is the second edition in our featured members series, where we profile our members and showcase the amazing businesses and individuals within our network. In the last edition we interviewed AMBITIOUS PR, if you haven’t seen it, give it a read here.
This month we hung out with Kerry Harrison and Richard Norton from Tiny Giant, here’s what they had to say…
Tell us about Tiny Giant, who are you?
Tiny Giant are all about moving ideas with minds and machines. They’re a studio that wants to create and create and create. They’re a house of ideas, not just a house to inhabit, but to live in and I think that’s what separates them so much…because they’re so passionate about their ideas… it’s very much about feeling like you’re a part of something larger, a part of what’s important.
Well that’s what a neural network would say, but if you asked Kerry and Norts then…
So it’s us, Kerry Harrison, Richard Norton, plus our technical director Derek Ahmedzai. Fun fact, Ahmedzai means the tribe of Ahmeds. Do you notice that the last 2 letters of his name are AI? That’s why we asked him to join our merry jamboree. We also love to collaborate – so if anyone is keen to join forces, give us a call.
What do you do?
We do quite a lot of different things, but I’d say there are 3 main things. We help our clients tell compelling stories with social media, websites and content, we’ve both been doing it for over 20 years. We’re also interested and excited by online bots and smart speakers like Alexa and Google, lately we’ve been playing around with chat bots and voice technology. Lastly, AI, we use it to supercharge our client’s creativity and make headlines with fun things like AI cocktails and cakes.
How long have you been a Bristol Media member?
We’ve both been with Bristol Media for a long time prior to Tiny Giant. Before we took the plunge and set up Tiny Giant, we both worked for other local agencies who were members of Bristol Media. It’s a long history!
What are you most proud of as a business?
In terms of what we’ve achieved so far, creating the first ever AI curator for the Cheltenham Science Festival is a huge highlight for us. It’s been really cool working with them because the person that came in as the coordinator wanted to create some noise and excitement, so she was open to everything. We’ve done some amazing things like live interview with Aida on BBC Radio Gloucester, featured in plenty of blogs, plus an animation is on the cards. It pushed us creatively because we’d never done anything like it before.
What’s your favourite office gadget?
Our Alexa, we can’t even remember a time before smart speakers. Tiny Giant even has its own Alexa skill, Tiny Giant Tales, so you can stay updated on what we’re up to.
Whose work do you admire and why?
In Bristol, we love Fiasco Design, they create beautiful work plus they do an event called Thread which always gets inspiring speakers. Outside of Bristol, a company called Lord Whitney, who create these otherworldly dreamlike sets for music videos and advertising.
What’s your favourite place in Bristol/this area?
[Kerry] The Watershed, I really like what they do there, plus I really love independent films and going to their cinema. A little place out of Bristol I love is the view from the top of Ashton Court, where you can look over the whole of Bristol, it’s gorgeous.
If you could sum up Bristol/this area in 3 words, what would they be?
Welcoming, chilled, collaborative.
What’s the best tip/trick you’ve learnt as a business?
Resilience and positivity. As a start-up it’s not always easy, but it’s much better to DO the thing and think about what could go right rather than what could go wrong. You need to have a positive mindset, keep going and always look on the sunny side.
What exciting plans have you got coming up this year?
We’ve got a few talks coming up, we’ve just finished Social Media Week and K In The Park with the BBC’s Hannah Fry. And there are lots more in the pipeline like the World of Work Conference at the Henley Business School. We’re going to build some storytelling bots, and generally doing a lot of festivals – look out for all kinds of things – bots, AR filters and lots of creative AI.
If you’re interested in collaborations (particularly if your name has an ‘AI’ in it!) get in touch with Kerry and Norts. Thanks to Tiny Giant for getting involved.
Bristol creative business Blue Flint Group has re-branded under a new name – Istoria Group – and has commissioned world-renowned, Bristol-based documentary photographer Martin Parr to photograph its seven-strong board, in celebration of the re-launch. The strategic business re-brand has been undertaken to ensure that Istoria Group – already a multi-million pound business and a highly successful, independently-owned collective of five creative and innovation companies, including exhibition, events and experiences company Ignition; interiors and branding agency Phoenix Wharf; strategic communications agency Caroline; children’s book publishers I am a Bookworm and pioneering innovation platform Solverboard – is ready for the next ambitious stage of its growth at a regional, national and international level.
‘We can now offer clients access to a raft of specialist talent, based in a single, collaborative office’, Sam Rowe explained. ‘Our point of difference is that we have shared processes and systems throughout the group, so that clients can decide if they want to work with a single specialist agency – on a shop, restaurant, re-brand, event or exhibition, for example – or else liaise across the group via a single point of contact for all of their creative and design needs.’
The business favours a direct and honest way of working with a highly personable approach and the commission of Martin Parr is a perfect embodiment of this. ‘We’re great fans of Martin Parr’s portraiture and of the frank and wryly humourous edge he brings to his work’, Sam Rowe, CEO of Istoria Group, commented, adding that ‘The commission also reflects our belief in Bristol as a centre of world-class creative talent’. Istoria Group, which is based in Bristol’s Paintworks, is located only a few hundred metres from The Martin Parr Foundation, which the photographer opened in 2017 to preserve his archive and legacy and to showcase and archive the work of other new and established photographers.
New Changes to the Istoria Group Board:
Part of the re-brand includes the confirmation of changes for the Group at board level. Former MD Sam Rowe has now become Group CEO, whilst former CEO & Founder Claire Menzies becomes Istoria Group’s new Chairwoman.
‘My new role will see me managing the board and keeping Group business strategically on track, as well as acting as an ambassador-at-large for our activities, expertise and pioneering values’, Claire Menzies explained. Claire Menzies previously served on the London Olympics Steering Committee in 2012, helping to create new models of sustainable accreditation at what was the world’s first-ever fully-sustainable event. Ignition subsequently became the first business in its industry to receive ISO 2012-1 accreditation for sustainable event management and now has a total of three ISO accreditations, helping to fly the flag for both sustainability and for what Bristol businesses can achieve on a global basis.
‘This is an extremely important moment for Istoria Group’, Sam Rowe added. ‘We are full of ambition for the future. Ignition, our largest creative company, already works with corporate giants in the aerospace and pharmaceutical worlds, including Etihad Airways, Pilatus, Eli Lilly and Roche, but we are keener than ever for all the members of the group to partner with some of the great companies, large and small, that are located in the immediate Bristol and wider South West region. We believe this part of the country has so much potential as a powerhouse for innovation and creativity within the UK and we are here to help companies achieve that.’
The Istoria Group Companies:
Ignition
12-year-old Bristol- and Indianapolis-based exhibition, events and experiences giant Ignition (included in the Top 20 of the UK’s Best Workplaces 2018, Small Business category and a double winner in the prestigious, national EN Elite Awards 2018, taking both the Best Employer and Best Eco Supplier gongs) works across 8 main industry sectors, including aerospace, technology, pharmaceutical, health and education. The company recently communicated its ‘we can all do more’ message on sustainability at MEETSouthWest. Istoria Group CEO Sam Rowe is also the CEO of Ignition.
Phoenix Wharf
Interior design and branding agency Phoenix Wharf has national clients such as SpaceNK, Yeo Valley and The National Trust, as well as regionally-based clients, including hospitality operators Pigsty (Bristol) and Ensemble (Wells).
Caroline
Strategic communications agency Caroline, which has previously collaborated with another Bristol creative giant – Aardman Animations – on a project for The Macular Society (https://www.aardman.com/aardman-and-caroline-bring-mac-to-life-for-macular-society/)
I am a Bookworm
Children’s book publishers I am a Bookworm is one of the Group’s ‘Incubator Hub’ companies, whereby promising small businesses are supported in their growth and direction.
Solverboard
Innovation management platform Solverboard helps organisations bridge the gap between creativity and actualisation by bringing together idea generation, validation and project management into a single workflow. The platform helps bring more of the best business ideas to life and measures the impact of innovation programmes.
About Martin Parr:
Martin Parr is one of the most significant documentary photographers of post-war Britain and the former President of Magnum, the world’s most famous photography agency. Martin opened The Martin Parr Foundation in late 2017 to preserve his archive and legacy and to hold a growing collection of works by selected British and Irish photographers, as well as images taken in the British Isles by international photographers, together with an expanding library of British and Irish photobooks. The space encompasses a gallery and event space, library, studio and shop.
https://www.martinparrfoundation.org/
January is traditionally the busiest time of the year when it comes to looking for a new job and with the continued strength of the creative sector, there’s no reason for 2019 to be any different. Why not get ahead and treat yourself to membership of Bristol Media? If you’re a freelancer and you join before 5pm on Wednesday 9th January 2019 we will even give you 3 months FREE so you’ll get 15 months membership for the price of 12.
Creative companies regularly search our online directory and freelance database on SW Creative Jobs to find their next pair of hands for both freelance and permanent roles so give them a chance to find you with an online profile in our member directory. Your online profile is just one of the many ways that Bristol Media can help you connect with creative employers across the region. In addition we hold a variety of networking events and training workshops throughout the year to help inspire you and keep your knowledge and skills up-to-date. And if your CV is looking a little tired and in need of a revamp we can point you in the direction of our recruitment partners who will be more than happy to advise and help get you that all-important interview.
Here’s what some of our freelance members have to say…
“As an independent creative, membership of Bristol Media is a ‘no-brainer’ for me. A valuable asset in terms of the events and support they facilitate, but also a number of clients have found me through the website directory” ~ Carys Tait
“Sometimes being a freelancer can feel a little isolating, Bristol Media does a great job at connecting creative freelancers in the city, it’s a great platform to meet like-minded people” ~ Mark Sharman
“A number of businesses have contacted me after finding my freelance profile through Bristol Media. Happily, most of them are now regular clients” ~ Sam Tarbuck
At just £40+VAT, freelance membership will make you part of one of the UK’s biggest creative networks and could potentially open up limitless opportunities. It could be the best £40 you’ll spend this year! If you’d like to take advantage of this offer just sign up online here and we’ll add on your additional 3 free months and email you confirmation.
We’re delighted that Blair Enns will be back in Bristol in January 2019 to deliver a one-day workshop.
About the Workshop
‘Mastering The Value Conversation: Making Value-Based Pricing Real’ is a one-day workshop designed to help creative professionals increase their prices and their impact on their clients’ businesses through a shift to value-based engagements and pricing. The hands-on, exercise-driven workshop combines pricing theory with facilitator Blair Enns’ Win Without Pitching approach to new business development to deliver a unique learning experience designed to lead to immediate pricing wins.
“You cannot be an effective pricer if you study pricing alone and eschew some of the complementary skills of selling and negotiating,” says Enns, author of Pricing Creativity: A Guide to Profit Beyond the Billable Hour. The barrier to pricing success in the creative professions, he says, is not knowledge but skill. “You can intake most of what you need to know about pricing in about 90 minutes,” says Enns. “Then you need to apply it firsthand and practice having the conversations.”
Pricing Knowledge + Selling Skills = Value-Based Pricing Success
This workshop is relevant to any creative or marketing firm professional with P&L responsibility or the authority to set or negotiate price.
You will learn:
What better way to kick off 2019 than by mastering the value conversation within the first couple of weeks of the year!
This workshop will take place on Tuesday 15th January in the beautiful new offices of one of our Approved Legal Suppliers, Foot Anstey, 2 Glass Wharf, Bristol BS2 0FR and is priced at £595+VAT for Bristol Media members and £795+VAT for non-members. Email [email protected] to book your place. A 50% deposit will be taken at the time of booking with the balance payable by 8th January 2019.
About Blair Enns
Blair Enns is on a mission to change the way creative services are bought and sold the world over. He is the founder and CEO of Win Without Pitching, the sales training and coaching organisation for creative professionals, and the author of two books on selling and pricing for creative professionals. He is the cohost, along with David C. Baker, of 2Bobs, the podcast on creative entrepreneurship.
Blair lives in Kaslo, British Columbia, Canada and lectures throughout the world. He has spoken to dozens of conferences and organisations on five continents.
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