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“Afternoon. Everyone well it s pretty clear when you see the seavey s of our our panelists that old industries are bringing in fresh eyes to rejuvenate brands jim. I to start with you you re a silicon valley guy at m entrepreneur. A former ceo of a large search technology company not the traditional cve of broadcasts.
Where media veterans. Even some finance types ends up in the boardroom. So tell us what you re doing to spur digital change at cbs interactive. You know well you know for us.
It was about realizing that the future was not obviously going to be about broadcast television. But understanding that you know the next 50 years. The tv. It would just be one platform of you know among all of the mobile.
You know your desktop your television and so. Our strategy has been to pursue a multi platform future realizing that we re a content company. And we have to be delivered everywhere possible and so we ve we ve spent the last five or six years. You know building all that in house technology and putting the other new products like cbs all access.
Which is our you know our monthly subscription streaming service and then doing all that and again with a silicon valley background. We ve now gotten the point where we you know the silicon valley guys are making our own television shows so the new star trek is you know our you know best known example for that so it s now kind of come full circle. Nadiya your story is completely different a family business. That you ve gone into a hundred year old business and you had to modernize it from the start.
I gather collaborations with big fashion names was part of the strategy. Absolutely you know it is a very big advantage to have the foundation of the heritage. Yet. The challenge is how do you break away while still maintaining your strong dna.
And we just felt in order to make ourselves relevant as a brand. We had to represent the voice of the customer and that really we did via the collaboration with the various different designers daniel you re at the forefront of digital change in retail. I want to start with a quote from your corporate office return on investment is no longer measured by a sales per square foot. But surprise and excitements per square foot.
Tell us what you re up to absolutely that s our new store format. We call it the store of the future because n consumer. It s all about the end consumer about you and it s not you cannot expect that they just come into the store. When you do nothing you have to excite them you have to bring them into the stores that makes it relevant to come.
And i think the retail business. Today is just like selling some items in the store. And that s not enough anymore you have to do a lot more you have to engage with this end consumer. You have to you have to give them a reason that they come to your store.
And i think it s not only retail. It s actually also online and that you have to combine which makes it omni channel. So it doesn t matter where at the end consumer is buying your product as long as they buy your product. And it should not it should not matter where online offline in wholesale in retail or in in the eco in the past you ve had a lot of physical merchandise and that s not just in the stores and in department stores.
But actually in your showroom. You ve now created a digital showroom can you paint a picture for the audience as to what that looks like yes so when you go today in a fashionable a showroom for my brand you see maybe 3 mm square meter. You see samples hanging next to each other in all the colors and then as a buyer from a department store from a store you have to go through and you have to select what you would like to buy for next season. We have completely revolutionized that and we actually haven t done any sample anymore we ve we took pictures.
We put them into a digital showroom. So now all the buyers who come to our showroom. They re buying digitally and we had in the beginning when we started. There was a lot of yuck.
How do you say no and not everybody was trusting in it because in the fashion industry you want to touch it. But we were convinced that the new generation. They are used by digital and the new generation are become soon anyway. The buyer of all these department stores.
It was for us clear that they know how by digitally and you still you have some swatch books. Where you still can touch the garment. But it s completely when you come to our showrooms. It s all digital.
It s faster you have a better overview it s less expensive because you don t have to do all these samples and most importantly. It s more sustainable because you don t have to fly in these samples. Anymore now did you want to talk to these trends. As well how that s changing your business well i have to say my new role model by the way is daniel so cutting it so inspirational and so amazing to see that the very modern way of thinking also has the total return on and showing the return on investment.
Thank you i what i thought is very important that you mentioned is that nonetheless the samples the fabric samples are still there so despite the digitalization. I think there s still that human need for a tactile experience and we re certainly trying to do that ourselves with global showrooms and in terms of digital. Even the store sometimes we do feel our product sells almost better if the customer can touch it versus the product being behind the screen. I think with technology in photography being so good.
Nowadays. The visual transformation of the product onto the screen is so good with the 3d. And it s almost like that 3d saturation is almost as good enough is feeling the product tactile a digital disruption binds the three of you together. But jim in your world cord cutting has been very dominant force for the network s to try and contend with since you ve joined the business.
We ve launched three direct to consumer services. 24 7. Digital news network. A sports network and also a streaming entertainment network just in recent weeks.
I know a number the big networks are very slow to go down that streaming path because there is scared of cannibalizing some of the revenues. Why is there a mindset change now in 2018 well it took a while i mean if you go back to when we first started proposing these ideas for these these new online products you know there was an existential threat. I think felt by my colleagues on the on the linear side. But one thing that cbs did early on was put my group in charge of all of digital.
So it s not you know it s not owned by each to individual group. We do all of digital and so in that way we ve always been partners for all these different groups. So when we would go to them with crazy ideas like taking you know news is the best example. Where you know we would we had holly williams on the ground in syria.
Risking her life every day for one minute of news. You know how could we take an online product and give her a canvas to report that news. All day long you know major garrett at the white house. You know those are those kinds of things so really they started to look at us as an opportunity for you know to modernize that you know their own divisions and their own content.
So partnering. I think was it but but really i you know took what i would kind of call. We had to be patiently impatient meaning would be patient and taking years to bring them over to what we were proposing an impatient in the sense that we just have to keep pushing them so can i talk about speed them. Because 5g is coming soon and it feels like when 5g does launch in a big way the streaming really kicks into high gear.
Which means the network s need to be ready how are you preparing for that change. Well the biggest trend in online in in my space right now is actually the television. So a majority of our volume now comes back on the big screen even for digital. These ott devices on an apple tv or roku firestick that s they re going through those boxes back to the television.
So we re already seeing the need for better streaming faster streaming because people really are turning to us as the way that they re gonna watch tv on demand is the media side but instant consumption instant gratification is your world daniel and not ian. Perhaps you can both talk about this. When consumers want the product quickly now a word before they were happy to see it on a catwalk than in the magazine eventually it would find its way into a store ladies first absolutely i have to say the entire concept also of instagram shopping has been incredibly useful and of course going straight into the website. But i come from a point of view from the jewelry industry.
We don t necessarily have the fashion cycles. So we have actually a bit of an advantage. But definitely we re seeing that instant gratification scenario. How do you service that how do you make sure you protect your margins.
Get the volume out and provide the customer with a quick experience. They want i have to say customer research in the first place is so important in order to put in the right orders in order not to run out of stock. When the customer buys and i think also we re talking about it earlier does the local or regional supply offices or absolutely crucial to be able to supply faster. Which also reduces the carbon footprint.
So in instead of global shipping. Just to have that local regional shipping well it comes again to the end consumer. And the end consumer wants to have everything fast in the past. You saw a fashion show and then six months later we were delivering what they have seen in the fashion show.
But there were some vertical brands. They actually came to the fashion shows and they have copied that fashion shows and they put it into their stores. You know what am i talking about they had it six weeks later and we said we have to stop that so what we then put in place if we call it see now by now so when you go on a fashion show from tomy or you see a fashion show immediately during that show we re gonna put everything online. What you see and next day.
It s available in our stores. So this is what the end consumer wants because he wants to have it immediately. It s a nightmare from a logistic and from an operational point of view. But that s the new world that s how we have to adapt to that new world and it s all about speed.
It s all about innovation. And it s all about digitalization. What s that during to profitability at this point. It s definitely lower than when you can put it into normal production.
We still fine tune and how and try to make it more profitable. But that doesn t matter you cannot think in that moment about the profit its what the end consumer. Want and you have to give that immediately and the rest you work in getting the experience and to optimize during the way. But you cannot wait until you have a profitable project.
You have to start doing that now because and consumers are not waiting what crops up regularly when you come to the big technology events across europe. Is that there multiple trends for business leaders to contend with and that is ai is ar its vr is internet of things. It s 5g. It s holograms.
How do you start to get ready for the future with some of these changes i know in media. It s early days. Where some sporting networks have started to experiment with vr for instance. How do you get the product of rice and get sort of mass market.
Where it s even worth going down that track. I d say back to me saying focusing on the consumer. So machine learning and ai. We re already using for things like recommendations for you know what shows to watch.
It s actually affecting advertising and targeting like from that perspective. And we have a big technology group. I ve to ctos one for all corporate and one for cbs interactive. I m in a very large technology group.
So that s one side vr. I just think he s early you know i said this yesterday and my talk i think it s inevitable that we re gonna wind up in a ready player one you know entertainment world but it s gonna take longer to get there that people realize does anyone want to jump in on some of the trends that are picking up ya. Know we had some experimentation with vr. But i think we were perhaps too early the resonation.
The residence was very low actually and again. I i personally take that back to the human phenomenon of wanting to have the tactile experience. If it helps the storytelling then it s great. But i think people need to touch the product which one of these trends is most relevant to you or daniel all of them at the same time yes.
And now looking forward into the retail business. Where is retail in 23. I mentioned that this morning in my presentation. We re gonna see a lot more of ai and we re gonna see also robots.
I m convinced that this is going to happen. But everything will help to make it more usable for the end consumer. And it all the data that s coming in it s only helping to do the business. Better and to serve the end consumer.
And i think that should be also the purpose not that you use this data for other things. It s only to satisfy the end consumer. More and when you look at data. This is the other chart in a jungle.
Yet where you have to find the right way. And we learn a lot in formal one you know they have so many data they collect from a race for the race. But also for the next race and for the race in a year. And there is a lot of industries that we look at they are much advanced than our fashion industry.
But we try to learn and implement into our business. Jim let s talk about the disruptors because they re out there for your business in the form of amazon netflix amazon apple and if you look at some of the subscription pricing i mean the cost of your subscriptions price lower. Than netflix. 599 i think or 999.
Without ads right so right she was in the 1099 for netflix. You mean to the be the premium product at cbs. How come your price lower. And what s that doing to margins.
When you got a business like netflix for instance is going after i think the numbers were about another hundred million consumers. It wants to add in india you could avoid your business internationally competing against you. Domestically. Yeah we are mostly a us.
Business. Right now. We ve licensed our shows internationally both cbs in showtime. Which which we also operate our prices were the same they raised there so most recently they were they were similar and i was think it s funny to talk about this pricing.
If you think about it netflix was four dvds a month for 1895. So i think these things have a ways to grow probably and what you offer but again back to being a so khan valley company. We think about this as a product and our model is it s like a freemium product that way you think of evernote or spotify. Where you can watch the last five shows for free and we re part of a broadcast network right.
Which is different than we do billions of ad revenue a year and so our model needs to fit into you in the larger picture of all the platforms. We need serve all the way down to the premium. Product which is the 999. A month for at free and that s about a third of our users.
So far so there s probably room to grow that over time not here in your world amazon last month filed a patent for a new jury line called for keeps by amazon. How fearful are you that the tech titan is eating the lunch of the jewelry industry. After gathering a whole heap of information and analytics behind the scenes. It s definitely putting on the pressure.
But as they say you should never really look at the competition. But look ahead at your vision and how you can just stay strong. I have to say we are in an amazing situation because we own the crystal manufacturing plant in austria. We have our manufacturing plants for jewelry in india and in thailand.
So we can really control our processes and hopefully stay ahead of the game with good design with amazing storytelling. Great quality a big emphasis on sustainability which we hope are the values that our customers share with us daniel similar question to you because amazon is also going after clothing. And you ve just dived on in there. With amazon you have a biggest selection of tommy on amazon than a macy s or jc penney.
According to numbers from nomura so effectively you re putting a huge punt on amazon aren t you worried that they turn around and take your data well i you now mention amazon that s true in the states. But i want to have i would like to mention a much better example that s solando in europe. I think the way they go forward and in a modern way with them we exchange. The data and that s i think also the future what i mentioned is is data is is the big thing and it s no longer that we can we have to share data for example we went with daimler corporation.
We do that because we want to try to find a way how we can share data. And i think the really we also work with alibaba and all them. But i think the best job is solando in europe and did they do it very open minded with we we try to collaborate not only on you know for them. It s us when they share the data with us it helps us and we share the data with them it helps them and we try to implement this idea also in amazon and and therefore as you know there s a lot to learn still and a lot to do we ve got 15 seconds left let s have one more at each about the biggest challenge ahead for 2019.
Jim any one word one word well the super bowl super bowl yeah. It s going to be the biggest streaming event of all time for most concurrent users. So that s the one right up in my future that we have to deliver on and not screw up nadia that s amazing time to market. Okay time to market and being delivered being able to deliver the right amount of product at the right time daniel for me uncertainty in the world that the whole world is uncertain in the business.
I m not so afraid because we continue to invest in to speed innovation digitalization stay open mind didn t make impossible. Possible. Daniel nadia. Jim thank you very much for ” .
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“Featuring Tommy Hilfiger CEO Daniel Grieder, Nadja Swarovski, nJim Lanzone from CBS u0026 Karen Tso from CNBC.nnTech disrupts every industry eventually. But for those who have survived and gone on to thrive by embracing tech what are their secrets to longevity.nnWish you were here? Sign up for 2 for 1 discount code for #WebSummit 2019 now: https://news.websummit.com/live-stream”,
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