Digital entrepreneurship for independent financial agents.

Digital & entrepreneurship

Hi! My name is Bart.

I work for digital agency

Find me on : @netlash.

- 4 basic forces are shaping digital today - independent agents have the advantage - adapt your core strengths to new reality - be the entrepreneurs I know you are…

Internet.

Internet. It’s not about e-commerce or websites or technology.

Internet. It’s not about e-commerce or websites or technology. It’s about changed behaviour.

First we change technology.

Then technology changes us.

Let’s start with a story.

I worked at a bank end of the 90’s.


Do you remember the 90’s?We still used these:


I had to visit lots of clients in unknown places.

Do you remember the 90’s?We still used these:

Remember these?

I prepared the night before by printing out lots of route descriptions.

Now I have this.

I don’t even think about preparing anymore. The information comes to me, frictionless, the moment I need it.

Now I have this.

My behaviour changed. Induced by technology, I changed the way I prepare for driving.

ICT =

Information and

Communications

Technology

Emphasis on Information & Communication, not on Tech.

The revolution is in I & C, not in T.

Information is always, anywhere and frictionless available.

Remember how we used to plan ‚going out’ in the 80’s? Weeks ahead.

Now we have this.

We don’t plan anymore.

Connectivity is always, anywhere and frictionless available.

First we change technology. Then technology changes us.

Information is always, anywhere and frictionless available.

Behaviour change.

Another story.

I had to buy a washing machine.

When I left school, I rented an apartment to live with my girlfriend.

I had to buy a washing machine.

When I left school, I rented an apartment to live with my girlfriend.

I know nothingabout washing machines.

This is how I came to a decision:

Supplier

1995

I went to a retailer, because they had a cool radio commercial and theme song.

Supplier

Problem

1995

I explained my ‚problem’ to the sales guy: starting family, low budget, no kids.

Supplier

Problem

Solution

1995

He suggested 3 brands of washing machines that fitted my needs.

Supplier

Problem

Solution

Product

1995

I chose the brand that best fitted my needs and feelings.

Supplier

Problem

Solution

Product

1995 2014

19 years later, that washing machine broke down. I had to buy a new one.

Supplier

Problem

Solution

Product

Problem

1995 2014

I started with Googling my ‚problem’: family with 3 dirty kids, silence is important.

Supplier

Problem

Solution

Product

Problem

Solution

1995 2014

I read reviews, descriptions, social info by experts and people like me.

Supplier

Problem

Solution

Product

Problem

Solution

Product

1995 2014

I chose the brand that best fitted my needs and feelings based on that information.

Supplier

Problem

Solution

Product

Problem

Solution

Product

Supplier

1995 2014

Then I decided where to buy it, based on a mix of price, convenience and service.

Supplier

Problem

Solution

Product

Problem

Solution

Product

Supplier

1995 2014

New decision funnel

Supplier

Problem

Solution

Product

Problem

Solution

Product

Supplier

1995 2014

New decision funnel

You want to be as high as possible in the decision funnel.

Supplier

Problem

Solution

Product

Problem

Solution

Product

Supplier

1995 2014

New decision funnel

Branding

You want to get that cool theme song in their heads.

Supplier

Problem

Solution

Product

Problem

Solution

Product

Supplier

1995 2014

New decision funnel

Branding Content Marketing

You want to be found in that research phase.

New decision funnel, because new availability of information.


In 1995, I had to go to a library to do research.



In 2005, I had to go to a special room in my house.



In 2005, I had to go to a special room in my house.

In 2015, I can do research anytime anywhere.

(But ICT revolution will continue…)

Caution! There is no complete frictionless information yet!

Supplier

Problem

Solution

Product

Problem

Solution

Product

Supplier

1995 2015

Information friction Information frictionless

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Problem

Solution

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Problem

Solution

Product

Supplier

1995 2015


Still some friction in information!

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Problem

Solution

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Problem

Solution

Product

Supplier

1995 2015


Low involvement High involvement

I’m only using the research decision funnel for high involvement items.


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Solution

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Problem

Solution

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Supplier

1995 2015





Not prepared to do research for low involvement items.

Supplier

Problem

Solution

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Problem

Solution

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Supplier

1995 2015




Not prepared to do research for low involvement items.

Supplier

Problem

Solution

Product

Problem

Solution

Product

Supplier

1995 2015



Tap into the right decision funnel!

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Solution

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Problem

Solution

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Supplier

1995 2015



Tap into the right decision funnel!

But know that the ICT revolution will keep moving products to the new model.

Behaviour change.

Behaviour change. New decision funnel.

4 basic forces:

1. changed behaviour

‣ research not branding

‣ don’t sell, help to buy

‣ advise in decision

‣ this is your core strength!

‣ but use it in all channels

Changed behaviour

But will it be strictly digital?

The Silicon Valley VC’s are digitizing your business.

Investing heavily in startups.

The hoodies are coming…

You’re digital.

Face it.

Finance is digital.

There’s nothing more bits and bytes than moving money around…

So you have to follow the native properties of internet.

Platform thinking

“Small pieces loosely joined”

Metcalfe’s law.

In a network, the value is in the connections, not the nodes.

This is why the Apple ecosystem, Facebook (Instagram/Messenger/Whatsapp) and even P2P chat apps like Snapchat are working hard to become a platform and an aggregation layer.

Facebook owns 4 out of top 5 social networks.

Facebook unbundles itself, driven by dedicated UX.

WeChat (Tencent) from chat app to payment platform.

In a digital user-centered world, winners own the connection with the end-user (UX).

Alibaba, the most valuable retailer, has no inventory.

Uber, the world’s largest taxi company, owns no fleet.

AirBnb, the largest accommodation provider owns no real estate.

Facebook, the most popular media owner, creates no content.

Platform companies, owning the front-end.

Disrupt the disruptors.

There’s always room for a front-end layer on top.

You already own the connection with the end-user!

(For now.)

4 basic forces:


2. front-end rules

‣ own the front-end: connection with the user

‣ this is your core strength…


Front-end rules

So it will be strictly digital?

Digital trends? Internet is becoming like electricity.

Electricity was a thing an sich, a freak show on a stage.

Electricity as a show.

Now we don’t see electricity anymore.

We see light. We see cooking. We see tv’s and laptops.

This is happening to internet.

When asked how much time a day they spend on the internet, youngsters say less hours than 5 years ago.


They’re not.


It just feels less - they don’t know they’re online anymore.

They’re not.

In a few years time, saying „I’m going on the internet” will sound as silly as saying „I’m going to electricity”.

The end of internet as a different ‚space’.

‣ away from ‚cyberspace’

‣ added to every object

‣ tightly integrated

‣ utility

Internet is moving away from the surface.

It is becoming invisible, plumbing.

4 basic forces:


2. front-end rules

3. internet is disappearing

‣ users don’t discern on- versus offline

‣ be where the user is



Internet is disappearing

Be user centered

“Jobs to be done”

Why is the user ‘hiring’ your service?

Don’t focus on the product. Get closer to the transaction.

‣ I want to buy shoes (not handle the debit card).

‣ I want to own a home (not take out a loan).

‣ I want to manage my budget (not look at my account).

Build the User Experience around the transaction.

Understand the final need of the user

Simple

Can I afford these shoes?

Digital does not mean ‘computer-only’.

The human smile is needed!

Embed humans in the interface. Make the user experience as human as possible.

Be user centric.

Act contextual

The age of context

Data transforms into information or advertising, depending on the context of the consumer.

The age of context

If I want to buy a car, and I find a bunch of paper advertising for diapers in my mailbox - they go straight into the bin.

If I want to buy a car, and I find a bunch of paper advertising for cars in my mailbox - I take them with me to the couch and read them all night.

The age of context

Data transforms into information or advertising, depending on the context of the consumer.

The age of context

The age of context

spam advertising info

less context more context

‣ demographic (segmentation)

‣ search word

‣ location

‣ friends

‣ browser history

‣ activity (work, home, bar)

‣ …

The age of context

4 basic forces:


2. front-end rules

3. internet is disappearing

4. user-centric context

‣ know the user

‣ understand his context



User-centric context

What you should remember:

Digital is changing us.

Don’t focus on technology.

Focus on your core strenghts.

But adapt to new channels.

Be entrepreneurial.

Conversation

Questions?Questions?

Questions?Questions?

[email protected] @netlash

mailto:[email protected]

Wijs bvba

Voorhavenlaan 31/3 9000 GENT

09 335 22 8009 330 09 83

http://[email protected]

BE 0473.071.275

Date post:	23-Feb-2017
Category:	Business
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Digital entrepreneurship for independent financial agents.

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