The BBDO Knows team recently attended Ovum’s ‘Smarter strategies for smarter consumers’ event, where the need to save consumer’s time, both today and in the future, was a key theme.
2. G E T T E L E C O M S S M A R T
Time is Golden
The BBDO Knows team recently attended Ovum’s ‘Smarter strategies for smarter
consumers’ event. The event hosted a series of telecommunications related talks and
panel discussions from ‘Investing in the age of the smarter customer’ to ‘Making
cybersecurity, identity and data privacy a source of competitive advantage’. A key theme
that resonated throughout the day was the need to save consumer’s time, both today and
in the future as we head towards the next technological revolution.
A defining moment for telecoms
The telecoms industry continues to experience significant disruption, its ability to
successfully navigate change and adapt to the evolving landscape remains a concern. In
his talk regarding trends in 2017/18, Ovum Director of Telco Research and Analysis
Richard Mahoney suggested
“A key theme is the growing expectation for change in tech
and industry. What is key for the telco industry is what we
can do to be a driver of change rather than a casualty of it.”
Ovum’s analysis suggests growth for the telecoms industry in 2017/18, primarily from
bundles and TV. But these strategies may not be sustainable in the near future: “the
positive impact of bundling will diminish and the industry will have to find new sources of
revenue growth.” Telecoms companies need to think about how they can combine
navigating change with finding new sources of growth.
Where is future growth going to come from?
It was clear the speakers of the ‘Investing in the age of the smarter customer’ panel
discussion believed that future growth can only be achieved by solving current human
problems. When asked about the key characteristics of businesses best equipped to take
advantage of future opportunity, this point was reiterated by both Nokia’s Marcus
Weldon, who said that businesses need to "solve a human need problem, and then
measure the value it provides”; and Liberty Global’s Jim Ryan, who emphasised the
importance of "solving for problems that exist. I'm sceptical about businesses that solve
for problems that we don't have.“
The telecoms industry needs to think about how to build revenue going forward, here
understanding how they can better support human needs in order to attract and maintain
customers is key. For one speaker, there lies a significant and as yet unrealized
opportunity.
3. G E T T E L E C O M S S M A R T
Time is Golden
Nokia’s Weldon suggested that the internet age has not truly fulfilled the key
characteristic of a technological revolution; all previous revolutions have managed to save
us time, and yet “the internet age has not saved time, it’s moved value but not created
it”
4
. The value of timesaving is deeply rooted in human psychology and best explained
alongside Maslow’s hierarchy of needs. Having technology that saves us time in activities
that occupy the lower levels of Maslow’s hierarchy allows us to reinvest time in the higher
levels, making us feel more fulfilled; “In productivity terms, if I can spend more time at the
top of pyramid doing creative tasks I feel more worthwhile”.
So what is the internet age currently missing, what does it need in order to become a full-
blown technological revolution?
“Every piece of our world is not connected and that’s
what’s missing…. [We need to] connect physical and digital
to automate outcomes, enable new experiences and save
time.”1
The industry has been working towards the idea of a networked world for years, with
heavy investment in IoT and 5G connectivity. But we still have a way to go, as Scot
Gardner CEO, UK & Ireland Cisco pointed out: “Only 1% of things are connected devices -
so we have 99% left [to connect and take advantage of].” While improved connectivity
requires heavy investment, it also offers a huge opportunity to better fulfill human needs
and command a price premium.
The golden opportunity for telecoms
When asked about where the next ‘golden opportunity’ is, Weldon answered; “that
depends on what the gold is for you”. He elaborated that during the Californian gold rush
in 1848, the real money was made by the pick and shovel makers, not the miners.
There is clearly a huge opportunity for telecoms companies to play an integral role in the
advent of networks – being as essential to the coming technological revolution as the pick
and spade manufacturers were to the gold rush. Despite large technology firm’s attempts
to eat into the telecoms market, there are arguably no other companies currently with the
infrastructure or credibility to facilitate a seamless, connected world.
1
Marcus Weldon, Inventing the Digital Future and Creating Time, Ovum 2017