Marketing Made Simple: Survival of the Fastest
Four out of five executives are overwhelmed and under prepared for the challenges their business is going to face in the next five years and are therefore more likely to make marketing decisions based on emotion.
Strategic Marketing Evangelist, EMEA at IBM, Jeremy Waite talks about the challenges that business leaders face when deciding which martech solutions are right for their business but also to consider that the time spent capturing data does not impact the time spent adding value to customer relationships.
Thank you, everybody. If you would just give me one second. I'm the awkward person that has their presentation on their own laptop! You know that whole thing about if you're the smartest person in the room, you're in the wrong room? Right? There is no danger of that today, is there? I actually thought this was like ten people in a workshop when I said "Yes." And I come here and all you amazing people talking about incredible stuff, so let's see how this goes.
Survival of the Fittest. Survival of the Fastest. Oh, my gosh, where do we start? You know, there's not enough people that can stand up in front of a crowd like this and say, "Our jobs are really, really hard." Do you know what I mean? It's harder than ever to measure stuff. I want to try and get into a whole lot of stuff. I'm not going to do any product demo whatsoever. I'm not going to show product slides, do case studies. I'm not going to do a live demo. If you want to do that, we could do that later on.
I thought what would be interesting -- because you've seen a lot of technical stuff today as well, and you're going to see some more this afternoon - I wanted to try and step back and look at the bigger picture. This is actually my first presentation for IBM, so I'm not terrified at all. It could be my last, my P-45 presentation. Who knows? Because you know what? I'm a big believer that the world is probably going to change more over the next two years than it has over the last twenty. And I'm going to try and make a case for that over the next 30 minutes.
You normally look at... People say about, you know, 90% of the world's data was created in the last 12 months; 80% of all the data in the world is unstructured, all that kind of stuff. It's kind of easy to get caught up in all of those numbers. The half-life of a tweet is now six seconds and people are thinking "real time" is we respond within an hour or a day. If you see that's gone then it's dropped off.
We're trying to put economic values on relationships. Back years ago when me Dave were talking at conferences, we used to do a thing about, "What's the ROI of your dog?" You can't put a value on a relationship. so you shouldn't try! So marketing is all about reaching impressions, and advocacy, and all that kind of bullshit stuff that doesn't mean anything. We can get into that later on.
And also, this is my sympathy slide since I've not slept last night because I come from the hospital, which is where I'm working. These little animals that are very, very premature. So yeah, how do you put a value on that relationship? Do you know what I mean? Petra and Matilda, two pounds four and three pounds seven. Aw. That's done now, isn't it? So I could say anything and you're like, "Aw, he's all right. He's the guy with the kids."
I never wanted to be a marketer. I didn't. I wanted to be God and get actually only the red races. I had a Vic 20 back in the '80s. I used to program it and used to try and make it look like the database from Wall Street. You remember the movie from the '80s? I wanted to be that guy and I really liked the idea of just going and making a ton of money, and I thought, you know, all the get-rich-quick stuff. I used to read Zig Ziegler. You know, "You can have everything you want in life if you just help and if other people get what they want." Got all the Tony Robbins tapes. Went to investment, City University to do stock-broking. I even went...
This is my corner shop. I'll come back to that in a second. This is my corner shop, where from 12 to 14, about 14 and a half, every single day I went and bought The Financial Times. I had no idea what it said ad what it meant. I just thought through some kind of osmosis something was going to happen as I read the stock pages and I'm going to try and figure out what this thing is. And bless him. We'll come back to corner shops afterward. But that idea, he knew what I was doing and he thought it was a bit flaky, but he kinda laughed. But he knew my family, knew my dog, knew my holidays. Always got my order ready for me: my favorite drink and sweets with the FT. And we just had a conversation and it kind of happened quite a lot.
And one of the things I'll never forget as I was going through that kind of learning stage was something I got for Tom Peters. He ended up writing what I think is one of the best marketing books of all time. He's about $50,000 an hour. He's a pretty killer guy. He's worth his weight in gold. He's worth checking out if you don't know who he is. I got the chance to ask him once, "What's the best piece of advice you could give me? Whether marketing, business, entrepreneurship."
And by the way, I'm happy if you have all these slides. You can email me later; I'll show you, and I can share them all.
He said, "Work harder than everybody else. You've got to hustle, obviously. You should go into every single meeting more prepared than anybody else. And you should always have a clever piece of research up your sleeve, no matter how junior you are." It's amazing that once you know a couple of pieces of research inside out, and where they came from, the methodology, you're able to fight your way into certain cases and make business cases for what it is you do.
And there's a lot of stats that you've seen today. I'm going to throw some more at you over the next 25 minutes or so. But it's worth looking at stats with context. Right? Could someone try and plug that back in? Thanks. Sorry. I walk around a lot.
You know that the new five has come out with Winston Churchill on it and the blood, sweat and tears thing? You've seen that? What they should have done, the quote they should have put on the back is, "The only statistics you can trust are the ones you falsified yourself." That was really my favorite Churchill quote. So, everything I'm going to say, just kind of bear it in mind, take it with a pinch of salt. If you've got the right technology, the right tools, you've got smart enough insights about your customers, you're going to find out the stats that are relevant for you. Don't listen to what we say and just think, "Oh, those guys said 77%, so therefore I'm not going to..." You've got to look at it and you've got to go deep, and can't just take it for granted, just because we're up here having the privilege of talking to you guys.
We're talking about speed, survival of the fittest, survival of the fastest, so I was asking one of my friends, "What does that mean?" And I don't think it's been better summed up than by this image. This is the trading floor at UBS. I wanted to be a stockbroker; this is where I wanted to work, at Chase Manhattan back in the day. This is 3000 workstations trying to trade as fast as possible. One of my next-door neighbors works there. I asked him the other day. What makes it so great?" He said, "If we trade three-thousandth of a second faster than our competitors, we make an extra $20 billion each year. I went, "Wow." High-frequency trading, right?
You know the algorithms that do the buy-sell, buy-sell. If you've seen Flashboys, this is where it came from, actually, exactly the same speed as Twitter, by the way, between 8000 and 10,000 trades or tweets a second. How do you make sense of all of that noise, quickly? And not wait within days, weeks, hours. And he also said another interesting thing. He said, "Twenty years ago, not long after the Internet was invented, average time that people held shares in a company was four years." Do you know what it is today? Anyone want to guess?
Twenty-two seconds. Twenty seconds. And if you think that a share is an interest in a company, we could argue that people aren't interested in companies very much anymore. Couldn't we? And I think there's a big case for that and we're going to look at that with some stuff in it, in a little bit. But I was drawn... Wall Street was one of my favorite films. One of my second favorite films was The Pursuit of Happiness and I'll tell you why.
Scott Brinker - you know, the guy who did the big, MarTech graphic, that, of course, we have to look at later one - he has this thing about 2016 is the year of the marketing technologist. And by that, he means this is T-shaped people, all as we go out doing our jobs. Used to be T-shaped people. He was good at kind of lots of things, but you have to go deep on one. But in 2016, he's saying the reason for marketing technologist - and the people that are going to survive and also take businesses forward through their transformation - they've got to be pie-shaped people. You've got to go deep in two areas and whether that's this intersection of humanity and technology, which is why I believe that marketing is the best place in the world to work at the moment. There's certainly never been a more exciting time to do our jobs.
You've got to be good with numbers and good with people. And if we think about where marketing has come from, we used to have the PR guys in brown. Then we had agencies and stuff. Then we had our business insights, our analytics, our intelligence, and often it didn't come together.
But when I started out in marketing, often these people were never sharing insights backward and forwards, which is why the metrics were so screwed up. Also why we're still struggling to major TV, radio, billboard, press, why Nielsen is still struggling, all that kind of stuff, because it's about how do we tell stories. But in 2016 the issue is we're trying to tell stories in swipes. Right? Because the average attention span of someone is now between five and eight seconds.
We've got to remember that our audience -- as you've heard all morning - our audience is the most important part of those stories. So we've got to figure out ways to tell those stories as fast and as compellingly as possible. We've got to break down our message, and no matter how big it is, into short, bite-sized chunks and one sentences. And we can look at that later on.
There's another agency that I love: Interbrand. Do you all know Interbrand? Awesome people. Their new report is about to come out in a couple of weeks' time. They measure basically the emotional value of a company. What goes on in your head when you think about Apple? Google? Which will be alphabet this year. Facebook. Amazon. And they look at all this stuff, and they try and put a value on it, and people debate kind of what the values are and kind of where it sits.
There's a deeper thing behind this. First of all, there's some research that we should pay attention to. Whether we believe it or not is kind of by the by. But the fact that there was a big piece of research done -- it was about 100,000 consumers -- by Harvard Business Review, 77% of consumers don't want a relationship with their brand. Now, we've heard some different views of that this morning.
What they do want most of the time is for you to answer your phone, reply to your emails quickly, be responsive, and be there when you need them. Well, our idea sometimes of a relationship is not often what consumers want, but yet we think we've got to do our branded content and we've got to get the engagement and click-throughs. And we kill ourselves when our Facebook things drops through the floor.
Do you know what I mean? There's a lot of smiles. I know you do.
Look at what's happening. We're living in this world of disruption. I took all the data and I went back 15 years. And this could paint a thousand different stories, but we won't dwell on it today. You think in 1997, Apple is three months away from bankruptcy. You've got the dot-com boom; 85% of stock prices wiped off all the fortune companies. We've got the social web. Facebook launches 2004. We've got all sorts of different wars between companies. I work for IBM. We're going through a huge transformation of our own, as you know. We have a lot of legacy systems; everything is shifting over towards cloud.
You have Google and Microsoft, who never used to compete with each other, ever, because you had an operating and a search engine, now compete with each other on everything. Steve Jobs came in with his big vision. "I'm more proud of the things we didn't do than I am of what we did." He had such relentless focus. That's what they put down their growth too. And you could argue that they're struggling a little bit now and this chart will look different in a couple of months' time.
But this is, "How do we live in this world of traditional brands for the clients we're trying to represent? And how do we tell our stories as fast as possible when everybody is terrified?" I think seven out of ten boardrooms I set foot in last year, it was worded differently, but essentially people said the same thing. "We don't want to be Uber-ed." Right? We've heard that a lot and now it's a little bit of a cliché. Four out of five executives are overwhelmed and under-prepared for the challenges their business is going to face over the next five years. And they're making emotional decisions.
We got out with our data-driven, "Here's our model for why you should buy our stuff," and, "My technology platform is awesome," and this is the case with the Uplift figures. Fantastic. We can justify that stuff all day long and often it's technology now that we can put values on relationships. But we can see, 75% of executives still make emotional decisions concerning the major, strategic direction of their companies. And often we go out with analytics and we don't go out enough with the story-telling.
The reason I've got to drop this... Has this been shown yet today? No? No one has seen this? You all know it though. Right? And I have to do it, just because it's the biggest marketing cliché for every presentation you see; 3876 vendors all saying the same thing. It used to be 1876, last year. When it was invented in 2011, when Scott Brinker did it, it was about 100, 150. The problem you've got -- and a lot of people tell this in a different way -- but I'll tell you why I think this is important.
First of all, it's going to start dropping next year because of consolidation. All the big companies are buying all the smaller ones. But what's happening is people have this idea of marginal gains. Right? These incremental returns. "If we go and cherry-pick all of our favorite solutions," because each team is responsible for one small slice, "and we piece them together, this phrase called 'Dark MarTech,' which is going to start being a thing over the next 18 months"... It's not quite reached Europe yet. It's already seen an impact in the US.
That people are trying to build their own marketing clouds and realize the customer data doesn't work. It's unstructured. It doesn't join up. They've got no idea. Eighty-eight percent of enterprise companies apparently don't even share their own data between their own sales and marketing teams. And we're going out, trying to build our clouds, and we're trying to sometimes do it on a budget, and it's incredibly difficult.
And the thing is, there's a huge problem. We're down here: IBM, Oracle, HubSpot, Salesforce, IBM, Adobe. I used to be at Adobe as the head of strategy. I was at Salesforce, just before IBM. When you try and build a single view of a customer, which is ultimately what most CMOs want anyway, especially the CFOs because they can start putting a value on it, online and offline, this -- and it doesn't matter that you can't see it -- this is what you've got to build. It's a minefield and it's a fucking nightmare!
I work for an $82 billion company and we've got technologies that claim can do this across different channels. And we've still got small businesses going out and trying to figure out what it is that they should do. This is why agencies, like Jellyfish, are so important and I'll tell you why. This is the slide that gets me sacked. Can you all see it? I work for IBM. Right? "Oh, we can't show that because IBM is not top right." We only show the slides when we've kind of massaged our way into some sort of leadership quadrant, however, it is that we do that. Do we believe it? Whatever.
Adobe, Oracle, Salesforce, you know IBM is a strong performer. Do you know what? This doesn't matter. And I'll tell you why. Because every single one of those clouds is completely different. But if you go on their website, they will all say exactly the same thing: mobile, social, data signs, customer journeys, marketing, automation, social at scale. Everyone is saying the same thing. But actually, when you look at each one of those clouds -- and I know because I've worked for three of them -- they all do a completely different thing for a different client base in a different industry. And it takes an agency to try and figure out what it is that you should do in order to tell your story. And too many people are either going to build their own cloud or they're looking at stuff like this and saying, "Well, obviously we need to go and buy Adobe." And they're not actually going back and looking at the insights in their own companies.
When you download the slides and you can see them later on, this research will make sense. But this is why it's so important, because all companies aren't created equal. When you think about strategies, you've got an element that you can predict what's going to happen in a market... God, this does sound like a workshop now, doesn't it? And then you've got an element of, "How much can we change the industry that we're in?" Eighty percent of businesses apparently have a classical strategy, which is kind of your annual quarterly reviews. You know. We all get together, figure out what the strategy is.
But you've also got adaptive strategies if your industry is unpredictable and you can't change it. Or if your industry is predictable and you can change it. Or if you're in some kind of disruptive territory. You've got Uber, and Apple, and a bunch of other companies. You've got companies up here using strategies down there and they're not using the resources, the agencies, and the technology partners and platforms in the right way. And it's a huge, huge problem. This is a great piece of research, that there is a link to that you can see.
And the reason that it's changing so fast... And this might be provocative because I know we've got some people in the room that do a lot of social listening and stuff... My world used to be social command centers when we used to listen to social media, and our Instagram feeds, and our Twitters, and our comments from a half a million different social networks, a half a billion blogs and forums. And we used to try and put it on a wall, but you're all familiar with "dark social"? Who is familiar with "dark social"? Okay. Let me explain it really quickly. Five people put their hand up.
"Dark social" is everything that's private. So all the stuff that's in the public domain, that we can see through normal social listening tools, you know, that's all the stuff that we used to look at. But now, 75% of conversations, especially on things that people are emotional about, so Facebook talk about music, TV, fashion, film, sport, anything that someone is emotional about, all those conversations are now on private messaging apps, like Snapchat, and WhatsApp, and Facebook Messenger. It's worth having a look at all the announcements for Facebook Messenger for brands this week, especially with the ads, that they get people. Within one click you can get a customer to go and have a personal one-to-one chat within a messaging app. It's never happened before. That's going to be revolutionary in the way that you build out relationships.
But the traditional social command centers don't work anymore because on average they claim, in B to C, about 8% of the conversation is Twitter and about 15% is Facebook. And the rest of it is all private, so we can't see it. So how on earth are we supposed to build a relationship with a customer when it's all private and brands have got no place to go there? We've got to find different ways to engage. We used to figure out how was it we responded quickly. Then how would we do real time? And then we kind of lived in this place of, "How do we predict what's going to happen next?"
The bit that marketers seem to be missing is the prescriptive element for me, about, "It's all very well and good knowing the predictive analytics of, you know, this is what we should..." But what are you going to do with that data for that customer? You know, right message to the right person at the right time. How do you do that when you don't know their information?
This is a pretty bad-ass slide. Isn't it? It's a pretty heavy one. Again, if you don't know it, this is the best piece of research that comes out once a year. If this is the only thing you read, you've got to check it out. The Gartner Digital Marketing Hype Cycle comes out next month.
This is the Law of Diffusion of Innovation, for those of you that know kind of the way that innovative technologies work. Basically, everybody gets excited about the stuff at the beginning. This is the stuff you hear about at conferences named Fast Company and Wired. Then we all realize it doesn't work, and we've put our money into it, and it falls off a cliff. And then this is where we start making our money.
So this generally where the marketing clouds live because this is the productive stuff. This is email, mobile, social, lead management, mobile ads, personalization. There's one really interesting takeaway from this and the report, by the way, shows every single one, what it means and what its impact is going to be over the next few years. See what's down here? The thing that is kind of not cool anymore, because we don't talk about it. And it was like, "Well, it was five years ago."
The most important marketing technology - it's going to mature over the next ten years - is still real time. Second most important is a phrase that you might not be familiar with called, "personification," which is a great word. It's a little bit cheesy. If personalization is, "How do we know all of these things about our customers to figure out what we do with them next?" And we get the email, mobile, social, you know. I mean, getting the data is not the problem now.
I've got an app on my phone. I can point it at you guys. It tells me who you are and it will tell me the last thing that you tweeted. And so, if you tweeted more than 500 times, you can figure age, sex, salary. We can look at job titles, look at what you wear, and your favorite celebrities, your favorite magazines, restaurants, clothes. It's not hard getting the data and the demographics. But personalization is, "How do we get all of that specific personal information?"
eMarketer research came out last week, said 55% of the UK audience, UK, doesn't want to give any data to marketers whatsoever. Not even a login with a Facebook or the Twitter; 55% of UK consumers. And it was a very, very wide demographic as well. So personification is, "How do you give the right message to the right person at the right time when you don't have their information?" Which is altogether a little bit trickier.
It's one of the reasons why I've scooted off to IBM and we can get into the technicalities of this later on. But we have a cognitive element. You've probably all heard of Watson. Watson is a machine-learning element that drives behind what it is that we do as a company. And it doesn't just take all those interactions from however many social networks, blogs, forums, emails, connected products. It learns. But it learns based on emotions and behaviors. It doesn't learn based upon transactions and clicks, which is altogether completely different.
Very few people know that IBM -- and this is a little bit indulgent actually; I should just skim over this -- it's 105-year-old start-up. It's why I joined the company. We invented the algorithms behind Facebook. All the machine-learning algorithms for YouTube to be able to figure out exactly where all these billions of different screens across the world, what's being watched on them at the same time. How do you take that intelligence and how do you do something useful with it? How do you predict on Facebook that is a trend and what is a fad? The algorithms behind Uber that do demand-positioning. There's a lot of patterns. We do about 7000 patterns a year, I think, for the last 24 years or something. We've done more innovations that any other company in the world on the chart.
Let me just share with you one... How are we doing for time, by the way? Five minutes. Okay. I'm talking fast. Aren't I? I told you. I've not slept and I've had just a shit ton of coffee. Sorry for swearing, camera.
Let me just show you a couple of things which I think are really interesting. This is as close to a demo as I'm going to show you. Just some things we're playing with at the moment with our marketing cloud and Watson. It just gives you a little idea about some kind of mechanic you might want to do with a customer that you could play with yourself.
Imagine that you've got an app. You could speak to it. You could text it. Like Facebook's M, Siri. "How could I help you today?" "I'm going to my best friend's birthday party in an afternoon and I've got nothing to wear." "I can help with that. Where is this party taking place?" This is Watson, having a conversation with your phone. "She's organizing a party at a house in Liverpool and looking for the perfect summer skirt." "Awesome. Would you like me to have a look at your Instagram profile to figure out what your style is?" "Of course I would. That sounds like fun."
So the alchemy API from Watson, you authorize it. And this is all about a value exchange. It can have a look at your Instagram profile and it's looking at images, not hashtags, to figure out exactly what your style is. It can then start recommending the different clothes that you like and using a tender style UI you can start swiping. "Now, do I like this? Yes. No." And it's going to be learning over time, "Do I like that?"
That could be going into a profile. It could be going into a shopping cart, into a basket, all kinds of other interesting stuff. And we own The Weather Channel. What we could also do is predictive weather analytics. "Oh, it's going to be a bit cold on a Saturday night. Do you want a jacket to go with that?" "No, we don't." "Do you want to check out?"
It's interesting. Isn't it? Uber does exactly the same thing. Uber is able to predict to within 15 minutes ahead of time exactly where the cars are going to go. There's an algorithm behind it that figures out how to calculate surge pricing, so that when you push a button, you get a car within five minutes. But a lot of it is done through weather tracking. How do we figure out what the weather is going to do? Because we know that is going to drive demand. How can we do predictive analytics on the sports events in each city? To figure out what mood people are going to be in when they leave the game and what type of ride are they going to want home? Is it UberX? Uber Lux? Is it going to be an exec?
Uber is interesting because it never spent any money on marketing. For every seven rides, through word of mouth, it got one new user. Fastest growing tech company in the world. About $62 and a half billion at the moment. Most heavily backed VC company in the world. They know the emotional components about what drives people and they can predict things like your salary, even though they don't know your implicit information.
They know, for example, for every $1000 that you more in salary -- and it can assume your salary to within about $10,000 -- for every $1000 you earn more, you're expected response time drops by three seconds. So if two people order a car at the same time, one is earning $10,000 more than the other, one person is going to get the car 30 seconds earlier. And it's like, "At what point does someone cancel the ride? And at what point do they turn off?" You can have all sorts of fun with it with your friends.
And there's a whole bunch of things that they're testing. I've seen this hooked up to emails and it can predict with your calendar about where you're going to be. "You're going to be five minutes late going the normal route. We can get you an Uber. It will be here in three minutes. It's going to cost you £8. If you just want to push this button, we can send it over. We know it's raining and you just got some new shoes." Do you know what I mean? It's like, if the value exchange is so high, people don't mind giving some of their data.
They have a great philosophy with their engineering team. Normally engineers have to write hundreds or thousands of lines of code. Uber engineers, using any number of tools, write a solution to the above problem in under 30 lines of code. That's what every developer has to do. This is how you talk about survival of the fastest. How do you build the fastest tech company in the world?
So I'm going to end on a couple of slides and I'm going to show you a video. And I apologize if I'm running over by two minutes. Is this interesting? A little tiny bit?
When you look at their marketing team -- and they have a math department -- they don't have marketers in their marketing team. It's a really unusual company. They've got stock brokers. Right? They've got neuroscientists. They've got rocket scientists. They've got trading managers from Goldman Sachs and hedge fund managers. Why would you have that in a company that's trying to do sales, and marketing, and technology? Well, because they understand supply and demand, and they need to be able to do it very quickly.
But they also have this saying that they rely too heavily on technology. And I love this. And I work for technology companies. But there is definitely a sense that we ask too much of technology and not enough of ourselves. The people problems, tech is not going to take over. Watson is not going to replace everybody's jobs. You're going to have to have some of these technologies that come in and complement your teams and make them bigger.
So I asked the chief data scientist at Uber - I'm writing a book about Uber at the moment, by the way, Uber-nomics - and I asked him, "Why have you got neuroscientists doing your marketing?" He says, "Because we need to understand how to find a meaningful signal in a very, very noisy environment, just like the brain."
So if we can turn the sound up, what I'm going to play you, just to try and prove a point, because people think technology has to solve a whole bunch of stuff. I'm going to play you a clip and I've taken out all the meaningful information. You probably won't hear anything because it's massively, heavily distorted. But just see if you can make out any of the words. [audio clip plays]
Man in audience: "Every day."
Jeremy: "Every day"? Usually about... There were some other words?
Jeremy: Yeah. Normally about 50% of people get "every day," and then there's like 10% of the outliers who get the other bits, the smart people. Listen to exactly the same clip again with all the meaningful information put back in.
Woman in audio: She writes to her brother every day.
Jeremy: Now listen to the first clip that we played, exactly the same way. [audio clip plays]
Woman in audio: She writes to her brother every day.
Isn't that weird? And they talk about how to you get neuroscience and people that can understand the way that networks work. The brain and the cities are exactly the same. The algorithms that drive Uber -- some of it powered by IBM technology -- tries to figure out exactly at what time of day is which algorithm for which part of the city relevant, based upon things like weather, based upon the emotional intent of the people and where it is that they are going.
And Bradley has this beautiful saying. I really like it. He says, "I don't need to know everything about everything about everyone. I just need to know a little bit about a whole bunch of people." And sometimes we're going out, trying to find thousands and thousands of things and capture data from everywhere. And often we don't need to. We just don't have the right technologies in place. We need to figure out the value exchange.
We share a love, me and Bradley actually. We had a chat about Model Ts. We were talking about survival of the fittest and fastest and evolution. So you remember that famous quote? Of course, you do. If I had asked people what they wanted, right? You know Thomas Ford never said that. I don't know if you know that Thomas Ford never said that. What he actually said was, "If there is any one secret to success, it lies in the ability to get the other person's point of view, see things from that person's angle as well as your own."
And that's really the root of today. Isn't it? That's why we're here. That's all the stuff that we're trying to learn. So I said I was going to leave you with an interesting story. Has anyone seen Jibo before? You've all seen Jibo. Who has seen Jibo? And if everyone has seen it, I won't show it. Can I play it? Okay.
Video male voice: This is your house. This is your car. This is your toothbrush. These are your things, but these are the things that matter. And somewhere in between is this guy. Introducing Jibo, the world's first family robot. Say "Hi," Jibo.
Jibo: Hi, Jibo.
Video male voice: Jibo helps everyone out throughout their day. He's the world's best cameraman. By intelligently tracking the action around him, he can independently take video and photos, so that you can put down your camera and be a part of the scene.
Video female voice: Jibo, take a picture.
Video male voice: He's a hands-free helper. You can talk to him and he'll talk to you back, so you don't have to skip a beat.
Jibo: Excuse me, Ann.
Ann: Yes, Jibo.
Jibo: Melissa just sent a reminder that she's picking you up in half an hour to go grocery shopping.
Ann: Thanks, Jibo.
Video male voice: He's an entertainer, an educator. Through interactive applications can teach.
Video male voice: Let me in or else I'll...
Video child's voice: Huff.
Video male voice: And I'll...
Video child's voice: Puff.
Video male voice: And I'll blow your house in!
Jibo: Hey. Where did you go? There you are.
Video male voice: He's the closest thing to a real life teleportation device. He can turn and look at whoever you want with a simple tap of your finger.
Video male voice: Check out my turkey dinner, Mom.
Video female voice: I wish you wouldn't eat that for...
Video child's voice: Hey! They make turkey pizza? I want turkey pizza.
Video male voice: And he's a platform, so his skills keep expanding. He'll be able to connect to your home.
Jibo: Welcome home, Eric.
Eric: Hey, buddy. Can you order some takeout for me?
Jibo: Sure thing. Chinese, as usual?
Eric: You know me so well.
Video male voice: And even be a great wing man.
Jibo: You have a voice message from Ashley. Want to hear it?
Ashley: Hey, call me when you're home.
Eric: Better make that takeout for two, Jibo.
Video male voice: You dreamt of it for years and now he's finally here. And he's not just an aluminium shell. Nor is he just a three-axis motor system. He's not even just a connected device. He's one of the family.
Jibo: Wha. Wha wha.
Video child's voice: Sssh. Good night, Jibo.
Video male voice: Jibo, this little bot of mine.
Jeremy: Isn't that cute? It's about $499 each, $599 with an SDK kit. Going to be out in the UK by the end of the year. IBM developers are helping build it at the moment. It's actually backed by the Professor of Social Robotics at MIT and the VP of Engineering at Netflix. So let me end on this.
Because we've talked about a lot of innovative stuff and it's all moving incredibly fast. And sometimes it's really hard to be overwhelmed because you look at all these technologies and you don't know what to buy. You don't know what to measure. You don't know who to believe and who to trust. You're scared about being Uber-ed, trying to understand your customers and their behavior. Forest has got a very optimistic view, which I completely subscribe to and I think it's something that we should spend more time looking at.
We spend all of our time trying to capture data and we don't spend enough time trying to create value for the customers that we've got. It's why the partnerships like this today are so important. Because our customers have sat on obscene amounts of capital assets market footprint and huge amounts of customer data, that more often than not they are not doing anything with. And it's been the case since I started in marketing, over 20 years ago, that it's seven times cheaper to keep a customer than to get a new one. But yet we all seem obsessed with acquiring new customers and trying to generate leads, and ultimately make a crackpot of everything.
So, hopefully, that helps. I don't think technology is everything. I really like that quote from Steve Jobs. "Technology is nothing. What's important is that we have faith in people, that they're good and they're smart. And if we give them the right tools, they're going to do something wonderful with them." Amen! Thank you.