Recently I was invited as speaker at the "Innovation Conference" (Gearing up for digitisation - Adapting Retail Banking to the Digital Age) to present my view on how innovation disrupts the media sector.
My presentation focused on some key points:
1.Democratization of media production
The present technology allows each of us to be a journalist now. You can do this by using a web domain and starting your online magazine, you can blog or you can be a Twitter journalist. Through a small investment of purchasing a video camera you can even produce video reportages and disseminate them via platforms or social media.
2.Skills of (new) journalists
The present journalist needs to have more skills than just being a good editorial writer. It is necessary to understand the online publishing programmes (which are not very complex, and can be used most of the time intuitively). A good journalist is a communications vector for his/her content and needs to know (more and more) how to interact with video production.
3.Access to the market
Before incorporating the innovation, especially the technical one, it is a must to do a strong research on the behaviour of the clients. Do not try to impose pioneer tools with a niche number of users. Your clients will not engage with you and will change to a provider of serious services.
4.Media news and media services
Connection with the citizens is crucial in the media business. The media is not only delivering news now, but also technology has diversified the offer of different services (ex. video production).
5.Competition in the market
Innovation helps you to be more efficient, it can make you a leader in your niche sector. But there needs to be a balance between the interaction of machine work and human activities. The biggest competitor for your business will be a company from a different sector (see the example of Google in Transport services). Do not become defensive, but become offensive. Maybe you can also diversify the activities in other segments.
The technology is fast, but the legislation connected to it is fast too. Have a strong legal department to advice you regarding the present trends. It can be very restrictive and damaging for your potential actions…
7.Permanent evolution, permanent innovation
Do not complain about the market and the weather, please adapt! It is a process of Life Long Innovation. Try to use external persons to show the trends (also in management) and break the routine of your business. But always make sure you keep a balance between vision and reality.
To conclude, a short message to my friends from the financial services sector. Good luck with the FinTech! It is a serious disruption to the sector. You need to anticipate fast…
Dan LUCA / Brussels