The TMT (telecommunications, media and technology) sector is in flux. With the challenges of new technology and digitisation, established players are being pushed aside by aggressive newcomers who are seizing market share. Disruption is the name of the game and agile, adaptable medium-sized companies are taking the lead.
So can industry stalwarts fight back?
Its clear companies – whether in Australia or internationally – that are thinking boldly about the future and placing their customers at the center of their strategy, are those that will have the best chance of surviving this increasingly crowded landscape. Innovation and the ability to provide something truly unique to customers have never been as fundamental to success as they are right now.
The creation of original content, or content aggregation, is an important step in growing a customer base and developing a competitive advantage, particularly for the mid-market. By doing so, they are offering something ‘over and above’ the product itself, which is a key differentiator.
Take Netflix. Their success derives from their ability to produce high quality, original material and disperse it economically. In its letter to shareholders in April 2017, Netflix stated that it will develop a wide variety of content to satisfy the diverse tastes of its global audience. It aims to focus on stand-up comedy as well, which it believes will fuel subscriptions and building a portfolio of movies to attract and retain viewers. With such on-demand commercial viewing, Netflix aims to stand out from the crowd.
Content aggregators will also thrive. Organisations like YouTube, Facebook, Twitter and Instagram have ensured that every time users log in, they are presented with new, engaging, and tailor-made content. At YouTube, over 300 hours of video are uploaded every minute, with over 5 billion views a day.
However, such content has to be carefully planned in order to attract, engage, nurture, and ultimately win over targets. Know your audience, their likes, dislikes and what matters to them. Provide content that taps into the zeitgeist and can be accessed anytime, anywhere. Globally, more than half of YouTube views come from mobile devices.
Consider using mass-market streaming services, such as ‘Live’ video streaming to capture customers’ attention. Viewers are inclined to stream content from an online services provider, as opposed to paying for premium TV. In a recent survey by Yahoo, live is fast outpacing other types of online video, growing by 113 percent year on year, with online live viewers reporting they feel more excited, informed and connected to this immediately-available content.
There is everything to play for.
Mid-market TMT companies that are capable of quick decision-making and are not inhibited by legacy systems are in the perfect position to take advantage of changing customer dynamics and expectations. This is good news for SMEs already in the sector, or looking to establish a presence. Those who have pioneered this approach are proving to be highly successful.