There are about a dozen industries at the frontier of innovation. They include software and pharmaceuticals, semiconductors and data processing. Most of their workers have science or tech degrees. They invest heavily in research and development. While they account for only 3 percent of all jobs, they account for 6 percent of the country’s economic output.
And if you don’t live in one of a handful of urban areas along the coasts, you are unlikely to get a job in one of them.
Boston, Seattle, San Diego, San Francisco and Silicon Valley captured nine out of 10 jobs created in these industries from 2005 to 2017, according to a report released on Monday. By 2017, these five metropolitan regions had accumulated almost a quarter of these jobs, up from under 18 percent a dozen years earlier. On the other end, about half of America’s 382 metro areas — including big cities like Los Angeles, Chicago and Philadelphia — lost such jobs.
And the concentration of prosperity does not appear to be slowing down.
America’s deepening inequality has become a cause for alarm. The picture of a country cloven between a small set of prosperous urban “haves” and a large collection of “have-nots” has come sharply into focus as an opioid epidemic has overtaken vast swaths of the country. It gained the attention of the political class in 2016, when voters across the industrial heartland embraced Donald J. Trump’s populist message.
The search for ideas that could improve the economic conditions of deprived areas, long derided by economists as a fool’s errand — why spend money on improving the lot of places rather than people, many experts argued — is now at the top of policymakers’ lists.
The report is by Mark Muro and Jacob Whiton from the Brookings Institution’s Metropolitan Policy Program, and Rob Atkinson of the Information Technology and Innovation Foundation, a research group that gets funding from tech and telecom companies. They identified 13 “innovation industries” — which include aerospace, communications equipment production and chemical manufacturing — where at least 45 percent of the work force has degrees in science, tech, engineering or math, and where investments in research and development amount to at least $20,000 per worker.
The authors argue that a broad federal push is needed to spread the business of invention beyond the 20 cities that dominate it. “Hoping for economic convergence to reassert itself would not be a good strategy,” Mr. Muro said.
Expanding the knowledge economy across all of America might indeed be a fool’s errand. As Mr. Atkinson noted, Erie, Pa., and Flint, Mich., might never attract the Googles or Apples of the world. But midsize cities like St. Louis, Pittsburgh and Columbus, Ohio, could feasibly transform into hubs of technological entrepreneurship.
The report’s authors propose identifying eight to 10 cities, far from the coasts, that already have a research university and a critical mass of people with advanced degrees. The government would then spend about $700 million a year for research and development in each of them for a decade. Lawmakers could give high-tech businesses that set up shop in these cities tax and regulatory breaks. Mr. Atkinson suggested a limited break from antitrust law to allow businesses to coordinate location decisions.
Battling the forces driving concentration will be tough. Unlike the manufacturing industries of the 20th century, which competed largely on cost, the tech businesses compete on having the next best thing. Cheap labor, which can help attract manufacturers to depressed areas, doesn’t work as an incentive. Instead, innovation industries cluster in cities where there are lots of highly educated workers, sophisticated suppliers and research institutions.
Unlike businesses in, say, retail or health care, innovation businesses experience a sharp rise in the productivity of their workers if they are in places with lots of other such workers, according to research by Enrico Moretti, who is an economist at the University of California, Berkeley, and others.
Other industries and workers are also better off if they have the good fortune of being near leading-edge companies. The report points out that the average output per worker in the 20 cities with the most employment in the 13 high-tech industries is $109,443, one-third more than in the other 363 metros across the country.
The cycle is hard to break: Young educated workers will flock to cities with large knowledge industries because that’s where they will find the best opportunities to earn and learn and have fun. And start-ups will go there to seek them out.
Even skyrocketing housing costs have not stopped the concentration of talent in a few superstar cities. High-tech companies that seek cheaper places to set up beyond their hubs often go to Bangalore, India, rather than Birmingham, Ala.
“They keep the core team in Silicon Valley or Seattle but put the other stuff in Shenzhen or Vancouver or Bangalore,” Mr. Atkinson said. Shenzhen, China, may not be much cheaper than Indianapolis, he added, but Shenzhen is already a tech hub in its own right.
It is uncertain whether government support could pull innovation out of the clutches of superstar cities. The proposal by Brookings and the Information Technology Foundation will not come cheap: They estimate a $100 billion price tag over 10 years.
The payoff, however, would extend beyond the new technology hubs. Jon Gruber, an economist at the Massachusetts Institute of Technology, noted that in a world where Cincinnati becomes a hub of entrepreneurship, “we don’t need to fix opioid country” in Appalachia. That’s because many of those areas are within commuting distance of Cincinnati.
What’s more, not trying also entails risks. In his book “Jump-Starting America,” Mr. Gruber and his co-writer, M.I.T.’s Simon Johnson, argue for a sustained national effort to seed new technology clusters widely. Without federal government support, Mr. Gruber said, the United States is unlikely to produce many new high-tech hubs.
The risk, he said, is not only that much of America will be left to founder as superstar cities become more congested and less affordable. Political support for publicly funded research will crumble unless more of the country enjoys the benefits from innovation.
6 essential marketing trends for 2020 | Smart Insights
Examples of digital marketing tools and techniques to give you an edge in the year ahead
Well, we’ve nearly made it! For years I’ve been looking to the future, predicting how innovations in digital media, platforms and technology will shape marketing in 2020. The cutting edge examples certainly show the exciting opportunities available – there is almost too much choice…
In this article, I’ll explore six key marketing trends based on examples and research on the adoption of the latest marketing techniques and technology marketers can use.
For recommendations on tapping into the innovations in different digital marketing channels, including email, social media and search engine marketing, see all the other posts from the Smart Insights team covering channel-specific digital marketing trends for 2020.
In 2020, we can see the huge impact that digital marketing has had over the last decade, and more. Looking at advertising alone, these eMarketer predictions show how the duopoly of Facebook and Google dominate paid media investments online, although offline media buys remain important for many larger brands.alfred
Trend 1. Lifecycle marketing
Although it’s often said that the ‘funnel is dead’ since consumer follows non-linear journeys, regardless of the product or service you’re involved with marketing, it will always be the case that to grow a business, your primary focus is growing awareness, closely followed by increasing customer leads and prospects.
This focus is shown by the latest Altimeter / Prophet State of Digital Marketing report, which shows a primary focus on increasing awareness.
The role of digital in creating a unified customer experience is also high in the response, but it’s shocking that digital marketing isn’t seen as a driver of boosting revenue from existing customers. It’s an artefact of the question since digital marketing is effective in achieving all of these goals, including customer retention.
A more practical way to plan to integrate online marketing into marketing activities is to consider communications from a customer point-of-view through the customer journey. I call this always-on lifecycle marketing and recommend you review your use of online AND offline media across the customer lifecycle.
An example of an audit is shown by this example of the use of marketing activities by a B2B company, which although strong at the top-of-funnel in terms of activities used, is less strong in the middle and bottom-of-funnel nurture and re-targeting activities. Many businesses are adopting marketing automation and account-based marketing technology to implement these touchpoints. See the article linked to above for all of the potential activities that can be audited.
Trend 2. Conversational marketing
For me, this is the most exciting trend in marketing today, bringing together rapid consumer adoption of smart speakers and innovation in search query processing, conversational interfaces and messaging.
Conversational marketing was highlighted as a key innovation in the latest Gartner hype cycle alongside Artificial Intelligence, which often fuels it. You can see that of the technologies on the Innovation Trigger slope, many aren’t expected to become mainstream for 5 to 10 years. Of those forecast to hit the mainstream within the next 2 to 5 years, the three most significant for marketers to consider are personification, real-time and conversational marketing.
“Conversational marketing technologies enable interactions between companies and customers that mimic human dialogue and do so at scale. This category is near the Peak of Inflated Expectations phase”.
Personally, I think the hype about smart speakers to support the purchase journey is just that. While some products lend themselves to purchase, where a choice is to be made amongst complex products, they just won’t cut it until we have truly intelligent comparison bots. However, the research suggests I may be wrong. A study of 2,000 British adults commissioned by Artefact UK, an AI and data-driven agency, reveals that:
“Six out of ten smart speaker owners (60%) have used them to make a purchase in the past year. In fact, nearly a quarter (22%) said they have done so within the past week”.
I believe that building in more relevant to web, email and mobile-based conversations can have a bigger impact by boosting relevance and speaking in a more personal tone. Persado is an interesting tech here.
Persado uses a copy impact classification applied to existing copy, which is used to tailor copy and calls-to-action on an individual basis.
For example, using Persado Natural Language Generation to run an experiment, Air Canada sparked a higher response using Anxiety language getting a 3% engagement lift, compared to a 5% drop using Exclusivity language, and a 3% drop using Safety language.
Another example of AI application is nutrition and wellness retailer Holland & Barrett using AI to provide better-targeted emails. This Machine Learning approach from Tinyclues goes beyond optimizing copy using a tool like Persado, instead, it also involves targeting based on the behaviour of individuals to create more micro-targeted campaigns.
Speaking at a session I chaired at the Email Innovation Summit, Richard Lallo, Head of Digital Marketing, described what he calls ‘strategic promotions and mono-product pushes’ in a campaign. The business was able to drive campaign revenue and increase re-purchase rate while sending emails. Campaign revenue increased by 27%, open rates increased by 19%, while email send volume decreased by 23%, which also gives cost savings.
Trend 3. Insights-driven marketing
At Smart Insights we’re huge fans of using analytics and insight to drive business performance and optimize the results from digital marketing. It’s why we’re called what we are.
Improving their data-driven marketing is an aim of many businesses indicated by the most desired skill amongst digital marketers revealed by the Altimeter/Prophet State of Digital Marketing report.
Businesses using this approach are trying to gain the benefits reported by Mckinsey research that suggested that:
Intensive users of customer analytics are 23 times more likely to clearly outperform their competitors in terms of new customer acquisition than non-intensive users, and nine times more likely to surpass them in customer loyalty.
In addition to advances in customer analytics supported by CDPs described in the next section, new Voice of the Customer (VoC) techniques, such as online-hosted customer communities, can improve customer preferences for future products and how they are delivered.
For example, Red Bull used insight platform Vision Critical to launch a community of consumers passionate about the energy drink category. By providing a deeper understanding of consumer preferences, the community challenges widely-held assumptions. The company, for instance, learned who consumes Red Bull drinks — and how and when they buy — were changing. Data from the community provides insight on the competitive landscape, revealing channels the company can enhance to improve growth. The community also helps Red Bull deliver more value to retailers.
Trend 4. Marketing technology
Today, Marketing Technology (Martech for short) presents a bewildering choice of software services for businesses looking to improve their management of digital media, experiences and supporting data. If your business and your agencies adopt the right blend of Martech, it can help give you an edge against competitors, but if not, you may be missing out on the insights and automation processes they are using.
The latest 2019 Martech supergraphic from Scott Brinker, a specialist who hosts Martech conferences and has advised on technology for HubSpot, has created this somewhat scary map of all the potential categories and services that companies can use.
To highlight the range of great services available and to simplify the options a little, we designed this essential digital marketing tools infographic to recommend the categories of tools you should consider across the Smart Insights RACE Planning system and highlight the most popular, most capable tools.
We will create the annual update for this in early 2020, discussing it recently on LinkedIn has highlighted some of the latest trends that aren’t evident from this version of the wheel. Raviv Turner, Co-Founder, of B2B service @CaliberMind said:
“No MarTech stack is complete these days without the third leg of CRM, MAP & CDP. The only way to map, store, analyze and act on the complete end-to-end customer journey is having all the data in one place using a Customer Data Platform (CDPs).”
I’m not sure ‘the only-way’ is accurate, but that is the sentiment.
Kristen Obaid, Always On digital marketing campaigns manager for an international Education company, added:
“The Salesforce and Adobe MAPs are underrepresented here (eg Pardot can be used for email, social, CRM, CMS, audience management, analytics. Krux is now SF. They can both be used as DMPs if the data is configured properly.) BI with simple data integrations (like Domo, Tableau) are also missing, plus Intercom for service CMS eg FAQs, and Drift for automated service chat”.
Trend 5. Consumer Privacy and KYC
Repeated privacy faux-pas by Facebook, Google and security breaches at other brands leading to the release of customer details have highlighted to consumers that their data isn’t as safe with online brands as they may have once thought. Privacy regulations like GDPR have been enacted to improve data privacy with increased fines.
Record fines have arisen in 2019 from the maximum penalty for contraventions increasing under GDPR to up to €20m (£17.5m) or four percent of global turnover – whichever is the greater.
British Airways, was issued with a proposed fine of £183m for a breach of customer data and a £99 million fine on hotel chain Marriott for failing to protect personal data contained in approximately 339 million guest records.
While these may be more the concerns of the CIO or CFO rather than the CMO, it shows the need for marketers to work with colleagues to mitigate the potential impact of security breaches and reassure customers.
At the same time, we have seen a decreasing effectiveness of traditional identification methods such as cookies for tracking, which makes media ROI determination – supposedly one of the key benefits of digital channels – more difficult.
Emerging technologies can potentially help with both of these challenges.
New Identify Management or Know Your Customer solutions are being developed that can both improve security, reduce fraud and improve insight about customers across multiple devices.
For example, UK startup Hooyu blends traditional methods of customer verification such as database checks (where available) with ID document validation, digital footprint analysis, geo-location and facial biometrics. While this is most relevant for banks and other gambling applications, it indicates the range of data points that are now available.
With these consumer concerns and new legislation such as the EU ePrivacy legislation about to be launched and the inaccuracy of tracking online with increasing restrictions built into browser like Chrome and Safari it seems like the days of the cookie (and particularly third-party cookies) and digital fingerprinting may be numbered. This means that businesses should be considering other alternatives if they aren’t already.
Discussing Unified ID – Why Identity becomes a key success factor in the post-cookie era era – Alwin Viereck, Head of Programmatic Advertising and Ad Management, United Internet Media estimates that
“More than 20% of all cookies in a desktop environment do not live longer than a day and a further 15–20% do not survive a month. For vendors in a third party context (which are typically all participants of the programmatic ecosystem), the problem might even be worse.
Multiplatform consent solutions like Sourcepoint and Identity and Access Management integration solutions like Auth0 and OneIdentity will be adopted more widely. Within AdTech new solutions will have to be found in response to Google and Apples Ad-targeting limitations.
Trend 6. Digital transformation and Marketing Transformation
Our managing digital marketing research revealed many challenges in terms of how digital marketing is run in companies today. Problems included a lack of focus on integrated strategy, testing, and optimization and structural issues like teams working in silos or a lack of skills in integrated communications.
To counter these types of problems and to make the most of the opportunities for growing a business through digital marketing, many businesses are now putting a digital transformation programme in place.
The aim of digital transformation is to develop a roadmap to improve digital capabilities and skills, while at the same time, integrating ‘always-on’ digital marketing activities with brand and product marketing in the business.
This chart from the research shows that many businesses are active in transformation to try to achieve this aim through the success factors covered in this briefing.
Despite some talk that we might be in a post-digital world by 2020 and some traditional marketers suggesting that “it’s time to shut down digital marketing for good” the reality is that many specialist digital job roles and are needed to run digital marketing activities as my post ‘10 reasons you still need a digital team‘ shows.
A common practice that we can expect to continue in the future is a move to a hybrid approach to managing digital marketing with digital marketing skills being developed in marketing teams as suggested by this structure.
However, the label of a ‘digital department’ is outmoded, since the creation of large digital teams has caused silos to develop with other marketing and product teams. Instead, we can expect a continued move to a digital/marketing Centre of Excellence model. The DCoE will be smaller ‘digital services units’ that track the latest developments in development, advising on new digital techniques and technologies.
Through the year, we’ve been adding to our tools to help all members assess how well their businesses are adapting to using digital media and technology as part of Digital Transformation. To review your digital readiness, either for integrated digital marketing or individual channels, download our benchmarks or take our interactive capability graders.
All the best for grasping the opportunities from digital marketing in 2020 and beyond! To help you on your way take a look at our benchmarking templates, each of which will give you a quick review for digital marketing governance and the key channels like search, social, email marketing plus analytics, content marketing and experience.
‘Tokenized’: Within Black Employees’ Struggles at Coinbase
The following day, Mr. Armstrong, 37, summarized the tone of what he had heard. “There was once simply this outpouring of, like, Why does the corporate now not have my again?” he stated at a personnel assembly, in keeping with a recording of the consultation shared with The New York Occasions. In an organization electronic mail he despatched later, which was once additionally shared with The Occasions, he agreed to redesign the diversity-and-inclusion plan and build up mentoring.
However in September, Mr. Armstrong revealed a public weblog submit telling staff to depart issues for problems like racial justice on the door. He stated that whilst the corporate embraced range, the personnel wanted to concentrate on Coinbase’s venture of benefit and advancing cryptocurrencies. They must renounce if they didn’t agree, he stated.
“We don’t interact right here when problems are unrelated to our core venture,” Mr. Armstrong wrote.
The submit drew instant blowback from staff. “Why keep and put effort into this paintings if it’s simply tokenized into recruiting issues and now not in reality making improvements to the sense of belonging and mental protection,” Lauren Lee, who was once chargeable for range and inclusion, wrote in a Slack message that was once seen via The Occasions.
Ms. Lee, who didn’t reply to requests for remark, resigned closing month. So have a minimum of 60 others.
The ‘Proper Mind’
Mr. Armstrong, a former Airbnb engineer, and Fred Ehrsam, a former Goldman Sachs dealer, based Coinbase 8 years in the past to supply a spot to shop for and promote cryptocurrencies. They constructed the start-up right into a cryptocurrency chief, earning money via taking charges on trades positioned via its consumers. (Mr. Ehrsam left daily operations in 2017.)
These days, Coinbase is using a brand new wave of passion in cryptocurrencies, with the worth of the digital forex Bitcoin coming near a brand new top as buyers more and more deal with it like a substitute for gold.
A lot of Coinbase’s tradition stems from the only round Bitcoin, present and previous staff stated. Bitcoin, which embodies a libertarian philosophy that snubs its nostril on the pieties of mainstream establishments, has attracted a technology of enthusiasts referred to as “crypto bros.” Many have propagated a brash male-dominated way of living, dealing with complaint for sowing racism and sexism.
Driven through Pandemic, Amazon Is going on a Hiring Spree With out Equivalent
Over the summer time, Amazon transformed many of the 175,000 brief staff to everlasting workers and ended the additional pay bumps for all staff. Since then, it has persevered with waves of hiring.
The corporate has additionally virtually tripled the choice of U.S. warehouses used for last-mile deliveries this 12 months, stated Marc Wulfraat, founding father of the logistics consulting company MWPVL Global, who tracks Amazon’s operations. The supply drivers are in most cases contractors, so Amazon does no longer expose their numbers in regulatory filings.
“They have got constructed their very own UPS within the final a number of years,” Mr. Wulfraat stated. “This tempo of trade hasn’t ever been observed prior to.”
Ms. Williams stated Amazon additionally constructed relationships with firms that have been decreasing workforce, comparable to Uber, American Airways and Marriott, to advertise its hiring.
“We devoted a gaggle that did not anything however hook up with organizations who have been furloughing other people, whether or not it was once brief or everlasting,” she stated. “That allowed us to take a talented, high quality paintings pressure, and in no time and simply transfer them into alternatives that have been suitable at Amazon.”
The hassle has been aided through 1,000 generation staff who create device for Amazon’s human assets groups, many construction portals and algorithms that automate hiring, she stated. Potential workers can to find jobs, practice and be employed totally on-line, with out chatting with a unmarried particular person.
To develop such a lot, Amazon must also suppose long run, Ms. Williams stated. Consequently, she stated, the corporate was once already running with preschools to ascertain the basis of tech training, in order that “as our hiring call for unfolds over the following 10 years, that pipeline is there and able.”
Michael Corkery contributed reporting from New York.
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