Ever wondered how the billion-dollar industries and businesses, which are now sources of inspiration for several entrepreneurs and startups, started their journey? We’ve heard CEOs sharing their struggles, looking back on the days when their ‘novel’ ideas were laughed at or worse, rejected. Fast forward to today, we live in a world that’s hard to imagine without the services offered by these businesses.
There’s another landmark advancement that’s here to stay and revolutionize the way we perceive, use and monetize content—Content Intelligence (CI). The concept is new, with the potential to change the way we’ve used content thus far.
To talk about the future of content and explore the possibilities it holds for all of us, our CEO and Co-Founder, Anda Gansca, indulged in a candid conversation with our internal experts—Ben Plummer, our EVP of Marketing and Ben Smith, our EVP of Revenue. Plummer and Smith played a pivotal role in creating the Business Intelligence (BI) and Customer Experience (CX) categories respectively. Here are the highlights from their interaction, which will help you better understand Content Intelligence, how it’s becoming a category of its own, and why it’s time for your organization to invest in it.
What is Content Intelligence?
Most people and businesses today recognize that they’re struggling to effectively measure the impact of their content. There are existing tools and metrics that partially fulfill the need but most content leaders agree that there can be a more effective way to prove the ROI of their content. And their asks are valid. Their struggle is very similar to what other industries have faced in the past. In fact, before BI and CX became the obvious answers, industry leaders strove to solve problems by introducing technologies as probable solutions. However, as these technologies continued to fail, certain businesses looked beyond technologies to identify the real issue and worked to provide a solution that finally worked.
Companies in the content space have also realized that technology alone isn’t the answer. They need technologies that can fulfill the needs of their customers. And that’s why, it can be said that the ultimate solution for the content industry lies in adopting Content Intelligence. CI gives companies the insights and tools they need to provide customer fulfillment using content.
It’s a new way, a better way of gauging the impact and success of your content efforts. It holds the promise and value to change the way content has been used by organizations thus far. It helps content leaders align their content to their business goals.
Why do we need Content Intelligence?
There are obvious pain points in the realm of content—how it’s captured, interpreted and then tied into business goals. And one the biggest impediments in these processes is the speed at which the data for your content assets can be collected and analyzed. To draw a direct parallel, speed and access, or the lack thereof played a pivotal role in the creation of the Customer Experience as a category.
Similarly, for content leaders and CMOs, Content Intelligence can help operate their businesses in real-time by providing easy access to the nuanced insights to better inform their content strategy. We’re also aware that the need to develop meaningful content for companies across industries is growing exponentially. However, their content teams aren’t technologically equipped to tap into the full potential of their content, which was also a prominent gap in BI and CX. “When working with content teams at CX companies, it was apparent that the person responsible for delivering content insights felt hamstrung due to the lack of technological resources,” shared Smith. How can they be set up for success? By using Content Intelligence. If implemented correctly, CI has the power to revolutionize the existing content machinery.
Category Creation: The Idea of it
When looking to be a pioneer in a category, here are things to keep in mind:
- Creating a category is a process that takes a long period of time, it isn’t an overnight phenomenon.
- Category creation is rarely a straight line, there’s a lot that changes along the way. So often, your plans and product will evolve as you move ahead. Simply put, be open to change.
- Categories aren't the result of epiphanies but instead, of well-thought-out processes guided by a strong vision to create something better than what already exists.
What Does a Category Look Like Before it’s Created?
The truth is, a category in its inception doesn't look like a category at all. It can best be described as a promise that failed. Typically, it starts as a great idea about how to solve a problem that everyone is facing. The challenge however, is to prove that your product/service can solve that problem more effectively.
Plummer explains, “Both BI and CI essentially started with a data problem. In the case of the former, lots of data was being collected on an everyday basis, and understanding this data was critical to the growth of the business. Yet nobody knew how to get any value out of it. Today, the content industry is faced with the same issue.”
To effectively create a category, you need to answer these three questions:
- Is there a problem we're solving?
- Are we solving the problem in a way that’s better than what’s already out there?
- Does the technology we’re introducing have a good chance of solving it?
However, it’s crucial to remember that there will always be different paths to get to the end result, which here is the creation of a category. Different people and businesses will approach it differently, in ways unique to their product and customers. The deciding factor to be successful is ‘discipline’, the conviction to stick to your strategy. Stay on your path and evolve as you journey on without getting distracted by external factors.
Introducing a New Category to Customers
Adopt the ‘start anywhere’ mindset. It doesn’t matter whether you choose to start. You could target companies of any size, big or small. As long as your product delivers the value it promises, it will be accepted. In fact, let companies bite off a bite-sized chunk to start with (think free trial or demo). As they draw value from your product, they will continue to bring more of it into their mix. This scaled usage that has been validated through trial is your pathway to success.
Advantages and Disadvantages of Being a Category Creator
The advantage of being the organization that creates a category is that you get to define what winning or the real solution looks like. And that’s a huge advantage because it allows you to set the competitive agenda.You set the premise, which others have to adapt to.
And while others struggle to adapt, you continue to innovate. This makes it very hard for competitors to enter the segment or stay there.
Your ultimate goal is to sell to your customers. But when you’re implementing something that nobody has seen or heard of, it becomes that much harder to put faith into. You won't always have proof points because you're the first one navigating this uncharted territory. More than anything, it becomes a game of self-belief.
This belief will enable you to help your customers see your product in the same way as you do. It's important to understand that it’s not always a pathbreaking technological advancement that differentiates you. It's how you position your product and talk about it that can make all the difference.
What Lies Ahead
The world today relies heavily on content. For far too long, we’ve created content without exploring its potential to the fullest. If you and your organization are keen to supercharge your content and drive business goals using it, then look no further. Sign up for a free, personalized Knotch demo now.