Last week the Faraday sales team took some time off from the usual day-to-day grind to reflect on the last year, talk about emerging trends in the consumer landscape, and get some much-needed exercise in the Green Mountains of Vermont—I'll admit they're a little greener in the summer.
We briefly talked goals and tactics (would it really be a sales retreat without some numbers?), but the bigger discussions revolved around Faraday's why — specifically, why data-driven companies will eventually dominate every consumer market. I'm not going to pitch you here, but I will share my biggest takeaways from the day...
- We've all noticed the direct-to-consumer (DTC) movement that's rendering traditional marketing channels obsolete. Bypassing distribution channels is better for the bottom line and gives brand-manufacturers greater control over end-customer data—that is to say, meaningful data—which smart brands are using to optimize everything about their business. Here's the big takeaway: the DTC movement is expanding beyond retail and goods to literally every single consumer market (i.e., consumer finance, real estate, transportation, home improvement—the list goes on). My fellow colleague, Riley, just published a great article about how the DTC movement is transforming financial services. Definitely worth checking it out for a deeper dive into this DTC shift.
- To echo Riley, companies who embrace this movement will thrive, while others slowly fade away. Intelligent use of data will distinguish the thrivers and faders, making it clear that AI/ML adoption is no longer a luxury—it's an absolute necessity.
- Here's my third and final takeaway: if your team ever plans a snowshoe expedition (which is probably just a Vermont thing) make sure to wear snowshoes that actually fit, or you'll end up tripping yourself constantly, as I did (Dad's gigantic snowshoes).
Regardless of your company's industry, we can all agree on one emergent truth: the future of consumer marketing requires AI/ML to stay relevant.