In the latest episode of "Most Innovative Companies," Josh Christensen and Brendan Vaughan engage with Sowmyanarayan Sampath from Verizon in a discussion about staying ahead in the fast-evolving landscape of consumer behavior. Sampath identifies the crucial role of adapting to technological trends and generational differences in technology engagement. His perspective on leveraging social listening and data analysis offers insights into effective strategies for businesses to comprehend and meet the expectations of a diverse clientele, including communities that are often overlooked.
The trio delves into the impact of demographic changes and the importance of network planning in an era of mobility and remote work. They reveal how mobile devices have become indispensable in daily life, underpinning the necessity of high-bandwidth internet for activities like streaming and gaming. Furthermore, they explore the massive influence of video content and social media platforms, and discuss the potential of emerging technologies such as the Metaverse and AI that predict a future where consumer interactions are greatly simplified and more integrated into our everyday digital experiences.
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Sampath, from Verizon, underscores the importance of businesses adapting to changing consumer behaviors driven by technological advancements. He notes that while older generations appreciate technology, they engage less with it, in contrast to younger generations who readily adopt new technologies. Essential to keeping up with consumer habits, Sampath advocates for open dialogues and social listening to glean insights into consumer preferences. Additionally, he highlights data analysis on usage and behavior to understand and meet new consumer expectations. Specifically, Verizon aims to reach underserved segments, like the Latino community, to broaden their market and cater to diverse customers.
Demographic shifts and pandemic-induced population migrations present challenges and opportunities in network planning and connectivity. Sampath discusses how network usage and billing address changes reflect significant migrations, such as from New York to Florida and California to Texas. With the resurgence of people in the South and Midwest returning to offices, network planning is tough due to the time required to build new capacities. Moreover, the recent surge in home connectivity investments underlines the growing necessity for high-bandwidth internet to support daily activities like streaming, gaming, and remote work.
Video and social media consumption currently dominates data usage, with platforms like TikTok and Roblox significantly altering engagement patterns in the digital space. Sampath mentions that TikTok usage has tripled in time spent weekly, and Roblox is attracting attention similar to PlayStation. Looking forward, the Metaverse and AI are positioned to drive the next growth wave. However, the Metaverse needs to develop more use cases to maintain momentum. AI is predicted to play a crucial role in enhancing networks and improving productivity, potentially transforming the consumer experience through simpler interfaces and integrating the Metaverse into everyday activities.
1-Page Summary
In a recent podcast, Sam Path, CEO of Verizon Consumer, highlights the crucial need for CEOs to understand the evolving wants and needs of consumers in an age where technology constantly reshapes the marketplace.
Brendan Vaughan points out the rapid speed at which consumer preferences shift, largely driven by technological advancements. Sampath, Verizon's Executive Vice President, indicates the significant differences in technology adoption between various age groups. He observes that while the older generation acknowledges technology's benefits, they prefer not to engage with it directly. Conversely, the younger generation is more willing to engage with technology and understands its trade-offs.
To keep up with these evolving habits, Sampath emphasizes the value of open dialogues with customers. These personal communications can yield direct insights into consumer needs. Social listening is also crucial, divulging consumer interests through their online interactions, which they often believe are anonymous.
Additionally, Sampath discusses the importance of mining data insights on usage and behavior in order to understand how connectivity affects people's lives. This understanding is crucial for businesses t ...
Staying Connected to Changing Consumer Behavior
Sampath offers observations regarding population movements and how they affect network usage and connectivity demands, marking demographic shifts and the need to enhance in-home Wi-Fi connectivity to support the growing reliance on high-bandwidth activities.
The pandemic has undeniably shifted population migration trends, influencing how network capacity is planned and utilized.
Sampath uses network usage data to describe the movements of people between states, including a notable influx into areas like Nashville, Tennessee, and the Research Triangle of North Carolina. Furthermore, many New Yorkers have relocated to Florida without a significant return movement, despite lifestyle differences.
He notes that billing address changes in cellphone data effectively reflect migration trends, detailing significant population shifts from New York, New Jersey, Connecticut to Florida, and from California to Texas and Arizona. Sampath points out that Florida has seen an additional 1.8 million people post-COVID compared to pre-COVID, a trend that is still ongoing.
The return to office trends, influenced by the pandemic and work policies, present challenges for network planning, as offices adopt hybrid approaches and regions like the South and the Midwest witness a "pretty big resurgence" of people returning to work compared to the Northeast. Sampath emphasizes the difficulty faced by networks in adjusting to these rapid population changes since network capacity cannot move as swiftly as the population. Building such capacity typically takes two to three years.
Mobile Devices Transforming Lives
The digital landscape is undergoing rapid transformation as video and social media platforms dominate connectivity, and emerging technologies like the Metaverse and AI are poised to drive the next wave of growth.
Sowmyanarayan Sampath points out that video comprises over half of all data usage. In addition to this heavy investment in video, about a quarter of data usage comes from a combination of social media and gaming, suggesting that these mediums are central to modern connectivity.
Sampath shares that time spent weekly on TikTok has more than tripled in the last five years, with an average person now spending an hour and 45 minutes a day on the platform. This significant increase highlights TikTok's growing influence in the social media space.
Continuing the discussion on new platforms, Sampath also discusses how Roblox, perceived as the early start of the metaverse, is gaining substantial engagement that rivals traditional gaming platforms like PlayStation. However, he suggests that Roblox will need to improve its monetization strategy to capitalize on the amount of time users are spending engaged with it.
The conversation shifts to the metaverse's current state and potential. Vaughan inquires about its development, and Sampath explains that the metaverse started off strong but then stalled because there wasn't much to do. To thrive, the metaverse needs to identify vertical use cases, such as Roblox providing a platform for gaming among young kids and Quest catering to another demographic.
Rise of Video, Social, Metaverse and AI
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