Back in my Forrester days, one of my favorite things was to be invited to a “WIM session”. Forrester analysts write research that captures the essence of what’s changing in the market, why that’s important now, and what the takeaways should be for the reader. But, then in big important research, we would bring together a bunch of analysts – often from different research teams – and conduct a “WIM Session.” WIM stands for “What it means.” We’d start from the future perspective envisioned in the report and ask questions about what will future would look like, how companies will have to change as a result, how the economy might change, or how consumer behaviors might change. We would pursue these questions down a “if that, then what?” chain until we got to the borderline-absurd.
Nick, Josh, and I conducted a similar “Dream Session” as we were wrapping up Marketing to the Entitled Consumer. We asked ourselves and our collaborators what would happen in a world of entitled consumers and consumer-first marketers. One of our predictions that we published in the book was that “Consumer-first marketing will give rise to a bespoke products economy.” We referenced INDOCHINO, which sells custom men’s suits, chinos, and shirts, and delivers products to consumers that exactly match their preferences, but didn’t exist until the consumer asked for them. Amazon can print books on demand. Tesla takes your order and builds a car to your spec. Nike and Adidas are selling more and more shoes that are one-off designs by individual customers.
And, then, this week McDonald’s announced that it will acquire Dynamic Yield, an “AI powered personalization platform,” and will use its decision technology to “increase personalization and improve customer experience” allowing the fast food restaurant to adjust digital menus at drive-thrus depending on the time of day, weather, traffic, or trending menus.
If you’d asked me for a list of potential acquirers for Dynamic Yield, I’d be lying if I said that I’d have put McDonald’s on that list. But, I applaud their foresight and hope, for their sake, that they can deliver on their aim to accelerate their digital transformation and “advance” and “elevate” “McDonald’s customer experience with technology and innovation.”
If even a burger joint sees the need or opportunity to invest $300 million in technology that enables it to become more customer-centric, is there a company out there that shouldn’t be thinking along these lines?