Curious Thinkers 2023

I had the privilege of attending Curious Thinkers 2023, a two-day thought leadership conference last week brought together by Cuscal. The event was a deep dive into the latest digital trends and insights, featuring leading global and local experts. It focused on "Reimagining the future" - showcasing how organisations can adapt to new innovations and technology, ensuring they remain relevant and competitive. Here were some of my key takeaways...

1. IQ, EQ. What is AQ?

Over time, humans have increasingly recognised the significance of both IQ and, in the last two decades, EQ. IQ primarily encompasses one's knowledge and problem-solving speed through reasoning, while EQ pertains to the ability to perceive and manage emotions, using social awareness in problem-solving.

During the opening session of Day 1 at Curious Thinkers, Rebecca Maklad and Tané Hunter of Future Crunch took the audience on a journey to comprehend the concept of Adaptability Quotient, or AQ. Essentially, AQ measures one's proficiency in deliberately instigating change within a rapidly evolving environment. According to the Harvard Business Review, AQ represents a source of competitive advantage. I guess you can view EQ as that third pillar alongside IQ and EQ - the trifecta that provides equilibrium, like the legs of a stool.

I do think AQ is an important construct in today's rapidly changing landscape. The pace of technological advancement has outstripped our cognitive abilities to keep up and the capacity to adapt is paramount. Just last year, the global hype and conversation revolved around the Metaverse, yet only 12 months later, the focus has shifted entirely to AI. It's remarkable to consider whether we could have envisioned today's world two decades ago. Personally, I couldn't have. If we rewind only 20 years ago to 2003, iPhones were nonexistent, social media had not yet emerged, and AI remained a distant and abstract concept—although it's worth noting that the Tom Cruise movie "Minority Report '' was released in 2002!

Both Rebeca and Tane shared examples showcasing the impact of AQ on individuals and businesses:

1. Modular Ships: The US Navy's experiment with modular vessels demonstrated the desire for adaptability. These vessels could transform from navy ships to submarines to minesweepers….literally like Transformers! This required adaptable sailors who could switch roles as needed, reducing the overall crew size required.
2. Vertical Concerts during COVID: A Ukrainian band adapted to COVID restrictions by hosting a concert in a hotel courtyard. They rented hotel rooms, allowing people to enjoy the concert while maintaining social distance, with the added convenience of in-room drinks and accommodation.
3. Amazonia Conservationists: An Amazonian tribe in Ecuador faced threats from illegal mining. To combat this, they used motion-activated cameras and drones for surveillance. This technology provided evidence to prosecute illegal miners and safeguarded 80,000 hectares of rainforest.

AQ is closely tied to innovation, as it challenges conventional thinking, especially in the face of numerous factors from both macro and micro perspectives. Constantly encouraging the questioning of the status quo is vital because repetitive actions tend to yield predictable results. A quote that resonated with me from Rebecca and Tane was, "In the beginner’s mind there are many possibilities. In the expert’s mind there are few."?

When you hear people say, "that's just how things are done around here," it signals potential issues when challenging established norms. To me, this underscores the importance of holding strong opinions but yet remaining open to other perspectives. It's crucial therefore to embrace the possibility of being wrong. The fear of being wrong often keeps people within their comfort zones - just go with the status qui right? As Edward De Bono wisely noted, "If you never change your mind, then why have one?

2. AI, AI, and how about some more AI

I must confess, when it comes to AI, I'm a beginner. Sure, I've read a few things and dabbled with ChatGPT, but that's the extent of it. ChatGPT is the fastest update of any technology in human history so no doubt AI is the flavour of the month. Several sessions at Curious Thinkers touched on this topic. Rebecca and Tane likened AI to a mirror, emphasising that its effectiveness depends on the quality of information it's fed. If biased data goes in, biased pespectives come out - it's merely a reflection of human input.

In the context of AI, I was introduced to Moravec's Paradox, which essentially states that logical thinking requires minimal computation, while sensorimotor skills demand substantial computational resources.?Simply put, our brains are the products of millions of years of evolution and natural selection. The things that humans find hard are only hard because they are new. The skills that we have acquired through evolution come to us so naturally that we don’t even have to think about it.? What AI cannot do now is to go beyond the parameters of what it has learned. Humans, on the other hand, can use their imagination to have opinions and dream new possibilities. This is an important point to consider, especially with some of the extreme narratives on both sides of the coin around workplace displacement. The truth about the impact of AI, as is often the case, is probably somewhere in between.?

Stewart Baxter from Accenture Song, presented some highly practical examples of AI application. Although his focus was on the banking sector, it's evident that these AI solutions can be adapted to various industries:

• Marketing: By harnessing AI, marketers can allocate more time to ideation. AI can handle the heavy lifting of research and facilitate personalisation with highly tailored content.?
• Sales: AI empowers sales professionals to dedicate more time to customer interactions. It can assist in task planning and, in certain cases, task execution, reducing the time spent on tasks such as creating pitch materials, compliance-related work, and client follow-ups.
• Customer Engagement: Handling customer complaints often involves significant time in analysis, triage, and communication. AI automation can streamline these processes, allowing humans to concentrate on addressing the root problems.
• Knowledge Management: Implementing an "Ask Me Anything" chatbot, which utilises a comprehensive dataset including policies, PDS documents, intranet content, website resources, and research. Enhancing it with AI capabilities creates a well-structured knowledge repository. This knowledge can be effectively managed and safeguarded using AI-driven controls.

However, Stewart did emphasise the concerns associated with AI, particularly in the realm of ethics. We've all witnessed the rise of deepfakes featuring figures like Donald Trump and Tom Cruise, which raise significant ethical questions. Bias is another recurring issue; training AI on a particular perspective can result in biased outcomes (as mentioned before), underscoring the importance of diverse data input for AI systems. Moreover, AI systems are not infallible and are incapable of making ethical judgement calls. For instance, in the context frequently discussed regarding autonomous vehicles utilising AI, there is a challenging ethical dilemma surrounding the decision-making process in accidents, taking into account the safety of both passengers and potential pedestrians.

From a marketing perspective, AI holds significant promise in the realm of mass customisation. It can enable the delivery of the right message through the right channel at the right time. Instead of marketing messages segmented into a few broad categories, the power of using data and AI can be harnessed to not only personalise messages but also determine the most suitable channel and timing for each individual, essentially treating each recipient as a unique segment. Mass customisation to a segment of one using technology.

3. A trip down memory lane. Evolution of technology

Scott Bales from Microsoft took us on a journey down memory lane, highlighting a history of technological disruptions that have forever changed how consumers behave.?

Does anyone recall the Nomad 32GB Jukebox MP3 player? I certainly do. They were frist to market with the MO3 player. But it was Apple's introduction of the first iPod with the tagline "1000 songs in your pocket" that forever transformed the market. The lesson here? Being the first mover doesn't always guarantee success. Effective messaging can make a significant difference. Just as leadership expert Simon Sinek advocates in his book, "Start with Why," it's essential to start with the "Why" in any product proposition. While Sinek originally applied this concept to leadership, you can see how starting with the "Why" can also greatly benefit the development of your value proposition. If you place yourself in your customer's shoes, you'll naturally think in terms of WIFM - "What's in it for me?"

Bales continued to discuss the adoption of technology and how we tend to have an internal bias when comparing the latest technology to what we were accustomed to. As someone in their 40s, I couldn't help but nod in agreement because this rings very true. The days when the internet was at our fingertips didn't exist during my upbringing. I can vividly recall the Encyclopaedia Britannica sitting on the dark brown shelf—a source of worldly knowledge, the Yellow Pages where we let our fingers do the walking, fax machines for communication, and optical discs for data storage and management. Nowadays, everything is literally a click away on the internet.

So, when new technology emerges, looking at it through the lens of the "diffusion of innovation," a theory popularised by Everett Rogers, provides a useful perspective into how marketers should be thinking about framing and messaging. The diffusion of innovation theory explains how new ideas, behaviors, technologies, or products gradually spread through a population, rather than all at once. Adoption begins with innovators and early adopters, then moves on to the early majority and late majority, with laggards being the last to embrace a new innovation. In my view, this underscores the importance of adjusting your messaging for different audiences and attempting to answer the question "What's in it for me?" (WIFM) based on the different stages of this model.

Setting aside the innovators and laggards, how you effectively position and engage with the three middle groups can be a key success factor as they make up just over 80% of the target customers you’re trying to reach.?

• Early Adopters: They recognise they have a problem and actively seek a solution.
• Early Majority: They may be aware of their problem but aren't actively seeking a solution.
• Late Majority: They might not even be aware they have a problem and need to be convinced first.

From a marketing standpoint, this means being able to adapt your messaging as your offering progresses through these different stages. And one thing to remember is that consumers don’t buy your product anymore, they’re buying experiences, so it’s even more important to understand the true value that can be delivered.?

A few other things that caught my attention

Katrina Cuthell from Bain & Co gave a talk about loyalty in banking. A lot of great insights of how this has changed and evolved.?Some of the major themes included:

• Digital first and the unbundling of traditional banking services over the years has given rise to Fintechs who have been successful in capturing market share all over the world.
• The demand for simple frictionless end-to-end customer experiences. Your competitor is just a click away so meeting expectations is critical. First impressions matter!
• Payments are no longer tied to your primary bank; you just have to look at your smartphone and look at the different payment methods you use.?

As the market has transitioned from convenient access to financial services in the 2000’s (physical and voice support), to ease of use through digital channels in the 2010’s, we’re now moving to an era where use of Intelligence and personalisation becomes a theme in the 2020’s. And again, this is where the use of AI can become a competitive edge. AI could make mass customisation and personalisation to a segment of “one” become possible. And may be how traditional banks could start rebundling services again, being present at the optimal time with their service offering to counteract the fragmentation that has been occurring.

Jenny Radcliffe - The People Hacker ?????? took us on a wild journey in exploring the human factor in security. No she wasn’t wearing a hoodie in a dark room as is often associated when the word “hacker” or “breach” comes to mind. She highlighted that 95% of breaches are human related and social engineering is all about the individual. And they usually occur because of 4 main reasons: Money, Emotion, Urgency and a Call to action. If you can push a person’s buttons in these areas, you’re well on your way! As she mentioned many times “You can’t download a patch for human stupidity” (Kevin Mitnik). Moral of the story? Know your people better than the bad guys because people are always the weakest link!?

And finally James Castrission took us on an unforgettable and emotional journey into the true meaning of grit with his talk on “The Explorer’s Mindset”. I don’t think I could do justice explaining his talk but in a nutshell, in 2012, “Cas” and his buddy “Jonsey” set out to ski from the Antarctic Coast to the South Pole and back. OMG! Just the thought of it sent shivers down my spine. Cas took the audience on an epic journey, the struggles, the challenges, the ups and downs, and sheer perseverance. Relaying what they went through the focus was on having a growth mindset and the 3 principles that drove them.?

1. Focus on what you can control.
2. Use empowering language and put yourself in the driver’s seat (take responsibility because in the end, you chose this path).
3. Change your physiology - Smile - it will help you change your outlook.?

Nearly 3 months and 2,275 km later, they conquered the expedition. All I could do was sit there is awe. Learn more about his amazing adventure here: https://www.myadventuregroup.com.au/

And finally ...

Congratulations and well done to the Cuscal team and in particular Simone Perryman for putting on such a fantastic event. To Adam Spencer , another wonderful job as the MC and I couldn’t help but take copies of both books sitting on the tables??? No doubt I'll be enjoying these!