After reading the transcript for the video below, research beyond what is stated to respond with examples to answer the question:

 

-During the Salesforce portion it was mentioned that Salesforce purchased Slack. What is Slack? Research and explain how does it change how firms work - what changes could one expect within a firm that uses the platform?

 

1)research, 2)describe and 3)discuss the rapidly changing global marketing world from the marketing executives perspective. 

 

*VIDEO TRANSCRIPT* - 

You've chosen to listen to the business transformation panel. The other patterns will be available on the website after the event. So Daniel, been CEO of Interbrand New York, is moderating the discussion of guest speakers from Morgan Stanley, Royal, Philips, and Salesforce, Daniel, take it away. Alice, Lorraine, Colin. Thank you so much for joining us today. We are here to talk about business transformation and the implications that has on you as brand and marketing leaders. So let's start with you. Lorraine phillips is not new to this. You made a commitment almost a decade ago to move from being a electronics company to being a health tech business. So talk to us a little bit about what drove that decision. Well, I think Daniel, first and foremost, it's very much rooted in our purpose as a company. And having recognized that there was a pressing and unmet need in the world around health tech. So at Philips, We have an incredible purpose, which is to improve the health and well-being of 2.5 billion people a year by 2030. So in order to fulfil or achieve that goal and to enable our customers to achieve their ambitions, we fully recognize that we need to continuously transform. And candidly speaking, during the pandemic, we're seeing profound changes in the healthcare landscape. So e.g. longer-term challenges such as growing and aging populations, the rise around chronic disease. Certainly these have been shaped and only intensified by the pandemic. And so we're also saying that both providers in the professional domain, as well as consumers, are fully embracing digital and personalized transformation. Today, consumers are more engaged with their health and are increasingly looking for solutions that help deliver connected and as I said, personalized and preventative care. At the same time. On the flip side, providers and payers are also shifting from what we've seen as historically expensive and episodic care in acute settings towards continuous and remote care in the home. So as that pressure continues to build and our sector to achieve that cheap, what we call the quadruple aim. Philips is in turn, transforming ourselves to anticipate these customer needs and to position ourselves as ultimately that's strategic consultative partner to both our consumers and our customers. That's great. I love the fact that the change is anchored in your purpose and that you've got quantifiable measures around that, about how that is affecting your consumers lives. And so it's really great. Alice, Morgan Stanley is having a pretty great time to, you've grown six per cent this year on best global brands. You've had the best three-quarters in your history. And the CEO, james Goldman, has said you're on a growth trajectory and you have permission to transform the business. So what is driving that, that transformation at Morgan Stanley? I think the firm has been following and delivering on a strategy that we've had for a number of years. Thinking through our businesses, our clients, and what are the right platforms, products and strategies for that. And so over the course of several years, we've done things like purchased E-Trade and eat and balance and solely them. So we appeal to a much broader set of clients and consumers than we have in the past. And I think the execution against that strategy and how are businesses are evolving has really helped drive growth. And do you think with these acquisitions that you're now going up against a different type of competitive set. Yeah, I think we always look at traditional competitors like wire houses and the big banks. And we continue to look at those to see how they're innovating, what they're doing and where we stack up against them. But I do think the acquisitions expanded client base and how we think about things has really expanded the set that we look at. We look at syntax and how those fintechs and startups are just talking with consumers, engaging with consumers and the products and services that they offer. We're also looking at things like insurance companies, because many of these firms now are thinking, Hey, I've got an ability to reach a customer about a certain subject. And it's a very natural play to move into a different area of wealth management or finance from insurance or benefits or other services. Then finally, although not direct consumers, we always look at technology companies and companies like Amazon, Uber, Netflix, to think about things in terms of personalization, customization of messaging, relevancy, and just what our consumers or clients expect because they engage with those brands every day. Colon. So this has been a pretty incredible gift for you. 38% growth in brand value up 20 places on the ranking. Yeah, pretty amazing performance for Salesforce. So what do you think is driving that success? That's really good to hear. We're thrilled to be such a fashion around the list. And just to be part of the listed such a great group of brands every year, it just kinda blows our minds in terms of C Salesforce in this capacity is really fascinating, so thrilled, thrilled for that. One. Can we attribute it to, I think we're just focused on the customer. That's really Salesforce has been number one focus for 23 years. And ensuring that the focus is at the center of our business and ensuring that the cost of our customers can put their customers at the center of theirs. That's been our focus from minute one and continues today. With the acquisition of Slack. You really sort of talking to the market about being creating the digital age key for companies so that they can succeed anywhere. Do you think that's having an effect on the Salesforce brand and how that goes to market. Well, I think we see a huge opportunity with work becoming asynchronous. We see so many companies talking about digital transformation. But what we see them doing is translating processes that happen in person to a digital setting. And we think of that very differently. We think work is moving to asynchronous. We think companies today we'll be building digital age cues instead of physically excuse. And Salesforce has an incredible physical entity. We're really proud of our real estate portfolio. But of course, if we were to start Salesforce today, we will start it in Slack. We would started with the digital age Q. And I think that's the way the world, the world is moving. And we see that as a huge opportunity, not just for companies in our traditional spaces, but altogether and we think that's the future. We're modeling our own behavior inside of Salesforce where we just built our Dreamforce conference. We planted 100% digitally in Slack. And it's amazing, just get transformation happened with ourselves. We see that, that transformation happening with our customers as well. Lorraine talk to us a little bit about how based on the shifts, so they're happening at Philips, you're actually transforming the brand and marketing department. Are you approaching the role differently based on being a health tech brand versus being an electronics brand. Well, so Daniel, my aim with Philips is really to build a world-class marketing and e-commerce function. Ultimately differentiates and positions as, as the leading health technology partner that I mentioned earlier. So what we're doing at Philips is, is really driving compelling and end-to-end experiences across both the consumer and professional domains. E.g. from a marketing perspective, we have built a strategy that's based on five strategic priorities are imperatives for our function in terms of how we will deliver world-class capabilities and become that ultimate partner. E.g. number one, strengthening our brand leadership to differentiate us as that partner while we're maintaining our strong consumer lifestyle leadership that we have enjoyed for many years. So that's first strengthening our brand leadership. The second is really around focusing on customer centricity. Very easy to say, very challenging to do as we know. So much of that comes now to live in our portfolio marketing capabilities, in how we create value propositions and our portfolios to meet customer needs. Our full 360 degree integrated planning, our engagement strategies with customers and consumers across the entire continuum, activation and loyalty. Third, were very much focused on driving and investing in an always on digital first engagement and e-commerce strategy to meet the consumer and the customer where and how they want to be engaged. And then fourth, very much focused on leading with data-driven marketing and advanced capabilities for insights and building predictive intelligence for our teams to help inform and target our marketing capabilities or activities, I should say. Last but not least number five, I believe the first four are only possible if really you can successfully accomplish the theft, which is really blending the art and the science around our talent. And this really involves or requires us to create high performance culture which is based on agility, expertise and collaboration. While we continuously recruit, develop, and retain the very best talent with, with the most contemporary leading edge skills. Alice, you came from E-Trade. You didn't grow up in the Morgan Stanley parent brand. So do you think you're approaching marketing maybe a little differently than your predecessors did? I think I probably do. One is I've been engaged and involved in marketing for my entire career. Whether that's been digital marketing, traditional brand marketing, or media and customer experience. And so I think bringing that wealth, the marketing discipline as well as the experience discipline makes me a bit unique. I've also spent a lot of time in terms of the client and the end consumer and the retail space. Where in past I think Morgan Stanley has spent a lot of time in the institutional space and more of a sales culture than a marketing culture. And so I think what I've been bringing to the table is a real client focus. Articulating the benefits and the services and the products we have in a real simple, easy, transparent way. We have some of the best thought leaders in the industry and very sufficient created products and platforms. But many times the client or consumer doesn't understand that level of detail. And so how do you translate that in a way that makes it really easy for people to understand? I think that is an element. Also a very data-driven marketer. I spend a lot of time on analytics, leveraging those to customize and personalize whether we're doing that for an institution and employer or a, an end consumer. And so I think that rigor around data analytics, leveraging that for customization and personalization is probably another area that I will push on for the firm. And that's new and different in how we do things. With your expanded competitive set. Are you also thinking about how the Morgan Stanley brand needs to appear, behave differently going forward. We've just kicked off an initiative that we're doing company-wide to look at the Morgan Stanley brand. It's a rich brand with a long legacy of innovation, trust, security, thought, leadership. But as you mentioned, we're expanding our clients set. And so different things appeal to different consumers. We need to validate the brand strategy and what that means for consumers overall. We also were previously one brand, but now we've got very recognizable brands as part of our strategy like E-Trade and eat events. And so we need to think about the hierarchy of how those brands all work together and what role the master brand plays now, which is slightly different than the role it played in the past. We also, based on the discussion we just had, right? We've got a great set of competitors now that may be different than the traditional banks and wire houses that we looked at before. So how do we understand what that unique differences we bring to the table? And how do we make sure we're making that clear to consumers and clients and institutions every day. So I do think we'll look at the brand and how it evolves. I think the nice thing is that I've always believed that the best time to evolve or change is when you are in a position of strength. And the brand metrics for Morgan Stanley had never been better. So it gives us the time, we need the research, all of those things to take the right amount of time and put together the right strategy to think about how we evolve this brand. Calling a similar question for you as a sales force opens the aperture of what it's known for and the type of services it's offering. Do you need to think differently about the Salesforce brand in that context? Does it? Absolutely does. I mean, it's funny, 22-year-old company continuously reinventing itself. And that's true today, of course. And where we're doing that today by kinda going back to our core values. If you look at trusts has been our number one core values since we founded the company. And we see today they were in a crisis of trust around the world. You see that with the workforce crisis we're seeing, we see that with social, we see that with the quality. We see that with the climate, it all comes down to trust. And we think that there is an ultimate trust crisis in the world. And we're really rethinking about that in terms of Salesforce and in terms of how we operate, how we operationalize trust and to show for their customers the way we show up as a brand. That's really, really important for us. And we think that as we move forward that business can ultimately be the greatest platform for change and help instill trust back into the workforce and into the world. We see that with the way we were showing up as a company, we see that the way we're showing their customers. And we see that for the future for any company in the world today. And just trust has to be your number one value. Alice, given that expanded competitive set, you obviously have a multitude of different audiences the Morgan Stanley brand needs to appeal to. So how are you ensuring that the brand stays coherent but serves the needs of those different types of customers. I think one thing that's really clear in the marketplace today is a firm can't be just good at doing business. It has to stand for something. It has to contribute to the community and the world and the environment. So, where do we play in that space? What are we doing today? And how do we make sure that that's resonating with people that are clients or prospects for Morgan Stanley. I think those things all pose very interesting and unique challenges that a team is really excited about focusing on it and taking it to the next level. I think the other thing that I'm always conscious of as a marketer is there's a wonderful legacy that this firm has. We have been in business for over 85 years. There's a really strong trust that consumers and clients and institutions have for Morgan Stanley. And so how do you modernize a brand and bid? But the true to the legacy that, that brand has is an important factor. And so we'll look at that as well to make sure that it's real, it's relevant. And it makes sense for both the brand and the consumer. Moraine. You know, customers are changing so rapidly, especially in the health care industry. How are you thinking about gathering data on customers perhaps differently than you did before? So actually I would first start by saying Daniel, we fully recognize that we can no longer launch hundreds of products to year. Instead, we're very focused on bundling together our key capabilities. Champion products, services, solutions that address, as I said earlier, most pressing needs. And so the way we go about this now is we've completely revamped the way that we listen and understand. Here are the voice of the customer. And so as part of those data-driven capabilities that I described earlier, we have also invested in a very strong marketing insights and analytics discipline within the function. And we have a number of methods, both on the consumer side as well as on the customer side, to real, in real time, understand what our audiences are sensing so that we can sensing, so we can respond in real time, but also anticipating their needs based on understanding their behaviors both online as well as offline. Which can be an interesting challenge since we span all the way from Gen Z audiences all the way through the professional domain. As I said earlier, colon, you've always been known as a champion of customer centricity. It's at the heart of Salesforce, but your founder, Marc Benioff, also has a major perspective on the importance of employees, the Oh, Hannah culture that he has so famously created. So with Slack now as an employee focused tool within the Salesforce arsenal, are you starting to encourage your customers to think about how their employees can deliver a better customer experience. Yeah, In my role, I have an awesome opportunity to speak with so many CEOs of companies that are thinking employee first. And I reflected of this great quote from the Marriott organism, Marriott International, which is something to the effect of going paraphrase here, if you'll allow me, you put it in, put the employee first and the rest of it take care of itself. I think when you have happy employees, they tend to lead to very happy customers. And you see that reflected in so many customers that we work with. And that the role of an employee and the relationship that an employee in a business has today is of course changed forever. We talked about this idea of digital age, where companies are completely decentralized and an asynchronous work environment. And how you build and provide the tools to relay that a lot of that work to happen. But it will also allow to build culture while you're doing that. And I think that's one of the big things that we're seeing in the world today is because we've become decentralized and in this asynchronous environment, new things that popped up. But trying to build that culture in a decentralized way, it's harder than ever before. We're thinking about lots of new tools and offerings and of course, environments that allow us to build these, these cultures in ways that we never have before. You know it Salesforce. Just, just less than half of our employees have actually attended one of our events or been to one of our offices that were growing so quickly. That becomes how do we think about this from a culture development and onboarding process and things like that. And I think you're seeing a lot of new types of investment happening in the workforce today. That means onboarding and cultural development, sales forces, community communicated that we're building we're going to be building a cultural center we call Salesforce wrench. Really thinking about new types of ways of cultural immersion, learning and development and really allowing the workforce to jail and a new type of culture. And I think that every company is solving for something similar benefits and there's declines that we've seen across the world in terms of productivity and culture and things like this. But one thing that is true we feel is really, really important as we continue to build that special element, that special element of culture within the organization. Well, listen, it's been terrific talking to all three of you today. Thank you for the time and sharing your insights. Three amazing companies, all in their own way, leading change within their categories. So we thank you for your, for your time today.