Christmas is Christmas, but my “work” Christmas has always been the day Mary Meeker publishes her state of the internet report. Meeker is a legend in the industry and works for Kleiner Perkins Caufield & Byers, one of the largest venture firms in the country. This is the 23rd year she’s compiled her report. That’s just astonishing and honestly something worth applauding. Her report is always a treasure trove of data, insights, and trends that can benefit any organization.
This report is often well covered and this year’s installment is no different. My personal favorite link of the coverage is This One from Business Insider.
It’s a long deck, but worth the read. However, I went through the slides and the analysis to create a cliff notes version of trends that I found the most interesting, with my notes in bold.
- Meeker asks, “Will market forces finally come to health care and drive prices lower for consumers?” Everyone industry, right now, is focused on value and experience. Retail is redesigning stores to improve experience. Hotels are improving the experience. Restaurants are focused on creating better experiences. Health care is doing the same. People will want more value for their health care dollar.
- The number of Internet users now exceeds 50% of the world’s population. This is a big-time inflection point. While 50% isn’t 100%, it’s still mainstream and you could argue saturated in mature markets. That means growth is going to slow. It also means everyone, is basically on the internet. Remember when we questioned who was on the internet?
- The average person spends 6 hours a day with their digital devices (eg smartphone). Building on the above previous point, if we want to connect with audiences, we really need to think about using digital more. And, digital isn’t just one channel or location. It’s MANY locations, tools and methods.
- People spend 30 minutes each day watching video on mobile devices. I was equal parts surprised with how small this is and yet, not surprised we aren’t tilting our neck down for hours at a time. That said, building on the previous 2 bullets, to connect with people, we need to consider video and mobile. But, mobile is unique. We can’t copy and paste what we’re doing elsewhere. For example, a press release doesn’t read well on a mobile device.
- Voice is no longer a plaything. Amazon has sold over 30 million Echo units and the accuracy of voice platforms (Alexa, Siri) is well over 90%. The future is closer than we think and understanding how voice “works” is really important. Creating content so voice can find it and use it is different than creating content for a laptop or phone.
- Amazon has usurped Google as the starting point for product searches. Even as big as Amazon gets, they still need Google and Facebook to be successful. I think it’s important for a few reasons. One, yes, focus on Amazon, but if all you focus on is Amazon, you’ll miss out on all the opportunity. We need to focus on everyone.
- Uber is not as ubiquitous as we think. In 4 of the 5 largest cities it’s cheaper to Uber all the time than own a car. The outlier? Dallas. We can’t just adopt a mass approach to a trend. Uber is big, yes, but not everyone uses it. When we think about transportation (aka ACCESS), we need to think about all the barriers and enablers.
- There are an estimated 6.8 million people working in the gig economy. This is huge. Most of this is in transportation. But, what’s the next major industry to rely on the on-demand / gig economy? Would it be crazy to see this extend to health care? Probably not. It also makes me think about the need to take this into consideration when we consider talent / “hiring”. Not everyone wants to be full time.
- We’re entering the age of the privacy paradox. Companies (mostly tech) are stuck between using data to make the experience better and using it to further their bottom line. This isn’t overly surprising and quickly this is going to move from tech companies to other industries. The fine line I’ve always advised the organizations I’ve worked in to adhere to is, be helpful, not creepy.
- WhatsApp, Facebook Messenger and WeChat have more than 1 billion monthly active users. I know people who use FB Messenger more than they text or email. We’re going to see these platforms, became real, well…platforms. For example, would it be crazy to use FBM for a virtual doctor’s visit? We aren’t far from it.
The above was designed to condense the 200+ slides into points that represent the opportunities and interesting points that caught my attention. Happy reading and let me know caught your eye.