8 Keys to digital success…
Updated: Dec 15, 2020
8 Keys to digital success…
Digital can be hard to define. For some, it is marketing. For others, it is a business model. When a colleague asked me to identify the keys to digital success, I had to step back and give it some thought. For me, digital is about evolving the organization; creating business models, products and services; generating new revenue streams; and creating a differentiated customer experience. So the eight must haves are:
1. A Definition of Digital
What does digital mean to your firm?
(For example… )
Company XYZ will use digital technologies to enhance productivity, improve employee collaboration, create a consistent customer experience, reinforce the brand and deliver superior financial results.
2. Digital Leader
While it would be easy to default to either a marketing or technology background, a digital leader needs a broader business background with a core understanding of: customer acquisition, service, retention, cost control, cash flow, profitability and management of various stakeholders. In short, a digital leader is a business leader who is confortable with technology, willing to experiment and open to new ideas.
3. Balance and Focus
An appropriate balance between an outside/in view and an inside/out view is critical. What do our customers want and expect? What can we do with technology? What do we have? What can we integrate? What new technologies will drive success?
How do we develop a “digital culture”? How do we lead through the changes that need to be made?
There must be a balance between digital and non-digital interactions to optimally serve both internal and external audiences. Understand what the business drivers are and stay focused on achieving those. In other words, “don’t do digital for the sake of digital”.
Digital is ubiquitous, so it is crucial to involve all internal and external stakeholders. Identify all internal and external stakeholders and map expected roles within digital transformation.
The goals are to create internal alignment through common goals, shared responsibilities and interdependent incentives.
Digital allows you to measure everything and spins off a great deal of data. Digital teams need to understand what to measure and how to use those measurements to optimize. Early on, it is important to define goals, objectives and actions to be taken. That will allow the organization to focus on data that is timely, accurate, relevant and actionable.
6. Breadth of Activity
With all the emphasis and discussion on the benefits of Omni-channel, it is tempting to try to do too much. Start by finding where key audiences are and focus on executing fewer things well. As audiences, needs and executional capabilities align, expand the breadth of digital activity.
7. Make it Easy and Provide Users Control
To encourage engagement, all digital activity should be as easy to use as possible --and that includes data required on forms. Further, providing the user reasonable control and transparency enhances both trust and user engagement.
To be successful, firms need to build a digital platform that integrates with all legacy systems and services, third party applications, and all social platforms. But more importantly, it must support interaction and engagement with all key audiences.
It is not about the technology, but leveraging a blend of technology to achieve digital success.