Digital Transformation is all about seizing opportunity and keeping up with a changing market.
The Digital Market is a Fast Moving Train
Imagine you’re the CEO of Kodak and someone in the marketing department tells you about this digital photography thing. You look into it and think, oh cool, that could be a great line of business for us. Let’s get on it and figure it out.
Or you say, digital is not our business model, we sell film. Do we even remember the name of that CEO? But we know what happened to one of the most storied companies of it’s time. It tanked. In 1997 they had a $30B market cap and today, after something of a revival in fortunes, sits at around $650M after private equity and hedge fund involvement. This is the bloody side of disruption.
Digital Market Trends
Understanding the trends and impact digitization has on your line of business is critical to the survival of your company. We look at the vast opportunities available in opening up digital channels, because in this world, we are all equal. Any incumbent can be pulled down a notch or more by a newcomer and any company with the heart, guts, soul and strategy - can leapfrog more digitally advanced competitors.
When it comes to the market, we prefer to go out swinging and improve with time. If Kodak had even taken some small steps in the early disruption of film, they could have been unbeatable.
Some basics to consider:
- Have you identified relevant industry trends that will affect how you digitize your business
- What is the biggest strategic threat you are facing today
- What is your biggest opportunity
- Is your organization equipped to capture new opportunities from digital
- Is digital transformation is affecting your market segment now
- Do you think your customer mix will change in the digital environment
In the digital world, a strong brand is more than just an image, it is the combined sense of a delightful customer experience, high functioning processes and operations and compelling business models.
The Customer now Defines the Market
The digitally empowered consumer has redefined marketing more than any other function with increasingly higher expectations of convenience, efficiency, and rewarding experiences. If a brand experience is disappointing, finding better options is a tap away, bringing new meaning to the phrase “love-it-or-leave-it”.
When acting upon the opportunities digital presents, the marketing function takes a lead role in defining the entire customer journey, not just demand generation. Every touchpoint in the customer experience with your brand needs to guide the relationship.
Maintaining clear brand positioning across every touchpoint will make you stand out and will provide customers with a more rewarding and consistent user experience. It was always true, but with the ease of access in digital, your brand is deeply rooted in every aspect of the business, none more so than the added convenience of properly exploiting digital channels.
Surviving “The Market Disruption”
There is no doubt that technology and data analytics have not only changed entire industries, but also the way we operate and market our products and services. How do you survive and even thrive in the wild west of this disruption?
Get out there and leapfrog your competition, while shaping your organization’s culture to be proactive in the face of disruption. Understanding how technology is impacting your core business and the customer expectations in your industry is the key to leading your market.
Evolve your product to fit in the digital world, but maintain your vision while disrupting yourself and anticipating the changes ahead for your business and your market.
Disruption is positive, it’s provides news way to add value. Balance the execution of your business strategy today, while transitioning to new business models that will drive future market growth.
Keep yours eyes on the future - our world is fast changing.