We have been spending a good deal of time lately helping our clients understand and take advantage of the opportunity digital transformation provides to significantly improve their marketing operations.
While the term is overused and can apply to many things, our point of view is simply that digital transformation is essential for marketing because it is fundamentally changing the way businesses interact with their customers.
When implemented correctly, digital transformation can lead to happier customers, more satisfied employees, improved competitive advantage, and supercharged growth.
In addition to improving customer engagement, digital transformation also enables businesses to gain valuable insights into their customers’ behavior and preferences. This can be done through data analytics and machine learning techniques, which can help businesses identify patterns and trends in customer behavior, as well as predict future behavior. Overall, digital transformation is critical for marketing because it enables businesses to adapt to changing customer needs and preferences, as well as leverage data-driven insights to improve marketing strategies and drive business growth.
Several weeks ago, we welcomed some of our clients to participate in a panel discussion about how they are leading the digital transformation charge within their organizations, moderated by Imaginuity® President and Chief Strategy Officer Corbett Guest.
Meet Our Panelists
Question: What does digital transformation and more specifically, marketing transformation, mean to you and your organization?
“Digital transformation is about supporting business processes with technology. Determine where the organization is going and what it needs and support this journey with the technology that’s necessary.”
“Digital transformation helps to automate processes so our people can spend more time on high-value, high-touch activities that matter most, like building relationships with customers and franchisees.”
“Digital transformation means bringing technology, data, and processes together to provide value for the business.”
"(Digital transformation) gives us visibility we have never had before, and it changes the conversation we can now have because of clear visibility into what works and what doesn’t."
Question: How do you prove the ROI on digital transformation marketing initiatives?
“Demonstrate how the business can run better by using these new approaches. If we learn this and do this, not only will the business be better, but we will also have the data to make future programs more powerful and more effective.”
“We now have data and one view from the beginning of a process or transaction all the way to the end. This gives us visibility we have never had before, and it changes the conversation we can now have because of clear visibility into what works and what doesn’t.”
“Our digital transformation journey started from a financial perspective. We have had to prove that the data works and show how changing business process produces results. We have been able to do that, and that’s why our executive committee is committed to this and supercharging it. They said go and go as quickly as possible.”
"(With digital transformation) not only will the business be better, but we will also have the data to make future programs more powerful and more effective."
Question: How do you get quick wins?
”The Executive Team or those on the Board are not always aligned with how hard and complex digital transformation is. Things have to be tested and retested. There is a sense of “do I want to be perfect, or do I want to make progress?” When organizations want to be perfect, nothing ever gets done.”
“Don’t be afraid of failure. If you have the necessary data and feel that all signs point to success, try it. And if it fails, that’s okay. Be willing to take risks and invest in opportunities.”
“Get input and feedback from franchisees. Use their input to build a road map and figure out together what’s next. Show what’s in it for them and then deliver on their expectations.”
Question: How do you balance thinking about big futuristic ideas, such as the Metaverse, with ideas that can drive the business today?
“You have to sift through the noise. It’s easy to get caught up in chasing technology that addresses problems that don’t exist rather than looking for solutions to problems that do exist.
You can’t ignore what’s out there, but you have to focus on what is deployable in real time that is suitable for your organization.”
“We have to be thinking five steps ahead and testing interesting things we might not be ready for yet so that we can go when we are ready. We need to be running down two parallel paths, one focused on today and one on the future.”
Question: How important is it to find the right partner?
“When we think about the resources we need and how we accomplish our digital transformation goals, it comes down to relying on our partners. If you don’t have the right partners in place, you’re sunk.”
“Digital transformation is about innovation, resourcefulness, inventiveness, and the best way to solve problems in efficient ways. Working with partners is the best way to keep this as a priority.”
“The risk that comes with digital transformation is very real. The failure rate is real. Working with the right partner gives you comfort you can hit deadlines and enables you to do what you want to do.”