40% of companies will be dead in 10 years; or at least that’s the view of John Chambers, former CEO of Cisco, one of the world’s leading internet technology companies. In his outgoing speech two years ago, Chambers noted that digital disruption is ever present, adding that while 70% of companies will “attempt” to go digital, only 30% of them are likely to succeed.
Because digital is hard! It’s complex, misunderstood, poorly executed, silo’d or ignored. Even more challenging is that digital transformation requires a lot of iterative innovation; the freedom and ability for marketing professionals to try new approaches to integrating digital into the customer experience. Some will work, some will fail. All will lead to better solutions in the long run. However, in order to move beyond the campaign focused, “what’s in my PMP” attitude that permeates many “legacy” companies (those founded before the digital era), senior leaders will need to create a culture where risk is embraced – to the right degree – and provide guidance, leadership and support for their brand teams.
While there are many barriers to digital transformation that need to be addressed, every journey begins with a single step, and that first step involves addressing two key issues:
The digital customer is here and they expect you to meet their needs and demands. Are you ready for it?