Every business that pre-dated the Internet now faces the same challenge: How to transform to compete in a digital economy? From the financial services industry to global retailers, whether we like it or not, technology has forever changed the way we tell stories, interact with customers, build products, and ultimately generate value for the economy.
Upgrading strategic thinking.
In his timely book, The Digital Transformation Playbook, globally recognized digital expert David Rogers argues that digital transformation is not about updating your technology, but rather it’s about upgrading your strategic thinking.
I couldn’t agree more.
Whether you’re an entrepreneur who is forging new ground or a business owner who is attempting to stay relevant in a rapidly shifting economy, what are some things to focus on as the “Fourth Industrial Revolution” unfolds? While technology has certainly created opportunities, it also requires discernment and new skill sets — which can be inspiring and infuriating all at once in a competitive landscape.
A few months ago, in a passionate attempt to set a framework for my own thinking around this topic, I was serendipitously connected to Samantha Paxson, Chief Marketing & Experience Officer at CO-OP Financial Services.
CO-OP is taking the lead in helping the industry make this shift and deliver value at scale while ensuring that purpose-driven companies are ahead of industry standards. What I realized, after speaking with her at length, was that their model was somewhat industry agnostic and useful for understanding how to transform legacy thinking into holistic thinking – thus shifting outdated modes, which can leave us vulnerable and irrelevant.
Here are a few Paxson-inspired insights from the front lines of the financial services industry. If they can do it, we all can do it.
#1. Fluid engagement.
The world is much different than it was even five years ago. In that world, engagement still took place primarily in the real world over cocktails; and digital marketing was a passive one-way experience of blogging or posting articles.
Social media has completely changed the way customer engagement occurs, and the effectiveness of social media usage can reflect positively or negatively on a brand.
According to Paxson: “For organizations this means designing the company in such a way that the customer is part of the process. It’s no longer about pushing out a product or a service based on operational needs, but rather engaging with the customer on every channel at as many points along the path as possible.”
In other words, you’re job becomes baking your product or service into the fabric of their lives. It’s about being collaborative and connected, not merely transactional and operational.
“A legacy organization thinks about engagement as a one-way street: I engage with you to sell you something. Transformed businesses understand engagement is a pre-cursor to selling, of course, but is a long-term opportunity for two-way conversations that can…
