Recently at the Crowdtap headquarters, our CEO, Sean Foster, hosted a fireside chat with David L. Rogers, Columbia Business School professor and best-selling author of The Digital Transformation Playbook. This intimate event centered around Rogers’ latest playbook and how it applies to the marketing & advertising industry, which is becoming increasingly disrupted by digital.
David’s book is rooted in the belief that to thrive in a digitized future, businesses must not only adopt new technologies, but also transform the way their entire organization thinks and makes decisions. He shows exactly how companies – large and small – can do this by reassessing their strategic approach across the following five domains of business:
1. Customers: There is a huge shift away from the traditional view companies have of their customers – recipients of brand-owned marketing. The industry is moving away from the traditional model of marketing unified messages TO consumers.
> New way of thinking – Now customers are better described as crowds of individuals, who interact with each other and companies – constantly. Understanding this evolving definition and relationship is paramount when rethinking a marketing strategy.
2. Competition: The classic way of looking at competition is very black and white – a business’s competition includes companies that look just like them.
> New way of thinking – Now it’s a little more blurry as a business’s competitors and partners are often the same people. And sometimes, companies that look different may still be solving the same consumer problem.
3. Data: Data has customarily been used in a very operational manner, sitting in silos of the business. The purpose of this data has been to make specific functions more effective and efficient.
> New way of thinking – Now data is becoming a strategic asset: if companies can bring the siloed data together, they can get an integrated view of their customer. This compilation provides a new source of innovation and value for the business.
4. Innovation: The way in which companies invent differs depending on size – big company vs. lean startup. Big companies are often paralyzed by lengthy time frames and decision-making processes. Lean startups, on the other hand, are more agile and adept at learning at a lower cost.
> New way of thinking – It’s not impossible for big businesses to achieve innovation at startup-speed. By establishing concepts of constant experimentation and working with MVPs, large companies can innovate more quickly and reduce overall risks and the cost of failure.
5. Value: A company’s business value is typically defined by the industry it is in and the product it offers. This definition is also often a static one.
> New way of thinking – Given digital, companies must continuously question their business value to uncover potential business opportunities. How can the company redefine or extend the current value it offer to its customers?
For more insights and a full recording of the evening’s discussion, check out the following Facebook Live video: