Several years ago, I was asked, “How do we actually make money from digital transformation?” In response, I tactfully answered with a question: If you want to put away more money in your retirement fund, how do you do that? The answer is simple: Make more money while spending the same (or even better, spend less), and put the difference into your retirement account.Deriving financial value from a digital transformation is simply leveraging digital capabilities to drive more revenue and saving on your operating expenses. How digital can drive incremental revenue
The first way to grow a business is to acquire new customers who will bring new revenue.To read this article in full or to leave a comment, please click here
Several years ago, I was asked, “How do we actually make money from digital transformation?” In response, I tactfully answered with a question: If you want to put away more money in your retirement fund, how do you do that? The answer is simple: Make more money while spending the same (or even better, spend less), and put the difference into your retirement account.Deriving financial value from a digital transformation is simply leveraging digital capabilities to drive more revenue and saving on your operating expenses. How digital can drive incremental revenue
The first way to grow a business is to acquire new customers who will bring new revenue.To read this article in full or to leave a comment, please click here
Each of us has access to more than 10 million products from anywhere at any given time via smartphones and other devices. And companies don’t miss any opportunities to tell us what we personally are supposed to need and use.Typically, this boils down to this: “Many people who are your age or have similar shopping habits were interested in these products or services.” Sometimes, this approach to personalization is helpful, but most of the time, it falls short because it doesn’t get to the bottom of why something is truly relevant to the individual customer.+ Also on Network World: The big picture of digital transformation +
In today’s digital world, companies no longer need to rely on this segment-centric and wisdom-of-the-crowd approach. With the technologies at hand, we have the ability to instead look at how individual customers interact with specific products and services and what features they prefer.To read this article in full or to leave a comment, please click here
I recently served as master of ceremonies for a digital B2B conference in Europe. Of the many great presentations, one that caught my attention described how one scopes, develops and delivers minimum viable product (MVP).
MVP is a product state that is purposely designed to do the basic job. It is viable, but also minimal in its extra features, functions and overall look and feel. Regardless of whether a website, mobile app or kiosk is used to promote a brand or sell a physical product and collect payment, delivered as a MVP, each would be initially launched with minimum capabilities and provide a simplistic look and feel.Why MVP?
The concept of minimum viable products was introduced as a way to get a product into a market fast and with low risk. The product is quickly designed and launched, followed by refining and improving the product based on feedback garnered from the customers using the product. This quite formulaic approach allows companies to churn out products as quickly as possible. More important, if they were to fail, the process would be faster and cheaper.To read this article in full or to leave a comment, please click here
If you want to get serious about transforming your business digitally, start with recognizing all of your competitorsIt is time to acknowledge that our customers’ digital experience expectations are being increasingly influenced by both their everyday B2C experiences, as well as by disruptive experiences that are jumping industry boundaries.Brands and businesses are now judged not only on how well they perform in their industry, but also on how well they perform based on overarching categories such as relevancy, social awareness, ease of use and engagement. Gone are the days of solely using the Net Promoter Score to measure customer experiences of your brand. It’s just not good enough.To read this article in full or to leave a comment, please click here
One of the very first questions I typically ask executives who are newly committed to start “digitally transforming” their business is to actually define “digital transformation.” While definitions vary, what really strikes me is that almost always, they tend to have a gross underappreciation of what this transformation entails.
+ Also on Network World: IT talent biggest roadblock to digital transformation +
Executives typically align around one or possibly two of the following, but they fail to grasp that it takes all of them eventually changing (albeit these can be managed in phases or as multiple tracks of work):To read this article in full or to leave a comment, please click here
Bob Barr