VIDEO: Why Are Some Businesses Managing Digital Transformation Better Than Others?
ISM, Inc. President Barton Goldenberg discusses how and why some businesses have met the challenges of digital transformation better than others in this clip from CRM evolution 2018.
You can watch Barton Goldenberg's complete two-part Executive Bootcamp, Engaged Customer Strategy: Your Roadmap to Success to 2030 and The Central Role of CRM in an Engaged Customer Service Strategy, in the CRM evolution Conference video portal. Learn more about CRM evolution here.
Read the complete transcript from this clip:
Barton Goldenberg: How do we differentiate between what is relevant data and what is irrelevant data? Every company is challenged with this question. How do you thrive in what I call the digital deluge?
It’s no surprise that almost 80% of all businesses now consider digital transformation as their number one priority, but as my distinguished colleague, Ginger Conlon, says, digital transformation doesn't happen overnight, and the biggest mistake one can make is to try to rush digital transformation.
So, the question is, how do you capture, how do you retain and how do you grow customers who they themselves are awash in this digital sea? You sit back and ask these types of questions. What is it about Borders books, or some of the travel agencies that fail to understand this digital transformation to utilize data as effectively as Airbnb or Vacation Rental By Owner (VRBO)? What do they not understand, and why did they lose their way? You know the result of that.
Or take companies like Illy or Blue Shield of California--both of which are clients of ours--who are kind of finding their way. How many of you drink Illy coffee? It's from Italy, it's a good coffee. They look at their marketplace as one big market and all of you the exact same profile. You all get the same messages. In my opinion, they're learning their way. A wonderful company, but learning their way.
Think of yourselves as Blue Shield of California, millions of customers that are buying health insurance. The question then becomes how do you listen carefully and work with your clients who look at health insurance as one of the biggest complications in their lives? I think they're finding their way. they're definitely not leading the way.
Then you look over to the far right at companies like Starbucks, or Tesla, Amazon, Apple. For reasons I'll share with you shortly, I would observe they're leading the way. These are companies that have understood for quite some time that data is tremendously valuable. Not all data, but understanding the profile of your customer and leveraging that data through the channels of choice that the customer wants to do to transpire business with you.
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