CRM evolution Video: What Are the Drivers of Digital Transformation?
ISM President Barton Goldenberg identifies the key customer and company drivers of digital transformation in this clip from his keynote at CRM evolution 2019.
See more clips from CRM evolution in the CRM evolution Conference video portal. Learn more about CRM evolution here.
Watch Barton Goldenberg's complete keynote, Digital Transformation: Driving CX Excellence.
Read the complete transcript of this clip:
Can digital transformation sustain itself? Are there sufficient drivers behind digital transformation that will carry us forward in the industry? I actually believe there are, but let me share them with you and you make your own decision.
On the customer side, 24/7 availability is something that we know the customers love. They have access not just to this community but you know, to the contact center, to the online portal, to whatever your particular situation might be. The speed of being able to engage with digital applications and then completing tasks that were mundane in the past.
Think of the banking industry. Our ability to open an account, request a loan, and secure a loan, all done online, 24/7--customers love this. This is the digital customer. The whole self-service aspect. The ability for customers to come online and have access to online resources, subject matter experts, they love the peer-to-peer exchange, what one person says to another person. They begin to share stories. The concept, the ability to do customized or personalized digital content, is another driver from the customer side, and companies, as you know, are able to create customized websites.
For example, they know Bart is a male that has certain likes, and the website will show what I like. So this is another thing. But the one that I think is the biggest driver in the industry right now is the digital customer's desire to receive personalized, intuitive, convenient, and joyful digital experiences.
You're all digital customers. Is there anybody in this room that would not want to sign up for this? And the answer is, of course, no. And that's really at the heart of what's driving digital transformation from the customer side.
Let's go across to the company side. In here we have a slightly different situation, because here we're going to have to look at return on investment, and whether it really makes a difference in sales, etc. So, putting my CEO hat on for a minute, you know, I get impressed with the recent Bain & Company study that talks about the revenue of digital leaders being twice that of our digital laggards.
I also can't help but look at the digital leaders, looking at how Uber and Netflix and Amazon and Apple and Spotify and AirBnB and Disney and all kinds of companies have literally changed the way we do business and transformed and pushed customer experience to an entirely new level. Now, you may not see those as your competitors, but for sure they're setting the bar of expectation for how your customers wants to do business with you.
We also know, and it's really becoming increasingly apparent, that the key differentiator of a company is not your product or your price. It's the whole customer experience. And, in fact, that has now taken over the number one spot in most surveys and studies as the way to differentiate yourself from the competition and as the key brand differentiator. I go back to what I said earlier, that customers who receive personal and convenient and intuitive and joyful experiences actually end up spending more money, and they actually are more loyal to a company.
All these things are very important to the executive team, who are looking and contemplating some significant investments in the space of digital transformation.
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