FOUR QUESTIONS TO HELP GAUGE THE DIGITAL MATURITY OF YOUR BUSINESS
I’ve spent my career helping startups to Fortune 100 brands reimagine how digital can meaningfully advance their business. During that time, I’ve worked with a myriad of companies at various stages of their own digital journey.
Unfortunately, the vast majority of companies are still deploying digital in a largely gratuitous manner. That’s terribly unfortunate as the opportunities are much, much bigger.
With that in mind, here are four simple questions designed to help you diagnose the impact of digital on your business:
1) CAN YOU CORRELATE REVENUE BACK TO DIGITAL?
Some suggest it’s impossible to measure the ROI of digital. That’s simply not true.
The modern consumer has changed. They buy differently thanks to the advent of digital. They have unprecedented access to information and are more empowered as consumers.
Unfortunately, most sales organizations are still wired around yesterday’s buying behaviors. And while the ‘HOW’ of selling hasn’t changed, some of the finer details have. Solving for this can be as simple as taking a fresh look at the buying behaviors of your target and working with your sales team to help them engage prospects in a value-add manner on their channels of preference.
Proof point: I conducted a three month social selling pilot for a global B2B technology company that yielded a 180% increase in sales. Today that company has over a dozen salespeople exclusively focused on selling through digital channels.
2) DO YOU LEVERAGE DIGITAL INSIGHTS (FROM CUSTOMERS, PROSPECTS, ETC;) TO INFORM BUSINESS STRATEGY?
Your customers are talking about you and your competitors each and everyday online. They’re telling you exactly what they like and dislike about your business and your category. Are these insights being mined? Are they landing on your desk? Are they informing business strategy?
More often than not, no. And while many modern businesses tout some form of a digital insight competency, they’re often focused on things like top performing Facebook posts or similar. While such data is indeed important, it pales in comparison to understanding the biggest customer pain point for a particular product and feeding that back to the product team (as example).
Proof point: Using such insights, I helped a global B2C technology provider understand that they were monitoring only 30% of the post-sale conversation about their product. By focusing solely on the digital platforms they controlled, they were missing the lion’s share of actionable insights.
3) IS YOUR LEADERSHIP TEAM ALIGNED AROUND THE CUSTOMER JOURNEY AND FOCUSED ON END-TO-END EXPERIENCE EXCELLENCE?
We're still wired to work within the silos of our respective organization when in fact cross-functional alignment is more critical than ever.
Consider this example - Customer Service teams are often measured on the amount of calls they close per day. The greater the number, the greater the success. Right? Wrong.
In fact the post sale experience is the single biggest driver of repeat purchase. So what's better - measuring service personnel on volume closed or customer delight?
Sticking with this example, your Service team is as important as your sales team when it comes to revenue. But when was the last time these organizations came together to understand how they align in the larger customer journey?
Proof point: This research from Watermark consulting is indicative of this opportunity. Brands that focus on excellence throughout the customer experience are outperforming the S&P 500 by 35% and 'experience laggards' by 79%.
4) ARE YOU LEVERAGING DIGITAL INTERNALLY TO MOTIVATE AND EMPOWER THE WORKFORCE?
All too often we think about the external digital opportunity within considering how we might use it to improve internal communications, employee satisfaction, overall productivity and so much more.
The easiest diagnostic here is to look at how information flows within your business. Are employees engaged in the broader company mission? Are they able to shape and contribute to it based on their respective areas of expertise? Is the process of expertise location and knowledge sharing frictionless or wrought with obstacles?
Proof point: The implementation of an enterprise knowledge management system for a global technology provider with 35k employees yielded $40M in cost avoidance in three years and resulted in a 5% drop in employee attrition.
Thanks for taking a few minutes to reflect on the state of digital in your business. My name is Len Devanna and I've spent my career helping brands like Apple, Microsoft, Cisco, Beam Suntory, EMC, DeVry University, Molson Coors and many more reimagine how they leverage digital to deliver real business value. This is my passion.
I've recently relocated to Denver and am keen on contributing to the growth of the region in any way I can. I’d welcome the opportunity to meet and discuss how digital can advance your business. Drop me an email and let's find time to connect. You can also get a bit more perspective on my background from my LinkedIN profile.
I look forward to meeting you.