Digital disruption and how to use it in your favour
Great article by George Giamadakis whom I met at our LinkedIn+ plus event – where there was healthy debate and different ways in how power users use LinkedIn.
George talks about digital disruption for good – and how to leverage it for the benefit of your customers. A key takeout for me is to be Chrystal clear of what your value proposition to them is – and then use digital assets to enhance that value!
What is digital disruption and how can you incorporate it into your company’s strategy?
MIT define digital disruption as: The changes in the competitive environment resulting from the use of digital technology by new market entrants or established competitors in ways that undermine the viability of your product / service or go-to-market approach.
MIT outline the main digital disrupters to your business as being:
Social, Mobile, Analytics, Cloud and IoT (SMACIT).
These technologies are readily available to anyone opening up the opportunity to utilise them in a way that makes your customers’ happier.
Meaning and relevance
It’s important to realise these digital disruptors are ‘things’ we have created, giving them purpose and life. Like all things we have created, they are there to serve a cause with the ultimate aim to help us achieve a better lifestyle.
The problem can come when we stop thinking and simply rely and accept what is published on the internet and as a result we run the risk of becoming subservient to the technology.
Keep in mind the Internet of Things (IoT) really is thing-Internet Thing (IaT). We should aim to adopt it and leverage the good it can / should do for our business and our customers rather than being mesmerised by its perceived power, (power we fulled it with), to do a lot of ‘things’, some of which may not be as relevant to your business or of benefit to your customers.
It’s all about the customer – how can you use digital technology to add value to your customer
Companies who succeed in making their customers happier understand they must leverage the good digital technology can do by having it add value to their customers. It gives the digital technology deployed meaning and relevance rather than a generic potential, purpose and life.
These companies achieve success by focusing on three key areas:
1. Customer engagement
2. Digitised solutions and
3. Operational backbone.
All companies face the challenges of digital disruption and how to leverage the right tools that are integrated into a sound business strategy.
As an example, the financial sector is being challenged consistently and most recently with technology such as Blockchain-by integrating your digital strategy into your business strategy then this will help you stay the course.
Your focus must be on how you can make your customer’s life or their experience better. This should be well covered off on in your business strategy. Hence why the two disciplines should read as one, (as is currently standard for all relevant financials to be included).
In retail having a clear line of sight of your customers preferences and making it easier for them to select what they are looking for and transact with you regardless of their location (in-store or on-line) the positive experience should be the same.
In B2B your ability to provide real time analysis of key data that allows you to add value to your customers processes will go a long way to generating loyalty and repeat purchasing behaviour.
It really is about knowing who your customer is and honing in on that and not trying to be all things to all types of customers. Focus on that first and then look to leverage the best digitised solution(s) that will make, the job your customers are trying to do easier.