Digital reinvention

The Idea: Recent research by McKinsey has uncovered that only 8% of companies believe they will remain viable if digital continues at its current speed. Only 16% of companies have taken steps to exit declining businesses & invest in digital reinvention. And even more alarmingly, only 5% of companies actively seeking digital transformation report that they have met their goals. Why are so many companies failing with digital reinvention? We are not embracing fast learning or experimentation and are married to fatal perfectionism. Advantages don’t last forever.

Digital winners act differently and ask different questions. Digital and brick and mortar have become one; the very best brands and operators eliminate buying friction, which is why the price is less important to their customers. They measure digital traffic and awareness but it’s all about converting the right customers. Omni-channel customers spend 4 to 6 times more than store-only consumers.

Our most recent Digital Disruption Summit included ideas shared by Google, Facebook, IBM Watson, Bain, Kantar, One Click Retail, and L2 (Division of Gartner). I want to share 30 growth ideas from this special summit.

• How to win today: hire “Hackers, Hipsters, and Hustlers.” Embrace outsiders.


• Quit benchmarking brick and mortar brands; the new standard is “digitally-only” brands.


• When you are competing against an algorithm, your advantage is “your humanity & your soul.”


• Value is transient; we must constantly reinvent our current advantages.


• Organizations today must embrace a “Start-up Mindset” to maintain an advantage.


• Does your organization struggle with a “Gap in Imagination” or is it a problem with EXECUTION?


• Move from “Business Plans” to “Roadmaps”; Be adaptable & address changes in context.


• If you are unable to “flex,” you are operating with a competitive disadvantage.


• Leaders must be astute at asking better questions to help their organizations get “unstuck.”


• Does your brand tell emotional stories that inspire others to act? Facts don’t compel, stories do.


• What new services should you be selling that support your tangible products?


• Is your brand creating memories that last?


• Perfection kills. Think Progress, not perfection in all aspects of your business.


• We have an 8-second attention span. Are you grabbing other’s attention quickly enough?


• Agility and speed are not options; they are requirements in this new world.


• 84 percent of the world doesn’t use an iPhone. How does your brand show up on an Android?


• Currently, 20 percent of search is activated by voice. Are you keeping up?


• More than 80 percent of millennials EXPECT personalized offers.


• Who are you looking to for inspiration outside of your business segment?


• Your brand website is still your #1 brand advocate and is the most persuasive influencer.


• Which competitors should you think about partnering with today?


• “Search effectiveness” will drive the next group of brand winners.


• B-to-B is still about one idea: “Can I Trust You?”


• Winning the top 6 U.S. cities means winning the 4th largest economy in the world.


• Build a human-centric, understanding culture. Focus on people’s internal needs, not consumers.


• Create a learning-obsessed organization, allowing you to “out-think” and “out-listen” others.


• Currently 79% of consumers would rather learn through video.


• The Five P’s (Price, Product, Page, Promotion, Placement) leads to Performance (6th P).


• The digital shelf: 90 percent of purchases begin with search; over 80 percent of clicks stay on first page, with 64 percent of the clicks on the top 3 items.


• According to Bain, there are 36 elements to create value in the B2B world. Intangibles such as social responsibility, design, esthetics, reputational assurance, vision, reduced anxiety, flexibility, expertise and other valuable intangibles are how we win the price game.


• Are we trying to sell them something or are we trying to listen intently to help them?

You can’t ignore the new rules. Learn to embrace the act of reimagining everything. Organizations need a wider lens, so they don’t miss new opportunities or partners. Embrace the excitement and ambiguity of the moment.

Digital Darwinism means technology & society are evolving faster than we can all adapt. Are you comfortable being uncomfortable?

To learn more about Mack Elevation’s coaching, consulting, training and leadership events visit www.mackelevationforum.com.