The Three Keys To Transform Your Company Digital
Digital transformation means a lot of things to different people. In its simplest form, it is the ongoing pursuit of achieving the highest levels of scale, efficiency, innovation and profit using data and technology.
In the context of strategy and operations, I have found three keys to effective digital marketing transformation.
1. Organization
Change is frustrating, and it can seem inefficient at first. Digital transformations are designed to alter company culture as well as many long-standing strategies, processes and tools.
Organizational challenges are often the biggest hurdles. Adopting the requisite technology or data is the easy part. You can only do those things, however, if everyone is equally willing to commit themselves to a shared vision -- even if it means sacrificing their current operating models.
2. Channel Management
An important step for any marketing team that’s undertaking a digital transformation is to rethink its channel management strategy -- not who is managing each marketing channel, but how those channels are working together. One of the most pervasive issues that can diminish your marketing return on investment (ROI) is the lack of cross-channel optimization. This requires some changes in your cross-channel processes.
In the pre-digital era, a fully integrated marketing strategy might transpire like so:
? Marketing researchers uncover insights.
? The creative director pitches a campaign idea.
? The media team develops a mixed-media plan.
? The creative team produces assets for each media type (TV, radio, etc.).
? The media buying team negotiates rates and placements.
? The campaign goes live across all media channels, resulting in a connected experience across all media touch points.
? Sales go up.
? The client is happy.
Properly Managing Your Digital Channels
If all you look at is last-touch attribution when analyzing your sales performance, you may think the best converting channels are paid search and display retargeting. These channels do well in terms of converting new customers because they’re typically focused on the bottom of the funnel -- the stage of the customer journey when people are most primed to shop or buy something.
We easily forget that the bottom-of-funnel marketing tactics can only perform when there’s a funnel to begin with. Search engine optimization (SEO), content marketing, social -- those are the channels that develop your top-of-funnel audience.
The most important goal for any marketing organization is to grow and manage its audience. It all begins and ends with this body of data.
3. Technology
You can build (and define) your audience through every conceivable customer touch point and save this information using a data management platform (DMP). The DMP can store several bits of information about your audience, including email addresses, purchase statuses and every marketing channel they have interacted with over time.
Who takes credit for the purchase of the flight to Paris? Which media channel(s) deserves credit for saving your organization the unspent media dollars that could have been wasted on this traveler if he or she was served your ad?
Obviously, this is a trick question.
This is an example of marketing success that can be attributed to all the digital channels working together, made possible by technology.
Digital marketing transformation never ends, but correctly executing these three keys will help transform your team members to become pioneers of change and innovation. Your internal processes become streamlined, and your capacity to adopt technology and change your organization around its abilities will give your business a distinct advantage over your competition.
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