Disruption is no longer disruptive — it’s normal. Disruptors are unencumbered by traditional ways of doing business, “legacy issues,” technology, and cultures. They are open to new ways of thinking about experience, delighting customers, leveraging sophisticated technologies, and just doing business. And, consumers are clamouring to adopt behaviours that were once unimaginable, with their frenetic, hyper-adoption enabling nouveau technologies and adding fuel to the already blazing disruption fire.
This is the new reality in the age of the customer. Early on, the stages of this shift signaled what success and risk would look like, and how the new norms would inevitably avail us. The first signals intimated that the shift would change our economy, our industries, and the very nature of how businesses would work. But we are now well beyond these initial stages. In today’s reality, companies are challenged to progress from accepting these new market fundamentals to driving the bona fide and profound change required to compete and win.
And, digital tinkering is a fatal strategy. Innovation spend is climbing, digital talent is a hot commodity, and a new breed of digitally savvy players are emerging. Now is the time for transformation. Simply decorating your business with lightweight digital fluff and frilly useless tools – instead of harmonizing virtual and human experiences to enable the rapid shift that will meet the behaviour of your customers – might very well signal the end. So drop the inconsequential focus on shiny, front-end digital objects – these only take the place of the real, critical work needed to break down the institutional, organizational, and cultural barriers that can accelerate digital journeys and create new sustainable futures.
The brands that understand this and accept these new terms of engagement will animate their most powerful points of differentiation – ability to scale, grip on market share, expansive footprint, access to capital, and exploitation of massive amounts of customer data – to fight back at the speed of consumers and disruptors. They will vitally change the velocity of their business, peeling off cumbersome processes for agile, lean and nimble ones that can work at the new pace of change.
The brands that lag behind, hold on to legacy business practices and respond inadequately to market threats, will witness a perilous gap between themselves and their hyper-adoptive customers. Almost all will experience accelerated churn, and many will begin the slow process of failing.
Michael Chase, CMO
St. Joseph Communications
RIPPED FROM THE HEADLINES – TAKEN FROM A VARIETY OF SOURCES, INCLUDING FORRESTER 2015
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