In the latest edition of TheCustomer QT: Taking comfort in failed digital transformation (you’re not alone), Chances are you’re probably not compliant with CCPA regs, Running faster to keep up with Gen-Zers, and some solid advice from Jeff Bezos.
Happy skimming.
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DIGITAL TRANSFORMATION
The Importance of Culture in Enhancing Customer Satisfaction
Quick-Take: McKinsey & Company, reveals that the COVID-19 crisis has leapfrogged how brands interact with their customers by three years globally and are accelerating digital transformation by seven years. Culture is changing at a rapid rate, and everything is geared towards customer satisfaction.
Digital Transformation Is an Ongoing Journey
Quick-Take: Digital transformation is one of those topics that everyone talks about, but nobody really knows how to do it. Complex change programs are a slow and grueling process, and they suffer from miserable success rates. Analysts report that more than 70% of initiatives fail.
The Unintended Consequences of Digital Transformation
Quick-Take: Although this change requires us to re-evaluate the role of the manager in modern organisations, in reality, digital transformation is returning management to its roots. Management was never meant to be an aggregation point for reporting – it is about generating value by getting the best from people through encouragement, inspiration and the enablement of teams.
DATA & PRIVACY
What We’ve Learned from a Year of CCPA
Quick-Take: “It seems like the problem is that the tools don’t necessarily cover the totality of what a given site might do with your personal information, and CCPA requires a clear opt out from everything for every site,” said Nicole Perrin, eMarketer principal analyst at Insider Intelligence.
Essentially, they don’t provide a truly blanket opt-out. That didn’t fly with the OAG, which ruled that publishers have to provide their own “Do Not Sell My Personal Information” link on their sites.
DATA & ETHICS
The Fallacy of Fintech Ethics
Quick-Take: Ethics is Like Porn—You Know It When You See It. And, generally speaking, there are a number of things you see when you think you’re seeing it, including fairness, transparency, and compassion. The prevalent use of AI among fintechs threatens the fairness and transparency aspects of the equation.
CUSTOMER ENGAGEMENT
Looking at Customer Experience Differently
Quick-Take: Empathy is the gift in innovation that opens up possibilities, delivering surprising insights. This is the gift of understanding other people’s point of view, seeing their world differently, and feeling their experiences from their perspective. Empathy can be switched on using tools such as personas, customer journey stories and employing methods such as first-hand customer conversations, co-creation, prototyping or role-playing and has the potential to benefit not just a few customers, but customer experiences ‘for all’.
Optimising Customer Engagement in an Evolving World
Quick-Take: According to the Braze 2021 Global Customer Engagement Review, 60% of marketing decision-makers report that customer engagement is one of the top three areas they plan to invest in. However, while great ROI is achievable if customer engagement is done right, 74% still worry that their customer engagement metrics aren’t translating into tangible business outcomes.
CMOs Struggle to Communicate Insights to Executive Teams
Quick-Take: About two-thirds (65%) of the CMOs and VP-level marketing executives surveyed say that one of the top 3 challenges they face when preparing presentations for their executive teams on marketing activities and outcomes is simplifying the detailed operational data their team provides into meaningful insights.
DTC
Back in Trend
Quick-Take: The most successful DTC strategy does not start with an e-commerce solution and retrospectively fashion a website around it. A successful DTC strategy sells its brand just as rigorously as its products. While the e-commerce solution is often just one of many potential revenue streams, the company website is the brand headquarters.
CUSTOMER EXPERIENCE
How CIOs Can Enable a Best-In-Class CX
Quick-Take: If you thought millennials were impossible to please, wait for Gen Zers. Recent surveys suggest that customers of the 21st century simply don’t tolerate digital latency. They don’t mind paying extra for a better experience and don’t take long to walk away when they don’t get it. UX is only one of many pieces of the CX puzzle.
IF YOU ONLY REMEMBER ONE THING FROM TODAY’S QT …
Forget Digital Transformation – Just Become Digital
Quick-Take: “The only sustainable advantage you can have over others is agility, that’s it. Because nothing else is sustainable, everything else you create, somebody else will replicate.”
Photo by Johan Mouchet on Unsplash.
