In our June digital transformation webinar, digital transformation guru and Googler Joris Merks-Benjaminsen asked attendees if their organisation gave them the freedom to invest in big future bets.
'Nearly 80% said no,' Joris explains. This is really common.'
'The bigger companies become, the more people are steered by KPIs, the human aspect falls away and you become disconnected from your consumer. This is what happens a lot: companies get stuck on certain sticking points on digital transformation and innovation because they expect that same measurability as e-commerce.'
Consumers are striding ahead of companies
'Companies are structurally behind their consumers who are digitising faster - and one of the reasons for that is company leaders often think that when things becomes digital everything becomes measureable. This is because of where digital often originated in those companies - the e-commerce department, which is all about finding people who already have purchase intent and getting them to convert as quickly as possible. If you focus around that moment of purchase nearly everything is measurable there.'
But when companies branch out and transform their broader marketing strategy and organisation as a whole, they enter more tricky terrain where digita becomes harder to track.
'This is how focusing on easily measurable KPIs around reach messaging and CPA becomes more important that doing the right thing for your consumers. And doing the right thing for your consumers is basically your long term business.'
Count on data, focus on talent
Watch the video to see Joris outline the 5 universal limitations of data - each of which are related to digital transformation challenges - and how to combat them and create an innovation culture that rewards entrepreneurship and risk-taking.
Find out more about how Squared Online can build your team's digital capabilities: download the brochure to read about the course and the Squared experience.