8 November 2019IN MY OPINIONTransformation is happening everywhere. If you are at all familiar with Jeffery Star Cosmetics or any of the popular social influencers who now sell product lines in major stores, or directly to consumers, you will realize we're far from the days where Revlon and other major brands ruled marketshares. If you can't relate to cosmetics, you needn't look further than your dinner plate to realize that even your rice has been transformed into cauliflower. And if you can't relate to that, don't worry, you aren't missing much. I recently spoke at Mar Tech West in San Jose, California, about today's transformation of the data dimension, which is primarily digital in nature. "The world is moving, and a company that contents itself with present accomplishments soon falls behind." Ironically, this great quote comes from George Eastman, founder of Kodak. We all know what happened there. Kodak is probably one of the most studied cases of a company "missing the signals" to adapt to a changing customer environment. From Kodak to Glossier, we see the business landscape change dramatically with customers becoming the stakeholders. Emily Weiss, the founder of Glossier, is Silicon Valley's newest unicorn. Her company has received over $100M dollars in venture capital funding, is valued at $1.2B, and is paving the way with its direct-to-customer model. Today, transforming a company usually involves a strong digital component.Digital transformation can be defined as a company's ability to notice, evolve, and pivot to the changing business landscape by altering its processes, business models, and competencies leveraging digital technologies. Today's digital technologies are rooted in intimate abilities to track and understand customer behavior to help brands understand where they are and aren't meeting customer needs. Yet, "Even digitally savvy industries, such as high tech, media, and telecom, are struggling. Among these industries, the success rate does not exceed 26 percent", as noted in a McKinsey report on digital transformation success. Digital transformation success relies on three critical areas: organization design, data collection, and tools. During transformation, data can reveal leading and lagging indicators in your business. Choosing to create a strategy based on this data is critical to your company's short and long-term success. At Autodesk, we experimented with two tests where we looked at data surrounding leading indicators in our business that indicated consumer confusion. Latency statistics and purchase funnel data (how long it takes for a customer to make a purchase) play critical roles in observing where your digital messaging strategy may be weak. Based on our data we decided to test out a few theories around two leading indicators we identified as areas that could lead to double-digit business growth, if improved. Leading Indicator: Purchase Cycle of 68 DaysPathing analysis showed us the purchase cycle for one of our products was 68 days which is a great data point that showed us customers were still confused about our offerings, or had additional questions, causing them to stay too long in the "consideration" phase of the purchase funnel. Pairing up with a web development lead, we crafted a chat bot that gave customers the information they needed based on past data we had analyzed. This helped us increase time spent on page by 109% and accelerated purchase conversions by four times. You can read more about it here.Today's digital technologies are rooted in intimate abilities to track and understand customer behavior to help brands understand where they are and aren't meeting customer needs. Yet, "Even digitally savvy industries, such as high tech, media, and telecom, are strugglingThe Customer Data Platform (CDP) &The Data Dimension of Digital TransformationBy Siara Nazir, Head of Digital Marketing, AutodeskSiara Nazir
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