Digital Transformation Didn’t Work: This Is What You Should Do Now.
Experts estimate that companies wasted around $900 billion in 2018 on failed digital transformation projects. Nevertheless, organizations have spent upward of $2 trillion (with a t) on digital transformations in 2020. How do we know that this is not just a big waste of time and money this time around?
This episode of The Intuitive Customer hosts guest presenter Zhecho Dobrev, Principal Consultant for Beyond Philosophy, and our lead for digital transformation consultations. Dobrev shares what is working well, what isn’t, and what organizations should do to improve their experiences.
Key Ideas to Improve Your Customer Experience
One of the reasons digital transformations are so unsuccessful has to do with preconceived notions of what a company needs to do before they know for sure. Moreover, many organizations do not understand what drives value for customers, even though they think they do. Understanding the Value Drivers for customers in online or digital experiences is essential to success, much like it is with the rest of the Customer Experiences people have with you. Digital transformation success requires you to recognize the moments in your online experience that drive or destroy value for you.
Here are some highlights of the discussion:
- 03:58 – Zhecho explains how Customer Experience and digital transformation trends have stagnated over the past five years.
- 09:52 – Zhecho explains the main problem with digital transformation is preconceived ideas of what needs to be done without understanding what drives value.
- 13:58 – Zhecho explains what four-category value drivers are for digital transformation, which include Economic, Functional, Experiential, and Symbolic Value.
- 26:29 – We discuss the key takeaways from this research, including the importance of defining which of these categories drives the most value for your organization.
- 28: 33– Dobrev explains that the next most crucial thing is to determine what experiences can be digital and what should remain human-controlled.
- 30:24 – We explain the recommended actions that every organization should do with their digital transformation to set themselves up for success.
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Customer Experience Information & Resources
LinkedIn recognizes Colin Shaw as one of the ‘World’s Top 150 Business Influencers.’ As a result, he has 289,000 followers of his work. Shaw is Founder and CEO of Beyond Philosophy LLC, which helps organizations unlock growth by discovering customers’ hidden, unmet needs that drive value ($). The Financial Times selected Beyond Philosophy LLC as one of the best management consultancies for the last two years. Follow Colin on Linkedin and Twitter.
Click here to learn more about Professor Ryan Hamilton of Emory University.
Why Customers Buy: As an official “Influencer” on LinkedIn, Colin writes a regular newsletter on all things Customer Experience. Click here to join the other 22,000 subscribers.
Experience Health Check: You already have an experience, even if you weren’t deliberate about it. Our Experience Health Check can help you understand what you have today. Colin or one of our team can assess your digital or physical Customer Experience, interacting with your organization as a customer to define what is good and what needs improving. Then, they will provide a list of recommendations for critical next steps for your organization. Click here to learn more.
How can we help?
Click here to learn more about Beyond Philosophy’s Suite of Services.