– Brand Power, Brand Equity and Business Effectiveness
One of the biggest brand risks that businesses face currently is that of falling behind competitors, simply because of digital deficits. Mitigating these risks is a big part of three primary reasons for digital transformation – to increase brand power and equity and optimise your business’s effectiveness.
You know as a business owner or CEO that digital transformation is a trend you can’t stay in the wake of or let pass you by.
Digital Transformation refers to the key technological and digital innovation and improvements applied to the processes, toolsets of your business and the capability of your staff that allows your company to transform the ways of working within your organisation. By exploiting advances in digital technology integrations that facilitate collaboration, communication (including channels) and expedite delivery of your offering, your company can better identify and serve its target audience.
It’s instructive that transformation is disruptive and revolutionary when considered against the necessary incremental change your business is engaged in daily through adopting new tools for example. It’s a step change, perhaps even a paradigm shift for your organisation. It touches on everything in your business and may create significant upheaval. Consequently, careful and considered management of the process is critical.
It takes bravery, vision and a great strategy.
Digital Transformation embodies the intersection of innovation, technology and communications, where there are great opportunities for transformation, capability growth and greater visibility and influence of your brand.
Like many in senior management, you may be struggling to define what your strategy should be. If like many directors or board members, you haven’t made the connection yet between building a stronger brand and implementing digital transformation, you are in good company, so it’s helpful to know that differentiating your brand and sustaining brand equity are served by digital transformation.
The digital transformation journey, like any transformation, can be perilous. Keeping in constant view the reasons for digital transformation and driving strategy from that perspective builds in a brand strategy alignment to your overall transformation strategy and plans.
It requires you to consider your entire environment and make tough decisions about what may need to change, in order to better grasp the nettle of digital capabilities. For e.g. Will your delivery model need to be adapted to your still waterfall delivery environment and should you jump straight to implementing an agile environment?
Many companies have yet to start their digital transformation process, but the strategy will really define who the winners will be.
Align any transformation strategy to your brand mission and imperatives. Digital transformation should be a part of building and differentiating your brand and all it entails – delivery and customer experience. In line with the reasons for digital transformation, many of which revolve around continuing to build a resonant brand, customer requirements should drive initiatives.
These are ultimately the factors that a transformation exercise should improve as they directly relate to not only an increase in revenue but also in reputation and customer advocacy. In the age of social media, advocacy is gold, and it is born of love and loyalty that only the customer experiences your business delivers can engender.
With regard to the brand connection, it helps to remember what goes on within your business is just as important as how your brand looks and is perceived.
Your transformations should focus on how you can a) better serve your customer b) give them a better product/service and experience c) and by doing the forgoing, differentiate your company consistently.
It can seem overwhelming but the nature of managing projects successfully is to break deliverables down to make them easier to deliver, and similarly, it’s sensible to break down the process bit by bit.
Taking the difficult and operational decision to embark on a Digital Transformation programme is a brand strategy imperative. It will help to position your business to compete better, collaborate smarter and communicate with customers. It will also enable your company to mine and deploy data insights, critical for designing a sustainable customer experience (CX).