Marketers: We are are setting the wrong goals for our digital strategy.
Your transformation will fail if you don't aim for simultaneous customer and company value creation. Here are three common mistakes with digital transformation.
1. Maximizing Company Value at all costs: If you focus only on company, value you impose a change on your customer. At best, customers will use your new digital channels begrudgingly, or, at worst, struggle to adapt forcing your sales team to become unwilling customer IT support.
2. Focusing ONLY on Customer Value: Your customers may rave about the change! But if later you conclude that the new channels have low impact on your KPIs, you are in a bad situation. Take back the nice thing you have given, and you'll have a riot on your hands. The change has become ingrained.
3. Not creating any value: This happens too often when a project pursues technology for techology's sake. Consideration for improving KPI and customer experience are ignored, no value is created, and customers are resigned to the status quo. What a poor investment of resources!
Instead, make sure that your digital transformation expects increasing company and customer value!
Start there, and your strategy is on the right track!