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How Digital Disruption Is Changing My Industry

Transformation has to challenge customer strategy, product innovation and the enterprise itself.

There is no doubt that “digital disruption” is the newest digital buzzword. Eight or nine years ago, we heard about “digital strategy” and then it shifted to “digital transformation,” but it seemed only a few industries were dipping their toes in the water. Industries like consumer goods, healthcare, media and travel made efforts to become more digital as their customer base became more tech-savvy. And many of these companies realized tangible business benefits by embracing emerging technologies.

Yet, for the most part, companies were slow to act in a significant way toward the development of digital strategies. There was a bit of a waiting game as companies stayed on the sidelines and watched who in their industry would “fail fast” first. Yes, some CIOs, CMOs and other early movers experimented or piloted shifts, but the potential of digital was a novelty in the boardroom – something that perhaps felt inevitable, but still unproven.

“Companies can no longer sit on the sidelines, waiting for the right time to pull the trigger on a digital strategy.”

Today, virtually all industries, including “old economy” ones such as aviation, chemicals, energy, logistics and manufacturing are not only being disrupted by digital, but forced into digital because of COVID-19. Companies can no longer sit on the sidelines, waiting for the right time to pull the trigger on a digital strategy.

The Digital Disruption

Digital disruption has become widespread, affecting every aspect of business from customer behavior and leadership behaviors to supply chains and marketing department organization. Specifically, we see massive, digital-driven breakthroughs happening across four fronts:

1. Consumers and consumer behavior

Organizing customer data, insights and analytics was listed as the third most important initiative for organizations undergoing digital transformation. Consumers across every demographic, geography and psychographic have become more digital, which has shifted both their expectations and behaviors. More and more offline or physical transactions are shifting online, so the available transactional and behavioral data is growing, building an ever-richer view of the customer. Given the shifts away from in-store shopping, it makes sense that “The 2020 State of Digital Transformation” report revealed retailers to be the most focused on increasing profitable growth from existing customers (36%) and better understanding the customer journey (33%).

2. Product and service innovation

Digital technology has made it possible for companies to rewrite the rules around value creation and drive changes in industry models. Clients across categories, including our client MMRF and AXA, have built deeper customer relationships with digital.

Value proposition principles have been redefined. Not only is what we make new, but so is how we make it, the speed at which we make it, and who we make it. As these elements change, so does the value they can create for the enterprise.

3. Major enterprise processes and capabilities

According to “The State of Digital Transformation” report, the overall top driver of digital transformation today, is to “Increase productivity to streamline operations.” Even for traditional “non-digital” businesses, we’re seeing processes across the enterprise — from marketing and manufacturing to human resources and the back office — become enabled, and even reimagined through technology. Automation frees up heads and hands for new tasks, but also requires new skills and culture building.

That said, while COVID-19 has caused the need for digital transformation, nearly half of respondents (41%) felt their organization’s digital transformations were handicapped due to budget cuts resulting from the pandemic. As businesses attempt to navigate the post-COVID market and world ahead, digital transformation should be at the forefront of their strategy. And how companies evolve their culture and capabilities around digital will be the difference between fast-movers and laggards.

How Industries Can Evolve With a Sound Digital Transformation Strategy

Digital transformation has never been more urgent for businesses.. There are higher expectations from customers, employees and the market. Companies today must have a broader set of solutions that will set them on the path to growth.

A successful digital transformation strategy will help a business become what we call an ‘Evolved Enterprise.’ An Evolved Enterprise possesses a wide and deep view of its customer, reframes a broader ambition and then uses digital to transform key pillars of its business – resulting in faster growth, better performance, larger impact and higher valuation.

 A Digital Transformation Strategy Should Focus on These Three Functional Areas:

1. Strategic marketing and customer strategy

Employ digital technologies to enhance the way you build and manage your brand, develop data-driven decision-making and engage your customers.

2. Product and service innovation

Harness digital technologies to develop transformative customer experiences and new products and services (or reimagine existing ones) that will fuel new growth.

3. The enterprise itself

Design new revenue models, create new ecosystems with partners, employ agile and effective processes, and build the culture and capabilities needed to deliver growth in this new era. Transformation on the outside requires evolution on the inside. Altimeter’s 2020 report covers many of these talent and skillset challenges.

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These are exciting times. It takes courage and ambition to design a digital transformation strategy with the aim of creating a breakthrough for the customer and your brand. But disruption is not the enemy or the threat. It’s a reality to embrace in order to survive and thrive.

Is it time for your company to get off the sideline and transform digitally? Contact Prophet to learn how we can help your organization develop a successful digital transformation strategy.

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7 Steps to Building a Digital Marketing Strategy

Understanding your target and setting goals are important. So is clarifying what you need to get there.

Digital has become increasingly integrated into who an organization is, what it does and how it grows. As a result, a digital transformation strategy becomes more interwoven in a company’s marketing approach. However, even in these digital times, it would be a mistake to not also plan for digital as its own separate entity.

While all marketing has a digital layer, all-digital encompasses more than just what’s apparent in traditional marketing. For this reason, we’ve put together a complete guide to building a powerful digital marketing strategy in 2020. We’ll cover what digital marketing is, its key elements and how to get started.

What is Digital Marketing Strategy?

Digital marketing strategy defines how a company can achieve its business objectives using digital channels, platforms and thinking. It asserts clear targets, prioritizes audiences, recognizes customer needs and behaviors, and details channel use and platform requirements. Put simply, it sets out how you plan and use digital to remain relentlessly relevant.

“All-digital encompasses more than just what’s apparent in traditional marketing.”

Intersections of digital marketing exist not only within branding and CRM but also in user experience (UX), customer experience (CX) and customer care as well:

  • Artificial Intelligence (AI) and the Internet of Things (IoT) embed the brand into our product experience.
  • Content strategy includes not only traditional marketing assets, but all content that can be levers for growth.
  • Digital innovation is creating new services, products and experiences – things actually worth marketing.

How to Create an Effective Digital Marketing Strategy

In our work with clients across industries and markets, we’ve identified the seven steps needed to form a modern digital marketing strategy.

1. Determine the Potential

The status quo has changed and digital is imperative to be current, competitive and attractive in the market. On which channels are your customers engaging with you? What are your competitors doing to be transformative in digital? How discoverable is your brand and how many inbound leads have been converted to sales? If you don’t know, you’re probably already behind.

2. Define the Role of Digital Marketing

How does digital marketing contribute to the business? This shouldn’t be a laundry list of marketing objectives, but instead a deliberate vision and series of intentional choices that indicates what digital marketing can and should do for the organization.

Ensure that you recognize the relationship digital marketing has with related elements in your ecosystem, which often include: brand, data, marketing, content, CX, UX, CRM, support/customer care, product innovation and media. By simply writing out what is at stake and which opportunities are available, you can quickly clarify your focus. Based on this assessment, you can then develop key performance indicators (KPIs) that clearly communicate to your executive team how digital is impacting the business.

3. Understand Your Target Audiences

Create robust digital profiles (what they want, how they behave, how to engage with them and with whom else they interact), map the customer journey in detail and identify value exchanges all along with it. These profiles often start with traditional segmentation, but you need to go steps further to recognize behaviors, interactions and content, functionality and experience needs.

With many clients, especially in B2B, digital profiles aren’t necessarily built around precisely who the customers are, but rather which objectives the target audience is trying to solve. Goals versus roles. Doing this early on keeps you cognizant of customer needs and allows you to match your objectives to meet them.

4. Take a Multi-Channel Approach

Create a modern channel strategy by taking advantage of and activating key channels like search, web, social and email. Specific platforms and touchpoints may beg for unique ‘channel charters’, identify how to best use them for the brand and the business, and what’s needed internally to pull it off.

  • View social as a sales driver, not just a media or customer care channel. How can social be used to meet your business objectives?
  • Be clear about search. Can incorporating organic or paid search engine optimization (SEO) help build brand credibility, drive web traffic or fend off competitors?
  • Think fresh about web. Is your website positioned to attract, obtain and convert leads?
  • Do you nurture former, existing or potential clients effectively using email or marketing automation platforms.

5. Identify the Resources Needed

Use all of the information charted above to determine what you need to execute against this strategy – include headcount, budget and your marketing technology system (platforms, APIs, services and data integration points). As Mayur Gupta of Spotify said, “Technology is the interface of marketing” and “the pipes connecting the different pieces together.”

Governance is crucial – build guidelines and playbooks for people (roles, responsibilities and skills), processes and tools. Many companies don’t pay enough attention to governance, yet it’s needed so people know their role and how they contribute to the success of the program. Plus, if you’re a global or complex organization, you’ll need to establish “market types” to help local leaders see where they are and understand what’s needed to grow in a new direction.

6. Create a Roadmap for Execution

Organize and prioritize initiatives into a roadmap that takes you from strategy to execution, even if it’s paced and phased over six, twelve and 24 months. Don’t be too slow or too cautious, don’t wait for annual planning cycles; be ready and agile with alternative scenarios available. Organizational digital transformation may take time, but marketing should be the nimblest driver and ready to act on available opportunities.

7. Support Your Digital Transformation Strategy

Identify how digital marketing can go beyond doing its day job efficiently and act as a powerful lever in this new era of digital transformation. It could be by using creativity in storytelling, innovating digital services or allowing the customer voice to influence media spend, uncover engagement opportunities and discover new audiences. Embracing digital in your marketing function can serve as a catalyst internally, as your culture becomes more comfortable and emboldened by the opportunities of digital transformation.

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Constructing a digital marketing strategy that includes all seven of these components will allow your digital team—and the executive suite—to have a clear understanding of how digital can impact your business, plans for how to best do so and appropriate measures in place to benchmark and assess the effectiveness of your efforts.

If digital is a priority in your organization, as it should be, you’re likely going to need some experts in strategy and execution to assist with creating your digital strategy, identifying opportunities for digital disruption or driving digital transformation in your organization.

Contact our team and learn how we can help jumpstart your digital transformation journey.

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“Strategic Workforce Planning in the Digital Age” presented by Prophet & Orgvue

Amid current hiring and retention challenges, it’s time to lean deeper into truly strategic workforce planning.

49 min

Watch the webinar replay for advice on how to advance your talent and capabilities strategy by implementing truly strategic workforce planning. This was a partnered webinar with orgvue, the leading strategic workforce planning solutions firm.

If you’ve had to reset your workforce assumptions and want to learn how to capture competitive advantage from new talent scenarios then our Organization & Culture experts can help. Get in touch.

REPORT

The 2020 State of Digital Transformation in Southeast Asia

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Accelerating Digital Transformation to Drive Uncommon Growth

With the backdrop of the COVID-19 crisis, there is more pressure for digital transformation to perform than ever. Altimeter, a Prophet company surveyed more than 600 key executives about how they are pursuing digital transformation and the impact of the pandemic (see our global report “The 2020 State of Digital Transformation”), including 100 in Southeast Asia (SEA) across Singapore, Indonesia and Vietnam. The study reveals interesting differences between digital transformation effort and sentiment in SEA and the rest of the world.

While the rest of the world is becoming more risk-averse, SEA expresses optimism about the future outlook – in fact, a significantly higher number of companies have accelerated their digital transformation initiatives and are focused on growth.

There are five key takeaways regarding digital transformation in Southeast Asia:

  • Top drivers of digital transformation in SEA is more growth-oriented, focusing on improving efficiency to go after new markets and customers while adopting more agile and flexible operation.
  • SEA experiences less financial impact due to COVID-19 than the rest of the world, and they have accelerated investments in digital transformation, especially in marketing operations.
  • Budget cuts are less of a digital transformation challenge to SEA than rigid infrastructure, data quality, ROI articulation as well as digital literacy and expertise within the organization.
  • The focus of digital transformation investments in SEA leans towards connectivity, social and consumer platforms followed by AI & Analytics.
  • There is stronger leadership, culture and optimism of digital transformation in SEA thanks to the consistent and visible efforts driven by top executive in C-Suites, especially CEO & Board of Directors, and CDO

What are the opportunities and challenges for companies to accelerate digital transformation in Southeast Asia? Download the full report to learn more.

Connect with us to learn how Prophet can help you drive uncommon growth in Southeast Asia.

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Digital Transformation in China: Opportunities for Growth

Our research shows that while CEOs are great transformation leaders, they are less skillful communicators.

At the end of 2020, global companies know that digital transformation is a critical piece of moving their businesses forward. With the challenges brought by COVID-19 and other geopolitical factors, new opportunities and industry patterns have emerged. It is now imperative for companies in China to seize these opportunities and accelerate their digital transformation agendas.

“It is now imperative for companies in China to seize these opportunities and accelerate their digital transformation agendas.”

In our new report “The 2020 State of Digital Transformation,” Altimeter, a Prophet company. surveyed more than 600 executives, including 100 in China, about how they are pursuing digital transformation. The research revealed some distinct regional differences and highlighted the opportunities for companies in China to achieve uncommon growth. (Download the full China report here)

The State of Digital Transformation in China: Understanding the Driving Force

Digital transformation is a firm-wide agenda that requires a clear vision and commitment communicated from the top.

In China, digital transformation initiatives are mostly sponsored by the CEO, CMO and CIO/CTO. Together, these roles provide sponsorship for digital transformation in 83 percent of the Chinese companies. That differs from other regions, where a broader mix of leadership is typically in charge, including the Chief Digital or Chief Innovation Officer, as well as the Board of Directors.

Figure 1: Executive Sponsorship of Digital Transformation

“Which executive officially owns or sponsors the digital transformation initiative?”

Most notably, significantly more CEOs and CMOs in China are ultimately responsible for digital transformation, at 37 percent and 13 percent respectively, compared to 24 percent and 2 percent in the rest of the world.

But there’s a problem. While CEOs lead the charge and appreciate the strategic importance of digital transformation, they often fail to communicate those transformation initiatives are considered a top priority. And they don’t provide enough visible follow-through and strategic guidance.

Figure 2: How Digital Transformation is Driven by Leadership

“Which of these statements best describes the nature of executive leadership in your organization?”

Because they fail to articulate the vision adequately and don’t actively promote it, mixed signals can lead to confusion for employees and customers. Just 46 percent of the respondents in China say their executive leadership has made digital transformation a top-three priority, compared to 61 percent in the rest of the world. And 22 percent say their executive leadership doesn’t see digital transformation as a focus.

Top drivers of transformation in China: Building a more resilient and high-performance culture and operation.

The events of 2020 have changed the way the world looks at digital transformation. Instead of focusing on external drivers, such as finding new markets and customers, they are more driven by internal needs to focus on their operations.

Figure 3: The Top Drivers of Digital Transformation

“What are the key drivers of digital transformation within your organization? Select up to three.”

Chinese companies say that developing a better culture, with more collaboration and innovation, is now the leading digital transformation driver. It was named by 30 percent of Chinese executives, compared to 22 percent in the rest of the world. That is closely followed by increasing productivity (29%) and working in a more agile, flexible way (28%).

Companies here are also more sharply focused on building resilience to keep up with change and global disruption. Some 21 percent of Chinese executives say they are looking for an increased ability to comply with new regulatory standards, compared to 14 percent of the rest of the world. And 20 percent hope to become more resilient to disruption, versus 16 percent. Notably, more believe they can actively create a culture capable of handling that disruption, at 20 percent, versus 12 percent in other regions.

Advance the Transformation: Opportunities for Building Strength

We observed some distinct characteristics of how companies approach digital transformation and identified three opportunity areas they should focus on to move faster toward transformation goals:

Lean into the future by pursuing multiple technologies

Figure 4: Prioritized Technology Investments

“What are your top priorities for technology investments in 2020? Select up to five.”

Around the world, companies are heavily investing in the same five technologies: Cybersecurity, Cloud, Machine Learning and Artificial Intelligence, 5G and Internet of Things.

Although Chinese companies are investing in these technologies too, they are also more diversified, putting their eggs in far more baskets.

Continuing to invest in emerging technology – and hiring the talent that can best help leverage it – will build competitive advantages and enhance agility, enabling companies to move quickly into new directions.

Integrate more, collaborate better

Chinese companies are also behind other regions in their ability to get employees to collaborate.

Figure 5: Employee Collaboration and Engagement

“Which of these statements best describes how your organization is transforming employee collaboration and engagement?”

In China, just 24 percent of the respondents say their employees are connected throughout the organization, versus 32 percent in the rest of the world. And 38 percent of Chinese companies say that while workers frequently use employee platforms, digital engagement is still limited when working beyond the project team, compared to 27 percent of the rest of the world.

Figure 6: Success Metrics Across Functions

“How do you currently measure success across marketing, sales and service teams?”

Moreover, less than half (44%) of Chinese executives say their companies have aligned customer and revenue KPIs across marketing, sales and service teams. Yet 67 percent of those in the rest of the world have achieved this. As the report emphasizes, unifying metrics is an essential requirement for digital maturity.

Our experience substantiates that. While Chinese companies seem especially skillful at building and deploying highly effective project teams, they need broader collaboration across different functions to achieve maximum impact.

Double down on data

Chinese companies trail other regions in leveraging data as a core strategic component.

Figure 7: The Use of Data

“To what extent do you have clean and accessible data, clear processes, and organizational support for and discipline around data science in your organization?”

Only 38 percent say their company has succeeded in making data analytics a central capability, compared to more than half (51%) for the rest of the world. That means 62 percent still have the opportunity to expand and build their data capabilities.

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FINAL THOUGHTS

Beyond digitizing marketing and sales, digital maturity is also about strengthening organizational operations and driving innovation to increase revenue. That requires a new kind of leadership. CEOs and other leaders must become cheerleaders for digital progress.

Digital leaders can’t afford to lose sight of the need to invest in digital transformation, even when budgets tighten. While no one can predict future moments of opportunity, they will continue to come, creating digital leaders’ chances to further outperform digital laggards.

Download the full PDF report, or get in touch to learn more about how to advance your digital transformation in China to grow better.

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A 2021 Strategic Planning Guide for CMOs

Why it’s important to use this year’s planning to start a fresh agenda.

As challenging as 2020 has been for marketing executives, it’s also been an accelerator of change. Amid pandemic disruptions, many companies found ways to reset, making fundamental–and often overdue–changes in their marketing organizations.

Those resets have opened doors to opportunities. As we help our clients map out 2021 marketing plans, we see important new ways for marketing to continue to enhance and even transform its role in accelerating a company’s growth.

We see several shifts that present a rare opportunity to develop the kind of marketing organization many people have been aspiring to work in, and lead, for more than a decade. These changes are built into marketing plans now and will sharpen focus and create more impact in the year ahead, as well as serve as building blocks for long-term growth.

Important Focus Areas for CMOs Developing Their 2021 Marketing Plans

Blur the Lines of Marketing

The best CMOs understand that solutions lie beyond their own departments and functions. The first wave of alignment has traditionally been marketing and sales, and more recently, deeper coordination with corporate communications. Increasingly, we also see CMOs building into their marketing plans integration with experience, tech, digital and HR teams. That’s because a genuine cross-functional approach is no longer nice to have, it’s essential for growth. While marketing may have responsibility for its plan and budget, leaders must see how collaboration with other functions is critical to the company’s success.

Elevate the Insights Function to an Operating System

As adept as many companies have become with transactional customer analytics and data, CMOs are keenly aware that insights often lag behind the accelerated pace of change happening across industries. That means plans are always a few steps behind what’s going on with customers right now. The pandemic, especially, has triggered profound changes in people’s behavior, making the need for constant pulsing imperative. Marketing leaders need a system that combines transactional customer analytics with current insights on human, consumer and user attitudes and behaviors.

Develop New Digital-Selling Strategies

Marketers can add value in the long term through brand reputation building, but they also need to play the critical role of generating leads and demand. Luckily, sales teams aren’t just welcoming this change, they’re pleading for it. Unable to jump on planes or meet face-to-face, salespeople need new digital tools, content and tactics to nurture every step of the sale. While there has always been a desire to push marketing and sales together, the pandemic is realizing the true merge of these two functions.

“A genuine cross-functional approach is no longer nice to have, it’s essential for growth.”

And, while this is certainly true for direct-to-consumer sales, an even larger opportunity for marketing is in B2B transactions. These customers, who are also enthusiastic digital consumers, are hungry for seamless solutions to procurement problems. By helping sellers answer that call, marketing has a rare purview to transform the selling process.

Create a New Talent Strategy

Finding the right people to run these intensely cross-functional operations requires a new approach. CMOs need to hire people who can look inside marketing and beyond, quickly jumping into a sales or product or experience or a tech conversation. And it’s likely recruitment efforts won’t be enough, at least to answer 2021’s pressing needs. What gaps can be filled by hiring? Partnering with other organizations? Upskilling? Even an acquisition?

Build-in Quarterly True Ups

CMOs need to be lighter on their feet than ever. Plans must be dynamic, allowing companies to be more responsive to shifts in the market and adjust in real-time. And this flexibility needs to be embedded in the day-to-day fluctuations of the company’s core businesses. Thorough scenario and contingency planning are mandatory for each goal and objective to be ready and responsive, with closer tracking of brand and sales performance.  Dynamic planning, responding and acting will now become the new normal for marketing. At the same time, making smarter tradeoffs in the near-term will be part of the secret sauce for reframing marketing’s role in driving a long-term growth agenda.

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FINAL THOUGHTS

Marketing planning can traditionally be an optimization exercise. Improvements in last year’s plan, with tweaks and adjustments here and there. This coming year, especially now, it’s an opportunity to use the planning cycle as a moment in time to: set a fresh agenda, harness the digital acceleration already underway, reorganize around outcomes, re-energize your team and redefine what success can look like.

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CEO Perspectives: The 5 Most Pervasive Mistakes in Acquiring a Healthcare Startup

Acquiring small companies can open many doors for healthcare brands. Here’s how you can do it right.

Over the past three decades, acquisitions have shifted from acquiring for scale to acquiring for capabilities – often to accelerate digital transformation efforts. Prophet’s M&A team has noticed an unfortunate pattern of these new “acquisitions-for-capabilities” failing. This topic is often studied from the acquirer side, normally around the deal structure and integration management office (IMO).  However, less is understood from the side of the acquiree side, particularly the younger, smaller startups that are quickly picked up by large multi-billion-dollar enterprises.

I sat down with three leading CEOs in the startup space – Taylor McPartland of ScaleHealth, Lakshmi Shenoy of Embarc Collective and Jamey Edwards of Cloudbreak Health – to better understand both sides of a startup acquisition deal.

Based on our discussion, here are some of the more pervasive mistakes in acquiring a healthcare startup:

Mistake #1:  Thinking the startup views the acquisition as the finish line

As Jamey puts it, “Most people don’t realize that entrepreneurs view an exit as one chapter ending, and another beginning. But, it’s still the same book.”

Many founders want to see their vision continue to flourish and grow.  There is a misperception that founders are in it for a big payday, but that’s not always the case.  Particularly in healthcare, where most startups are mission-driven,  the acquisition is the beginning of something newer and better for the founder.

Lakshmi added, “Even if you’re not working 24/7 after the acquisition, as a founder, you’re thinking about your startup 24/7.  Founders need to consider whether they want to part ways and let someone else be the custodian of their vision.”  This is equally important for the acquiring enterprise to understand these intentions as well (beyond the contracted incentives).

Mistake #2:  Not being clear on the “why”

“You have a 50/50 chance in creating value from an acquisition,” Jamey explains.  “So, the ‘why’ is really important.”

The “why” often gets lost in the contentious negotiating phase, where each side is more focused on the price of the transaction, and little attention is paid toward life afterward.  As Taylor puts it, “One of the first pitfalls is that a lot of hope is put on the acquisition, and one way to mitigate that is to have a clear understanding of the purpose of the transaction.  Is it for the talent?  The culture?  Technology?  Market access?  Either way, the mission and intention of the acquisition need to be kept front-and-center.”

Mistake #3:  Letting process get in the way of problem-solving

Most multi-billion-dollar healthcare enterprises are not digitally native.  As a result, their heritage stems from scaling research (pharma), services (health systems) or engineering (med-devices). Hence their DNA is process and mastering and repeating that process.

“Most people don’t realize that entrepreneurs view an exit as one chapter ending, and another beginning. But, it’s still the same book.”

– Jamie Bradley Edwards

Process is often a good thing, but if not viewed with open eyes, it can accidentally become limiting. The intricacies of enterprise decision-making can be very foreign to a startup. As Jamey explains, “There’s a lot of enterprises that have been very successful being focused on the process.  If you go from getting decisions made in a week and it now takes a month, that is going to be very frustrating for development teams that are used to working in agile.”

Lakshmi highlights that process -in the worst cases – can push away great talent.  “You might have the right tech.  You might have the right people.  But the messiness occurs within the process.  If you are impeding the team’s ability to solve problems – which is what founders of startups do – that is a very fast way to demotivate them.”

Mistake #4:  Assuming the acquisition deal is understood throughout the entire organization

It’s important to recognize that a founder is often negotiating with the enterprise’s deal team.  Those individuals will often not be the people (s)he interacts with daily after the transaction.  More importantly, you’ll have dozens of people that need to gel and work together who are not part of the deal conversations at all.

As Lakshmi puts it, “You must think of the team members who are not in the room when promises are being made, as many did not necessarily join that startup to be part of a giant organization. It can challenge the many motivations as to why they do their job.”

Taylor added, “It can be hard to quantify what culture means but it really is the through-line that made the company attractive to begin with. If you’re not hyperconscious of the new culture you’ve created, you run the risk of alienating team members before you ever realize the value you hoped for.”

Mistake #5:  Letting perfect be the enemy of good

It’s important to know that larger enterprises have different risk tolerances than smaller ones.  According to Jamey, “Large organizations have existing cash cows that they want to protect that.”  And that risk-averse culture often weaves its way into excessive processes.  This in-turn begins to work against the agility of the acquired startup, and that agility is often the desired trait that the acquiring company wants to adopt.

He continues, “Founders start by doing a bunch of missionary selling with scrappy individual reach-outs, and over time that begins to morph into more tech, Salesforce CRM, SEO, etc…  And we’ve learned, as a startup, that perfect is the enemy of good.  Get something out there and continued to learn via continuous improvement.”

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Broadly speaking, everything comes down to alignment and empathy throughout both organizations.  It appears that when things go wrong, too much emphasis is on the “thing and processes.”  And when they go well, there is a strong connection through a shared purpose, an understanding of where each side thrives and a shared ambition around where they are collectively moving next.

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REPORT

The State of Digital Transformation in China: 2020 Report

CEOs here are more likely to have oversight of transformation. But they are worse at communicating about it.

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Advancing Digital Transformation to Grow Better in China

With the challenges brought by COVID-19 and other geopolitical factors, new opportunities and industry patterns have emerged. It is now imperative for companies in China to seize these opportunities and accelerate their digital transformation agenda.

In our new report The 2020 State of Digital Transformation, Altimeter, a Prophet company, surveyed more than 600 executives, including 100 in China, about how they are pursuing digital transformation. The research revealed some distinct regional differences and highlighted the opportunities for companies in China to achieve uncommon growth.

What you will learn in this report:

  • Significantly more Chinese CEOs understand they are ultimately responsible for digital transformation compared to the rest of the world.
  • Yet CEOs in China often fail to communicate transformation as a top priority and don’t provide enough strategic guidance.
  • The top drivers of digital transformation in China are to build a more resilient and high-performance culture and operation.
  • Compliance concerns, resistance to change and budget are the top three challenges of digital transformation.
  • While the rest of the world is committed to five main technologies, Chinese companies are more diversified by placing smaller bets in more types of tech.
  • There is still much work to be done for Chinese companies to allow better collaboration across all departments and functions.
  • Chinese companies still trail other regions in making data use a core strategic component.

Download the full report below.

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How to Effect Culture Change in Financial Services

By dialing up agility, empathy, inclusivity and curiosity, companies can inspire effective transformation.

Financial services companies have been pursuing transformation for years, but the events of 2020 have only underscored the need for these firms to rapidly evolve. In a few months, the world has achieved years of digital progress, shining an unflattering light on the many companies that lag. Many legacy financial services organizations, hierarchical and slow-moving, stand to lose as much as 35% of banking revenues to more tech-savvy rivals. That’s on top of an estimated $1 trillion in losses the sector may give up as a result of COVID-19.

Legacy companies are difficult to change by design. They were built for capital longevity and regulatory compliance, not agility and innovation. But they can’t afford to stand still. The ones that are making the most progress are moving forward at two speeds. First, they’re executing multiple plans at lightning pace to get teams and market positions back to “normal.”

But they’re also operating at a second speed, radically reimagining their future. They know that to survive, they have to innovate. And they have to create change throughout the entire organization – to transform, in the truest sense of the word. Prophet’s Catalysts in Action: Applying the Cultural Levers of Transformation report analyzes how companies around the world are achieving that transformation, identifying four essential pathways of change:

  • Defining the Transformation
  • Directing the Transformation
  • Enabling the Transformation
  • Motivating the Transformation

Here we dive deeper into each of these pathways with some industry examples:

Defining the Transformation: Driving Clarity

This step establishes a unifying ambition that is powerful and actionable, and that appeals to all levels of leadership.

We recently ran research with hundreds of leaders to study the cultural levers of transformation, including 100+ from financial services companies, who were more likely than average to say that their initial transformational efforts are proving effective.

But there are still roadblocks. Financial services companies often stumble when developing a transformation mission that is clear and actionable throughout the organization. It’s essential for leaders to get key stakeholders throughout the enterprise on board with the transformation plan in order for it to succeed.

Capital One, for example, has achieved extraordinary success by committing to a clear technology mandate. With a rallying cry of ingenuity, simplicity and humanity, the mission makes as much sense to thousands of software engineers and cloud executives as it does to customer-service representatives. Not only does Capital One excel among its peers, but its recruiting clout is on par with the best tech firms.

Directing the Transformation: Adapting the Operating Model

Financial companies, with their complex hierarchies and sprawling brand portfolios, often find that changing their operating model to support these ambitions is daunting. It involves overhauling governance, processes, roles, systems and tools. But these changes are essential: All parts of the organization need to line up with this leaner, faster thinking.

“Many legacy financial services organizations, hierarchical and slow-moving, stand to lose as much as 35% of banking revenues to more tech-savvy rivals.”

American Express offers an example of successfully directing the transformation. When it decided to shift its operating model away from relying on merchant fees to increasing card use, it re-engineered itself so that all functions could support the company’s new goals. That means decisions can be made quickly and laterally, without hierarchical delays.

But others struggle, in part because once a plan is prepared, executives are reluctant to share those roadmaps throughout the business. Our research finds that financial services companies tend to restrict these blueprints to the C-Suite – only 34% make it visible to the broader organization. That guarded attitude impedes financial-services companies from successfully adapting their operating models. Everyone needs to know where the company is headed in order to direct the transformation

Financial-services companies do have some advantages, though. Compared to other industries, they are more likely to update their roadmaps often, with 42% evaluating progress on a weekly basis compared to 31% in other industries. They’re also better at developing key performance indicators – 78% believe KPIs were well executed and measured transformation progress well.

Enabling the Transformation: Building a New Talent Model

None of these changes can take hold if the right people with the right skills aren’t in place. That requires shaking up methods of finding new talent and developing skills and competencies among current employees.

This includes hiring a diverse workforce and learning to listen to what they say. Leaders “who are inherently inclusive and collaborative and encourage good ideas to surface from wherever” are critical, says Mary Ann Villanueva, head of brand culture and engagement at Citi.

Our research finds that financial services companies are somewhat more willing to train and upskill employees than other sectors. One recent home run comes from JP Morgan’s $11 billion annual investment in tech, including an army of 50,000 technologists. That powered it to record results before the pandemic and continues to fuel the company’s exceptionally resilient performance so far this year.

Motivating the Transformation: Inspiring the Change

This aspect of change requires leaders throughout the organization to bring the transformation plan to life. In companies that are successfully transforming, executives don’t just talk about change – they exemplify it in ways that inspire employees to become evangelists for the new ways of working. Above all, they cultivate a tolerance for failure. Missteps are inevitable and failure is where an organization often finds opportunity. When teams fear failure, they seek broad consensus, which slows decision-making.

“We’re trying to enable employees to fail on small things, such as experiments in the innovation lab, to achieve success on the big targets,” Trung Vu Thanh, head of digital banking for MB Bank Vietnam, tells our research team. “We’re trying to push to the limit and use innovation, as more ideas will help.”

It’s hard to find a better example than USAA in this realm. USAA is best known for its intense focus on families and pride in military service. But its commitment to customer-centricity is so deeply ingrained into the test-and-learn culture that employees submit more than 10,000 customer-experience improvement ideas each year. Almost 900 are so good they’re patented. (And 25 of them came from a security guard, who – like all employees – is also a customer.) It’s an organization that draws its strength and energy from trying to find new ways to excel.

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Taken together, these four pathways – harnessing curiosity, agility, inclusivity and empathy – can help financial services companies navigate their transformation. They build deep cross-functional engagement and collaboration. When combined with a shared sense of purpose, they can follow the transformative path to uncommon growth.

If you want to learn more about how our expert team can help your company accelerate change by transforming from the inside out then contact us today. 

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Human or Abstract? Defining Your Conversational Brand Experience

Gender, name, visual identity and personality all factor into what a brand should sound like.

Consumers are becoming increasingly comfortable with voice technology. Digital assistants, whether chatbots or voice agents, can bring brands to life in new ways, adding personality, differentiation, warmth – and even humor. They can turn static digital experiences into dynamic conversations, deepening the connection between brands and their customers.

The Conversational Brand: Strategy for a Digital-First World report by Altimeter, Prophet’s research arm, outlines the key decisions to consider to bring a conversational experience to life. The report seeks to answer the following questions:

  • What is the role of the conversational experience in the broader brand portfolio?
  • How closely linked should it be to the master brand?
  • What use cases will it deliver on?
  • What benefits will it bring to its users and to the company?

If the goal of the conversational experience is owned by one product or channel, it may look and talk very differently than if its role is to represent the master brand and provide a connective thread across different touchpoints.

Human or Abstract: That Is the Question

First, one must decide how to design the persona –either human-like or abstract. The main factor that should influence this decision is the strategic intent of the conversational experience: is the goal to humanize the brand? To create a deeper relationship with customers? To stand out in the market with a relatable character? If the answer to these questions is yes, then a human-like persona may be preferred. If, on the other hand, the goal of the experience is to automate repetitive tasks, to increase the speed of transactions, or to simplify processes in the background, then an abstract persona may be preferred.

In practice…

When AXA asked Prophet to create a conversational experience, we aligned on some clear strategic objectives: deepen customer engagement while humanizing the AXA brand as it was making the shift from payer to partner. A human-like avatar made the most sense, and so Emma was born. We built Emma to become an empathetic navigator, helping customers easily navigate the journey – from accessing services and making claims to reviewing health information and checking symptoms.

“The experience is futuristic and high-tech to create a futuristic and high-tech identity.”

Choosing a human conversational identity is an approach other companies are finding success with, as well. For example, Microsoft recently announced that it would turn Xiaoice, its highly empathetic chatbot, into her own entity, paving the way for new licenses and ventures.

Microsoft has described this virtual teenager as “sometimes sweet, sometimes sassy and always streetwise.” She’s fond of joking with users, even offering encouraging advice on life and love. With 660 million users worldwide, Xiaoice works on multiple chat services and is trained on data that Microsoft gleaned through the Bing search engine.

In addition to its abstract Google Assistant, Google is developing Meena, a human-like avatar that observers expect to deliver the best conversational AI yet.

But for some purposes, abstract identities offer more possibilities. For example, Bixby, Samsung’s digital assistant, is designed to help customers unlock their Samsung devices’ full potential. Bixby is an always-on feature. But instead of simply following commands, it’s built to have conversations. It encourages exploration and offers insightful curation, all the while making the everyday tasks feel easier.

In other words, it acts as a users’ bright sidekick, bringing together more information than a human could possibly manage. And while the technology is friendly, its features are best expressed through an abstract experience, not a human one. The experience is futuristic and high-tech to create a futuristic and high-tech identity. Even its name is not human, which allows it to appear and perform consistently in markets worldwide.

Developing Your Brand’s Conversational Identity

Once a company has decided what type of AI assistant it will create, there are still many decisions to make in developing its identity. For example, we established guidelines for the many ways Emma communicates with consumers, allowing personality to shine through in every interaction. She is curious, smart and thoughtful, determined to help users take care of their physical, financial and emotional well-being. Even her physical appearance is distinctive: She’s an approachable Pan-Asian woman with a little French flair.

Often, these seem like minor details. But digital assistants are functional, transactional touchpoints that benefit from small, purposeful doses of personality, including:

Gender

Users expect a gender even in abstract assistants. If it’s not immediately apparent, they’ll often ask. Both Apple’s Siri and Amazon’s Alexa, for example, are positioned as vaguely female. And Samsung made this question a core part of the Bixby’s user experience, with devices prompting people to assign Bixby a voice that is either male or female.

Names

Even beyond suggesting gender, names are a key part of developing an identity. Some names sound young. Some sound formal. Choosing a too familiar name might at first make customers think they’re dealing with an actual human. And some names have specific class, geographic or even religious associations.

Visual Representation

Since users see these assistants while they are talking, aesthetic considerations are important. These questions go far beyond simple graphic design and are at the heart of strategic positioning. Should the assistant look like it is closely connected to the master brand? Should the visuals be able to translate into more extensive advertising efforts? Or can it take on new dimensions, possibly paving the way for new offers, markets and customers?

Personality

Customers will only respond to digital representations that are likable. Like in real human relationships, personality traits shape communication. Should it be bold? Curious? Serious? Funny? Thoughtful? Clever? A Gen Z customer expects a different type of conversation than a Baby Boomer does. Use cases also matter – customers probably won’t feel like joking if they’re sick or just lost their credit card.

But ultimately, the best choices all support the strategic foundation, turning digital assistants into brand allies. And built carefully, with thoughtful updates as more data is collected, they can spark growth and deepen digital connections.

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When designing the conversational experience’s identity, merely finding an interesting avatar or mascot is not enough. It is crucial to consider the strategic imperatives to make the experience consistent with the master brand.

Interested in developing a powerful digital experience and virtual assistant for your brand? Contact us today.

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Digital Transformation for Financial Services: Three Reasons to Hit the Gas

Legacy companies are moving faster, keeping up with their fintech competitors.

While the financial services industry is undergoing almost constant transformation, fintech startups drive most of it. As these rising stars continuously find new ways to introduce customer-centric innovation, incumbent financial institutions are struggling to keep up. “The 2020 State of Digital Transformation,” a new report from Altimeter, a Prophet company, finds that even as these tech-savvy newcomers surge to record valuations, 68% of traditional financial services companies report that they are only in the early stages of digital transformation. And they say that COVID-19 has slowed their progress even further.

While validating the obstacles many legacy companies face as they navigate their way forward, this research makes clear that this is no time to slow down. The sooner companies lean in and accelerate digital efforts, the more revenue and market share they can reclaim from newcomers.

Fending off the fintech onslaught

There’s no doubt that capital markets are favoring these fintech startups. In 2019, KPMG reports that investment hit $135 billion. These companies are growing in scale and revenue, with 68 achieving “unicorns” status, a valuation of at least $1 billion, as of this past September, according to CB Insights. And while they span consumer banking, payment solutions, insurance technology and trading, they have plenty in common: They’re disruptive, customer-centric and digital to their core.

Chime, a neobank startup offering digital cash management services and debit cards, is one of our favorite examples. It has tripled its transaction volume and revenue this year, achieving a $14.5 billion valuation.

“The sooner companies lean in and accelerate digital efforts, the more revenue and market share they can reclaim from newcomers.”

And Robinhood, a commission-free brokerage platform, saw daily average trades skyrocket to 4.3 million in June, surpassing all traditional brokerage firms. Among the household names left in the dust: TD Ameritrade, with 3.84 million, Charles Schwab at 1.8 million and E-Trade at 1.1 million.

But some traditional banking institutions, such as Marcus, Goldman Sachs’ consumer banking platform, have also seen rapid growth during the pandemic. It’s grown to more than $27 billion in savings from 500,000 customers, indicating that even legacy companies can successfully transform into digitally-powered institutions.

How legacy companies can catch up on digital transformation for financial services

Altimeter’s report delves into how incumbents are trying to catch up. Based on an in-depth survey of 600 executives, including 137 in financial services, three clear imperatives emerge.

1) Move faster. The majority of financial services firms are still early in their digital transformation journey.

Altimeter’s research measures digital transformation through a five-stage model. First, companies make their case for investing in digital. Next, they develop foundations for more comprehensive investment, seeking to understand customer journeys and improve employees’ digital skills. From there, they build operations, digitizing them at scale. Fourth, they integrate these platforms to use data more strategically, and finally, optimize for growth, leveraging data and AI for great customer experiences.

Only 25% of the companies in our study have moved beyond this to the final two phases. Financial-services execs say they are moving even more slowly. Some 68% say their companies are still in the first two years of their transformation journey, and only 38% say they’ve reached the third phase (building operations). That compares to more than 50% of healthcare, tech and retail companies.

And that’s far too slow for consumers. The latest banking satisfaction research from J.D. Power, for example, shows that the more digital the customer, the more significant the satisfaction gap. And dissatisfaction is highest among Gen Z customers, a fast-growing demographic.


Source: The 2020 State of Digital Transformation 

2) Make new ways to reach customers a higher priority

Optimizing internal processes is a compelling reason to pursue digital transformation, named by 40% of respondents and 33% name responding to COVID-19. And to create the resilience to navigate the current economic and health crisis, financial service executives recognize that their digital transformation should focus on improving operations and enable them to operate in a more agile and flexible way.

But our data suggest that these companies should give more weight to the many ways digital transformation could provide firms with opportunities to reach customers through new digital channels, particularly as more consumers look to engage primarily online.

As the market continues to change, and consumer preferences and tendencies evolve significantly due to COVID-19, financial services brands are picking up on the need to leverage advanced technology and data to become more flexible and agile.

Source: The 2020 State of Digital Transformation 

3) Acknowledge new barriers

Transformation has not been easy, given legal hurdles and inherent resistance to change. And COVID-19 is creating new challenges. With urgent demands for supporting remote work and developing digital marketing and selling tools, the pandemic has hijacked many corporate priorities. In fact, 45% of our respondents say pandemic response and related budget considerations are the most significant challenge they face. And of course, traditional obstacles like risk management, resistance to change or rigid structures haven’t gone away.

Source: The 2020 State of Digital Transformation 

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The global economic and health crisis has impacted the way we think about digital transformation. This research underscores questions leaders within these companies should ask, to accelerate the transformation and achieve growth.

  1. How has your organization accelerated or reprioritized its digital transformation initiatives in response to the current environment?
  2. What obstacles are you encountering as part of that acceleration?
  3. Is your agenda building greater operational resilience for your business?

Prophet’s financial services practice has been partnering with many clients in accelerating their digital transformation journey. Please contact us to learn more.

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Five DTC Growth Moves to Optimize Your Investments

These 10 real-world examples will show you how to optimize your investments in the rapidly shifting direct-to-consumer landscape.

For the right investors, the rapidly shifting direct-to-consumer (DTC) landscape presents plenty of possibilities. Many of these digital natives are just one cash infusion away from dominating their category–as long as they make the right strategic DTC growth moves.

“We find companies that have the potential for market disruptive growth and profitability, and the positioning to generate the most likely–and fastest–returns on investment.”

The pandemic-fueled surge in all things e-commerce is pushing many to record sales, with business booming at companies like Peloton, Quip and HelloFresh. But not all DTC companies have the same growth potential, and there have been plenty of notable flame-outs. In our work for funds looking to make DTC investments, whether it’s in due diligence or consulting on the use of funds post-transaction, we’re intent on optimizing investment. We find companies that have the potential for market disruptive growth and profitability, and the positioning to generate the most likely–and fastest–returns on investment.

Beyond assessing fundamentals, including how well possible targets have penetrated their customer base, brand staying power and competitive moats, we zero in on potential, based on specific growth moves. We’ve seen that companies with the ability to lean into these five strategies have the best chance to achieve uncommon growth.

We look for companies that are ….

1. Continually Tapping Unmet Needs

The most successful DTC brands started with an unmet need, filling some area of behavioral white space. Millennials, for example, wanted to start investing but felt ignored. Companies like E-Trade and Charles Schwab seemed like their parents’ tools. Robinhood, with its “investing for everyone” credo, stepped in to draw millions of new stock-market investors, with impressive (and occasionally controversial) results.

Lemonade

Our favorite example is Lemonade, which has used behavioral nudges and machine thinking to become the most disruptive force in homeowners, renters, condo and now pet insurance. In return for signing the honesty pledge, customers get transparent prices and lightning-fast service. While many Gen X and older customers may not have heard of it, young people love it. “I just bought insurance on Lemonade,” one of my young associates told me the other day. “And the user experience was freaking awesome.” Has anyone ever said that about insurance until Lemonade came along?

2. Ending Churn Through Customer Obsession

Given the massive spending needed to acquire customers, the strongest brands are those that maximize that investment. Strong retention requires a shift in focus from product obsession (the natural starting point for so many DTC companies) to true customer obsession.

Stitch Fix

Stitch Fix is continually updating its offer, finding new ways to please existing customers and new customers to please. Its core offer is a fashion fix with five carefully curated choices, and millions love how the personalization gets more accurate over time. But many don’t want to shop this way. So it recently introduced Direct Buy, enabling old and new customers to dive deep into single categories, boosting incremental sales.

3. Uncovering Value Through Deep Customer Analytics

The fastest-growing companies are those that do the most with their data.

Looking closely at questions of price elasticity, for example, can make all the difference in expansion, particularly in new territories. And while this has long been the promise of DTC companies, the reality is that the more data they collect, the less likely they are to use it. IDC estimates that about 90% of what businesses collect is “dark data,” and never used at all–let alone effectively.

Canoo

So we pay close attention to those that dig into data in every channel. Canoo, for example, is so expert at harnessing tech and innovation insights that it’s poised to launch its electric vehicles after 19 months, not five years. And based on analytics, it’s confident that higher-end consumers will love its subscription-only model, with as little as a one-month commitment.

MeUndies

Another data-savvy company is MeUndies, which has used what it’s learned from social media to sell more than 10 million pairs of underpants. Even rarer for DTC companies, it’s been profitable for three years.

4. Finding New Adjacencies

While many DTC brands build their business on a single product, they eventually need to expand to keep growing, either geographically or by adding new categories. This is a moment when many need more cash, new investors or the ability to acquire or partner with other companies.

Casper

Broadening offers while maintaining category credibility often comes down to the right messaging and positioning. Casper, for example, launched in 2014 and quickly became successful. But as competitors piled on, it’s needed to find new ways to expand. With a promise to become “the Nike of sleep,” it now sells pillows, sheets and weighted blankets. But more importantly, it positions itself as the expert on sleep wellness.

Airbnb

Similarly, Airbnb recognized that it could find growth by moving beyond lodging and selling experiences that make people want to travel. From sushi tours of downtown Tokyo to paddleboarding with sea lions, these adventures are adding millions in revenue. (When COVID-19 struck, they also provided a quick pivot to virtual experiences.)

5. Partnering Strategically to Scale the Ecosystem

Headspace and Spotify

Finding partners is a way to access new customers and stay relevant. Headspace, the popular meditation app, has increased its influence exponentially by partnering with Nike, Spotify and the NBA.

Everlane and Nordstrom

Retail is an obvious choice and can be a game-changer. Even non-digital consumers can discover brands like Native, Harry’s, Barkbox and Quip at Target, for instance, or find Everlane and Birdies at Nordstrom.

Alo and Animal Crossing

Others leverage pop culture. Alo, a yoga company, and Tatcha Beauty teamed up with Animal Crossing for product launches within the popular video game.

Allbirds and Adidas

The partnerships that we believe spark the most growth are those that combine scale and purpose. Allbirds, which has built its impressive valuation on sustainable fashion sneakers, recently partnered with Adidas, which has been trying to increase visibility for sustainability efforts. Interestingly, this unlikely partnership with competitive brands introduced a collaboration that pairs Allbirds’ innovative approach to materials with Adidas’ marketing and manufacturing might, and is set to produce the world’s first carbon-neutral performance shoe next year.

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As they sift through DTC companies, investors should look for potential targets that can make some (or all) of these five growth moves. These are the nimble brands that can unlock the fastest returns for investors and find exceptional growth for themselves.

Prophet is obsessed with helping clients win with their customers and unlock uncommon growth in this digital age. Contact us to learn more about what we are doing in all things direct-to-consumer.

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