It is customary to say that failure is not an option. Much as I’d like it to be true, one has to admit that this is not what we observe in the field. Strangely enough, touting that you have succeeded with your digital transformation efforts even seems to be an international sport. Not so long ago, I was browsing my LinkedIn timeline and I spotted something worthy of note.
Digital transformation failure is not an option
The LinkedIn post was from someone working for a very large international bank. Nothing wrong with that. This is a very honourable banking institution and I’m not quite the “Occupy Wall Street” sort of person, I do believe that banks have a role to play and even though I’m not in sync with the scandals that arose with the 2008 crisis, I really cannot imagine hiding wads of bank notes underneath my mattress.
That said, the Linkedin message was quite something. It stated that
” xxx [name of the top man] had written his first ever piece of PHP code!” and it added that “this [was] the proof that the Bank was digitally transformed.”
It’s almost laughable, but at the same time, I am quite sure that there are people — be it in banks or elsewhere — who believe firmly in the fact that
a) A multi-billion dollar top executive should start learning coding and PHP of all languages
b) Having just written a line of that venerable code (even though not a trending topic anymore) is sufficient to transform a very old and respectable banking institution into a maverick fintech startup.
Large groups and startups; now there’s a topic that has been on the agenda for so long and even more so for the 5 to 6 years, that is to say since digital transformation has been buzzword de rigueur.
At a startup gathering that took place recently in the historical centre of Paris, Rodolphe Roux — a long time acquaintance and former CDO of Wiko and SEB, now a partner at The Family, a European Startup accelerator and VC — was having a go against digital transformation, buzzwords, hype and the naked truth.
The “Digital transformation” moniker in itself deserves a proper definition, we’ll get back to that later.
Here is a little text I wrote some time ago in order to introduce a set of ebooks based on the work carried out by my students of the Advanced Master’s in Digital Business Business Strategy of Grenoble Ecole de Management. Digital Me Up (http://digital-me-up.com) was created five years ago. I decided to create that online space in order to serve a business case for content marketing. My idea was that, if I encouraged them well enough, our students would end up liking the blog so much that writing in it would not be pure pleasure.
Influencers are trusted people with a substantial number of people following them. Therefore, brands partner with them so that their products get marketed through personalities who are recognized by and looked up to by many.
Lately, companies have been increasingly going after influencer marketing and it’s expected that this trend will continue in the future. It’s quite amazing to look at some statistics that depict the growth in influencer marketing.
The malpractices of influencer marketing
People often buy followers to get themselves into the list of influencers. An influencer is somebody who people trust, talk about, and hence follow. Buying followers can only increase some numbers, but never endow anyone with influence.
It has become a common parlance amongst marketers lately; there’s hardly any marketing without data. Data lays down the bed-rock for successful marketing campaigns, and it has become a discipline within itself. In simple terms, I would like to present an overview of how to approach data-driven marketing.
To know your customer is fundamental, and to do that, there’s a multitude of questions that marketers must know the answers to. The data from these answers, collected from various primary and secondary sources, guides the marketing strategy of firms. The analyses derived from this precious real-time customer data can, therefore, determine the success of marketing campaigns.
There must be a proper methodology that caters to the requirements of marketers when it comes to data-driven marketing. Let’s try and dissect this topic to gain some insights into the world of data and how marketers can unveil its benefits for executing their marketing campaigns.
What data do we really need?
All the collected data isn’t really useful for marketers. It’s therefore paramount that marketers know what data they should collect, segregate and work on. Keeping unnecessary data will only help increase the complexity of analysis.
But, what’s really useful? Useful data is one that attends to the marketing functions of understanding your customer better: knowing when, where and through what channels to reach him/her at the minimum possible cost.