Email: Why do some companies succeed in digital, others don’t? (HK)
Broad topic, complex. One simple perspective. Read about the power of persistent digital experiments. Digital giants Amazon, Facebook, Google, Microsoft, Apple consider it to be a game changer in marketing, product development, innovation. Make dozens of monthly improvements, collectively boosting revenues by 15-25%.
Firms without digital roots like FedEx, H&M, Airbnb, Netflix have also embraced extensive digital testing to identify best customer touch-points, design choices, discounts, product recommendations. If testing is so valuable, why don’t companies do more? Central reason is culture. Obstacles aren’t tools, technology but shared behaviours, beliefs. Many companies emphasise on risk aversion. Best to find the right balance between predictability, new user experiences & experimentation.
Leaders can create an environment where employee curiosity, creativity, adaptability is nurtured as a new model. It’s easy to forget how powerful, expansive our thoughts are. Experiment driven cultures are undaunted by possibilities of failures. Encouraged to be inventive, imaginative. A subtle type of enthusiasm, passion.
Real-time experiments are instrumental to data-driven decisions, strategic debates, challenging teams with stretch goals. Being a leader in an experiment-driven culture means empowering employees to perform time-specific tests, gather desired data, incredible insights to inform integrated, inter-connected plans, processes, people, products, policies. Ultimately, overall purpose, ethos.