In a changing digital world marketing teams across businesses need to be keeping pace with Digital Darwinism. But do they even know what the term means? In essence, it means that technology is changing faster than our ability to adapt. But adapt we must if we want to remain relevant to the consumer’s decision-making cycle. Those brands playing it safe with digital engagement will be doing significant damage to shareholder return.
McKinsey & Company recently surveyed 1000 brands across a range of product categories that covered 20,000 consumer journeys and 100,000 touch points. It found that brands with a high digitization score resulted in a disproportionate increase in brand-sales conversion. The result of McKinsey’s research confirms that those brands with a savvy digital experience are consolidating their positions – and as Darwin predicted, they will be the fittest and they will survive in a commercial environment that sees stiff competition. What does this research mean for those who are digitally challenged?
So how does an unsophisticated brand in the digital arena change its digital engagement?