Professor Richard Foster from Yale University stated that the average lifespan of a company listed in the S&P 500 index of leading US companies has decreased from 67 years in the 1920's to just 15 years today. The current rate of change 'is at a faster pace than ever' according to Professor Foster, and by 2020, more than three-quarters of the S&P 500 will be companies we've not yet heard of.Thrive and Survive.
BHS; Blockbuster; Clinton Cards; Comet; HMV; Kodak and Woolworth's, to name a few ... well-known and well-loved brands, both in the UK and around the world. Yet they all have one thing in common: they no longer exist. This is due, in no small part, to the fact that they failed to acknowledge and embrace the digital evolution or recognise that continuous innovation is the only way to thrive – and survive.
A decade ago we were dialling up the internet, as well as our phones. It was an era when phones weren’t stylish - let alone smart. Would your younger self have believe that, one day, you would be streaming a video from Netflix in 4K HD direct to your phone wirelessly? Yet here we are. Our phones are part of our lives, fulfilling so many more functions than for conversation alone – and brands need to utilise everything they can to connect with potential consumers.Power of Digital.
We are now at the most exciting time in business history where big and small brands alike have immediate access to a targeted global audience. The ability for companies to connect, collaborate and compete on a global playing field has never been more prevalent than now.
Most companies do recognise the inherent power of digital, with Interbrand's Top Global 100 seeing Apple Inc. (AAPL) and Google (GOOGL) reaching the very top. Both digital and technological advances have now come of age.
Companies like Apple understand how essential digital transformation is to their success. And the same applies to any business large or small. From marketing all the way through to organisational and operational infrastructure, the adoption of digital should be embraced company-wide and at a speed and scale that is able to keep pace with consumer demands.
Those companies who do this are able to:
- Enjoy more opportunities than ever to reach customers
- Secure an immediate global outlook
- Target demographics with valuable personalised content
- Create lasting customer relationships via the use of automation
- Collate more accurate customer behaviour data
- Streamline business processes
- Increase operational efficiency
Not every brand understands this opportunity though - and herein lies the danger. According to a report from Econsultancy, 55% of those surveyed believe that having no perceived need for change is the biggest barrier to digital transformation.
This mentality and risk aversion to change is what holds many companies back. For others, the necessity to embrace digital is recognised only too late, and their ability to play catch-up isn’t effective enough, being left behind to drown while their competitors deftly navigate to new digital horizons.
So when it comes to digital transformation, don’t leave it until tomorrow. The time to act is now.
If you are looking for rapid growth and you are also the very best in the world at what you do, passionate, full of energy and bold or a captain of industry of a leading or seriously ambitious challenger business or brand - get in touch to find out more ›