8 Steps Have Lead Digital Transformation Globally. The Result; The Experience Economy
We live in the experience economy. An economy driven by experiences and sustained through digital integration and innovation.
How did we get here?
Well here’s digital transformation in 8 steps.
1. Internet maturity has allowed large but geographically spread groups of people to unite.
2. Fragmentation of State and the unification of tribes is real and underway. This was predicted by Milton Friedman and commented on by Seth Godin. This is exampled in many countries right now in the breakdown of major political parties and the rise of the personality based leader.
3. Cloud platforms have grown as like minded people have sought to connect, share and grow with one another and global markets have opened.
4. Big Data was birthed through cloud platforms but really this is mirco data. Large volumes of small amounts of detailed data on people and things. We can now connect 2nd and 3rd party data with 1st party data and drive influence.
5. Mobility exploded with the maturity of the Cloud, with it’s low bandwidth resources Cloud technologies have allowed mobile to boom through platforms such as iOS and Android. As mobile has boomed through the smart phone, our data habits, which are very personal, have been brought into light. The ability to engage in personal ways has transformed communications.
6. Mass personalisation of content and platforms has allowed social or other personalisation platforms to create long tail media products. Long tail media products are content based assets created by users ‘being personal’ and allow the platforms to leverage long tail advertising products.
7. Longtail media has allowed predictive content to blossom. Long tail media is media sales derived from trillions of unique pieces of content shared or created by individuals across platforms.
8. Predictive Content. Today we don’t search for personal content but now we receive in feeds tailored to our desires. The future is in predictive, personalised and pushed data.
So what should you be doing about it?
Well, start building a customer experience strategy which unlocks how your customers are searching, enquiring and buying.
Fundamentally we live in an experience economy. The fact most of us receive our news via a predictive feed on a mobile app says we experience the world around us. We explore only that which we are shown – not the unknown and we engage with that which we like or have a preference toward.
How does this tectonic shift in society effect your organisation? Is it time you reworked your strategy?
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