Digital maturity varies widely across sectors. Generally, digital leaders have a leg up when it comes to delivering experiences. But other brands will get little sympathy from consumers, who increasingly demand more and benchmark every experience against digital leaders.
That is according to Des Cahill, Oracle CX VP and CMO. In town for a Sydney CX leaders event, Cahill told Which-50 that traditional sectors are feeling the pressure from the digital natives and tech giants, which are leveraging data to deliver exceptional experiences.
That demand has crossed over into the B2B world too, according to Cahill.
“[Consumers are] taking all of our B2C expectations into our B2B relationships. So IT, technology vendors, and manufacturers also have to deliver better experiences.
“In an era of deregulation of healthcare [and] privatisation of state industries, consumers have more choice, business buyers have more choice and I think every industry today is challenged to deliver better experiences in the experience economy.”
Organisations have responded, says Oracle Marketing Cloud VP, JAPAC, Stephen Hamill, by adding technology solutions at several points along customer journeys. For most the next step is consolidating the data generated by the technology to derive actionable insights, according to Hamill.
In this regard, maturity will again vary — with digital natives and companies well along their transformation standing out early, Hamill says, singling out the travel and gaming sectors.
Local digital native, Sendle, owes much of its success to strong technology foundations and an unwavering focus on the customer, according to its cofounder, Craig Davis.
While it is easy to become enamoured with cutting-edge customer-facing technology, Davis says a more measured, strategic consideration is often required — one that keeps customers at the heart of every decision.
“You need to be solving customer problems really well. And if you solve them really well they’re going to thank you for it,” Davis said.
Oracle Marketing Cloud’s Hamill says the measured approach must be balanced against the need to get started, advising organisations to be mindful of analysis paralysis.
“You have to do something, you have to try something,” Hamill said.
“And as your evolution grows, we can correct some of those [mistakes] as we go. If you can get it right — if you can get your data schema right in the first place — great. Very few companies are going to be able to do that.
“So just do something and get started, and let’s figure out how we evolve over time.”
About the author
Joseph Brookes is a writer for the Which-50 Digital Intelligence Unit, of which Oracle is a corporate member. Our members provide their insights and expertise for the benefit of the Which-50 community. Membership fees apply.