We recently held our annual customer conference, DueDil Spotlight, to shine a light on Digital Transformation. With speakers lined-up from companies such as Santander, the London Stock Exchange, Monzo, DocuSign, TransferWise and many more. We endeavoured to get to the bottom of what Digital Transformation really means to our customers, and the impact it has on business growth, customer experience, and culture.
Justin Fitzpatrick, CEO at DueDil and Mirit Lugassi, Head of Account Management at DueDil kicked off the day sharing the importance of leveraging people, data and technology to drive digital transformation. These key themes echoed throughout the conference when speakers spoke about their customer journey from both a go-to-market and onboarding perspective and how it's crucial to take a customer-centric approach.
Read on to learn more about the key takeaways from the conference.
1) Importance of creating your ICP, refining your GTM, and making data-driven decisions.
Our speakers spoke about how they have taken a more efficient and targeted approach to their go to market strategy by building and refining their ideal customer profile. Researching your Ideal Customer Profile helps you to work out what characteristics connect these businesses so that you can pay more attention to finding and nurturing the most profitable customers. Our speakers from Currencycloud, GoCardless, DocuSign and Innovate Finance also spoke about the importance of having joint goals and accountability to drive alignment across the business. From here, you can choose what sales model suits your business whether it be through partner channels, self-serve or direct sales.
2) Putting your customer at the heart of what you do will enhance your brand, improve engagement, and minimise churn.
The customer lifecycle begins from the very moment you engage with a prospect. Every interaction, communication, and process they go through has a massive impact on the way they perceive your business and brand. Having reliable data on your customers is the key to winning, and it is fundamental in creating a great customer experience. Too many businesses are not putting customers at the heart of their business strategy and are unaware of the benefits that could be achieved from investing in more accurate data sources, the right technology stack and people.
3) Partner with FinTechs to drive change and disrupt your industry.
In our session 'Inside Out: disrupting financial services from within', our speakers from Brisk, Bud Financials, London Stock Exchange and Hokodo spoke about fostering innovation within large organisations through partnering with FinTechs or disrupting the industry with a new business offering. We are increasingly seeing companies overcoming the suspicion phase of digital transformation and embracing cultural change to drive growth instead of being left behind. Bud Financials partners with large financial institutions to drive growth whilst Hokodo builds simple, easy-to-use and powerful APIs to disrupt the insurance industry. The growing presence of FinTechs and services across the market is a clear sign that digital transformation cannot be done alone.
4) Building a seamless onboarding process, and recognising it as a core part of the customer journey.
We have seen a huge movement with companies automating their customer journey to address the shifting of customer expectations. Expectations of product, user experience, what people are willing to pay for and how, are all being re-evaluated, particularly in the B2B context. This follows an earlier trend seen in the B2C space, which led and set our expectations for what we’d accept as business users. With many incumbents unable to innovate fast enough, the amount of venture money that has gone into challengers trying to meet these expectations has increased more than 14X since the start of the decade. Monzo, Santander & TransUnion all spoke about the importance of putting your customer at the heart of what you're creating to provide them with the best onboarding experience. Ideally you want to have a seamless, automated process so that your customer has a frictionless, positive experience with your brand.
5) To succeed in digital transformation, it is critical to drive cultural change across your business.
As mentioned earlier cultural change is recognised by many as being the most significant roadblock when looking to implement change and drive digital transformation. Managing change from the top-down, getting buy-in from multiple stakeholders from cross-functional teams, and ensuring everyone is working towards the same objective is the only way to adequately ensure that your digital transformation achieves the desired intention. Debra Searle MVO MBE, delivered a powerful closing keynote where she highlighted that 15% of success can be put down to skill, while the remaining 85% is pure attitude. Simply having the personnel and talent to understand ways to best implement change isn't enough. To make a sustained and meaningful impact, everyone involved needs to pull together, focus, and enthusiastically drive towards reinventing the ways things are done.