The Australian Financial Review’s Tony Boyd raises some amber, if not red flags, in his recent article about the lack of preparedness, of most of Australia’s listed boards to the reality of the mobile-first world in which they now operate.
Deloitte cites an Australian smartphone adoption rate of 84% (rising to 94% if you’re under 24), calling Australia a nation of hyper-connectivity and exceeding many western countries permeation rate. With 17 million Australians on Facebook, with most of us checking in at the moment we awaken and checking out just before we turn off the lights for the night on our mobile devices, businesses who ignore mobile as a platform to entertain, inform, engage and delight their customers are at their peril.
We agree with Tony Boyd’s assertion in conversation with Stephen Scheeler that boards need to see digital and social as ways to know much more about their customers, and thereby create better customer experiences.
Given most companies spend between 10 to 15% of revenue on marketing, with now over half going to digital, boards should be asking to see digital and social insights and results in their board packs as a matter or priority. The beauty of digital is that everything is measurable. Measuring the ROI of investment in digital should be continuously reported to help organizations learn and do more of what works, and less of what doesn’t.
Boards need to hold their leadership teams accountable to appropriate investment in the strategic thinking and tools necessary to enable them to engage directly with customers, and to track every activity into and away from their websites, digital messaging and social platforms through to conversion.
While it should be assumed digital is an essential part of delivery, the real opportunity is in the ability to delight the customer and create friction-less, positive and outcome-driven experiences when and wherever the customer wants. Measuring the delight and sentiment of customers in relation to their total experience (including digital experience with your brand), and by focusing on continuous delivery of experience improvements will provide the type of stickiness and advocacy businesses and boards are looking for.
This article is also published on LinkedIn.