Competing in Today’s Digital Economy: Part 2

Dr. Debra Jasper and Betsy Hubbard
Dr. Debra Jasper and Betsy Hubbard // June 30, 2016

In our last blog post, we explained why top executives can’t just outsource digital knowledge anymore. They actually have to understand the space.

In this second post in a three-part series, we continue exploring the three myths that keep organizations from adopting the digital mindset needed to compete in today’s economy.

Myth #2: Only your marketing team needs to have this covered.

Getting your company up to speed on the latest digital trends isn’t just a matter of handing the ball to your marketing team and saying, “Run with this.”

Your marketers no doubt excel at doing what they have always done—in the way they’ve always done it.

But odds are good that they don’t have the skills to lead your entire organization through the massive cultural shift required to become a digital-first company.

So do today’s marketers. And we’re not just talking about social channels, but also how to fully leverage Search Engine Optimization, mobile marketing, digital advertising, data visualization, and much more.

That’s a lot to ask of a team already tasked with cranking out a massive amount of traditional marketing materials.

You’ve got 8 seconds – Go! 

Today’s average professional has an eight-second attention span. Eight seconds. It’s not that people won’t tune in longer, but they are making quick decisions about whether your content is worth their time.

To get audiences to tune in, marketers must produce content that is:

  • informal
  • visual
  • creative
  • real-time
  • concise

They must make a compelling case for why your customers should care. Maybe your marketing team is far above the competition. Maybe they are producing digital content and campaigns that get real results. They are ultra-sophisticated — brilliant even.

Still, they don’t have this covered.

Compliance and legal must get on board

All too often, we hear executives we work with talk as if the digital world only impacts marketing. Executing smart digital strategies takes strong backing from your legal and compliance teams, too.

Yet what many attorneys and compliance officers don’t understand, they simply don’t allow.

This “if in doubt, rule it out” approach is not sustainable in a digital world. To stay competitive, your legal and compliance teams can no longer impede your digital strategies. They must figure out a way to support them.

We call them the two ROIs. Yes, you’ll see a return on your investment in digital. But having a marketing, legal or compliance team on the sidelines will demonstrate that second ROI: the risk of ignoring. Can you really afford to let your teams sit out the digital revolution?

The reality: To keep pace in a rapidly changing digital age, everyone across your organization — including your legal and compliance teams — must get up to speed.

Up next: In part three of this series, we’ll take a look at the final barrier standing between your company and a digital mindset.

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