The digital age rewards change and punishes stasis. You can either choose to digitally disrupted or digitally disrupt! Hence brands must be open to radical reinvention. Find new, significant and sustainable sources of revenue. Brand growth through digital transformation most times may mean incremental adjustments or building something new outside of the core business.
How does one build something new outside the core business?
Digital reinvention of a brand doesn’t mean taking the existing products and putting it on an e-commerce site. Neither is it digitizing customer experience. In order to reinvent a brand you need to rethink of the business itself.
Let’s take Netflix for example. From renting out DVDS to a streaming company to now being able to create its own content is a great example of continuous reinvention as well as digitization.
Reinvention requires significant commitment and not a throw it all out approach.
A mobile manufacturer will still need its manufacturing skills even through digitization. Devices manufactured maybe of higher specs, lighter in weight, more efficient and aesthetic in nature.
Saloons on the other hand can be able to give tips on DIYs, come up with hair products or make up line whilst still offering saloon services.
There are many elements to a digital transformation; from front-end journey redesign to opening digital platforms. These kind of transformation requires investment in new talent and skill empowerment of old employees.
This investment will solve; How an organization is to set the right ambition, create the right elements for this transformation and to systematically and holistically undertake the digitalization process.
Take a look at the links below to understand
- Why brands need to change during digitalization/reinvention?
- How brands can succeed in the process of digital reinvention?
