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Mark Manton - Digital Transformation - Birmingham Marketing Conference

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Mark Manton - Digital Transformation - Birmingham Marketing Conference

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Mark Manton, Head of Online Marketing UK&I, Experian

Topic: How Digital Transformation Drives Innovation

Digital transformation is a unique journey for each business on its path to digital maturity. But each business shares a common challenge – how to respond effectively to the radical shift in customer behaviour and online buying habits.

- Embracing the pace of change in digital transformation – the era from Mad Men to Maths Men
- Understand how to successfully make innovation happen through digital transformation
- How to adopt a ‘digitally disruptive’ mindset and culture that enables innovative transformation
- What successful innovation looks like in a digitally mature and transformed business

Mark Manton, Head of Online Marketing UK&I, Experian

Topic: How Digital Transformation Drives Innovation

Digital transformation is a unique journey for each business on its path to digital maturity. But each business shares a common challenge – how to respond effectively to the radical shift in customer behaviour and online buying habits.

- Embracing the pace of change in digital transformation – the era from Mad Men to Maths Men
- Understand how to successfully make innovation happen through digital transformation
- How to adopt a ‘digitally disruptive’ mindset and culture that enables innovative transformation
- What successful innovation looks like in a digitally mature and transformed business

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Mark Manton - Digital Transformation - Birmingham Marketing Conference

  1. 1. Mark Manton Driving Change Through Innovation Birmingham, 16th September
  2. 2. ©2015 Experian plc. All rights reserved. Experian Public. How digital transformation drives innovation Mark Manton - Head of Online Marketing UK&I ©2015 Experian plc. All rights reserved. Experian and the marks used herein are service marks or registered trademarks of Experian plc. Other products and company names mentioned may be the trademarks of their respective owners. No part of this copyrighted work may be reproduced, modified, or distributed in any form or manner without prior written permission of Experian plc. Experian Public.
  3. 3. A Brief History of Digital with images and frames Full Development + UX High Cost/High Impact Digital Culture & Environment Innovate Through Digital What Success Looks Like
  4. 4. ©2015 Experian plc. All rights reserved. Experian Public. We’re a leading global information services company… In a faster, more complex world, our data and analytics help people and organisations protect, manage and make the most of their data. Revenue US$4.8 bn EBIT US$1.3 bn Market Cap* c. £12bn – UK FTSE Top 50 Employees c.17,000 Offices in 39 countries Largest markets US, Brazil, UK
  5. 5. A Brief History of Digital
  6. 6. 1995 20 Years of Hyper-Growth
  7. 7. A Disrupter.
  8. 8. 77% Of SME’s have basic digital skills. Source: Lloyds Bank/Accenture
  9. 9. 1 in 4 Of Birmingham SME’s lack the skills and resources required to utilise data effectively. Source: Digital Birmingham
  10. 10. Innovate Through Digital
  11. 11. CUSTOMERS Customer buying behaviour is changing in every industry, market and country.
  12. 12. £719m UK average weekly spend online in 2014. Source: ons.gov.uk
  13. 13. 13% Just 13% of organisations are using their websites for ecommerce. Source: Lloyds Bank/Accenture
  14. 14. INNOVATION Is the process of creating exceptional customer value through active listening.
  15. 15. Innovation Exceptional Value Listening
  16. 16. ©2015 Experian plc. All rights reserved. Experian Public. 4 Types of Digital Maturity Consumer Services DigitalIntensity Digital Leadership FASHIONISTAS DIGIRATI BEGINNERS CONSERVATIVES Source: Capgemini Consulting.
  17. 17. ©2015 Experian plc. All rights reserved. Experian Public. Digital Maturity Financial Performance +6% Revenue Generation -11% Profitability -12% Market Valuation -4% Revenue Generation -24% Profitability -7% Market Valuation +9% Revenue Generation +26% Profitability +12% Market Valuation -10% Revenue Generation +9% Profitability +7% Market Valuation Source: Capgemini Consulting. Sample size 184 publicly traded companies
  18. 18. 1/3 Digitally mature companies are one- third more likely to report an increase in turnover compared to non-mature. Source: Lloyds Bank/Accenture
  19. 19. ©2015 Experian plc. All rights reserved. Experian Public. Digital Transformation Models Digital modification to the business • Typically implemented by adding digital channels The creation of new digital businesses • Produce digital products that complement traditional products Digital globalisation • Business becomes multi-national in its outlets and markets
  20. 20. ©2015 Experian plc. All rights reserved. Experian Public. Digital Transformation Strategy People Processes Technology
  21. 21. ©2015 Experian plc. All rights reserved. Experian Public. Digital Transformation of Financial Services Understanding the customer journey How customers are using mobile Teams are fully trained in digital Optimise online/offline data Customer behaviour insights Deliver the digital promise
  22. 22. ©2015 Experian plc. All rights reserved. Experian Public. The Impact of Digital on Financial Services Consumer Services • Digital technology is having a disruptive influence • Consumer needs and behaviours are changing the landscape • How do businesses remain relevant and useful? • Digital has changed what people demand, but also how they want it supplied • Consumers and businesses are expecting a high degree of convenience, simplicity and speed
  23. 23. 73% Of financial services companies are planning to experiment heavily with digital in 2015. Source: Accenture
  24. 24. 67% Of consumers would consider buying insurance from companies other than insurers. Source: Accenture
  25. 25. 25% Would consider buying insurance from large tech companies such as Google and Amazon. Source: Accenture
  26. 26. PROBLEM SPACE with images and frames Full Development + UX High Cost/High Impact SOLUTION SPACE
  27. 27. ©2015 Experian plc. All rights reserved. Experian Public. Importance vs Satisfaction Framework Opportunity Competitive Low Returns Low Returns High Importance Low Importance Low Satisfaction High Satisfaction
  28. 28. ©2015 Experian plc. All rights reserved. Experian Public. Idea Innovation Consumer Services • Determine your target customers • Identify underserved customer needs • Define your value proposition • Specify Minimum Viable Product (MVP) feature set • Create your MVP prototype • Test MVP with customers – get feedback
  29. 29. ©2015 Experian plc. All rights reserved. Experian Public. Product & Service Innovation UX Feature Set Value Proposition Product Market Fit Understand Market Target Customer Product Problem Space Solution Space Market Test Learn Feedback
  30. 30. ©2015 Experian plc. All rights reserved. Experian Public. Product & Service Innovation Consumer Services • Innovate with Minimum Viable Product (MVP) and get rapid feedback • The main reason products fail is that they don’t meet customer needs – Product:Market fit • Evaluate disruptive innovation vs incremental innovation • Strategy is also about saying no!
  31. 31. ©2015 Experian plc. All rights reserved. Experian Public. Product & Service Innovation Consumer Services • Digital innovation is about communication • Listening is the most important aspect of digital innovation • Add innovation and value at each point of contact – the layers of customer touch • Customer touch points: pre-touch, first touch, in- touch and last touch • 80% of what your customer feels about your brand will happen on the first touch
  32. 32. 80/20 Focus your efforts on finding areas which are most important in your business and should get the right level of attention. Perfectionism is a non-optimal way to iterate!
  33. 33. Digital Culture and Environment
  34. 34. DIGITAL TOP-DOWN Digital transition must come from top- down. Your digital ambitions needs to be owned and driven by your CEO, MD or senior executive team.
  35. 35. ©2015 Experian plc. All rights reserved. Experian Public. Digital Culture Consumer Services • Is the foundation stone to any digital initiative • Culture is how organisations think, feel and works as whole to achieve excellence • External focus is the cultural lifeblood that keeps innovation going – be curious, keep learning • Most things that go wrong with innovation can be attributed to internal focus – excessive risk aversion, process focus, bureaucracy etc
  36. 36. ©2015 Experian plc. All rights reserved. Experian Public. Digital Culture Consumer Services • Does your business have a digital culture or an analogue culture • Your digital strategy must be part of an integrated, open culture – fix the company culture and infrastructure • Create a digital command centre – air traffic control for all your digital activities • Organise digital learning sessions – digital labs • Establish an innovation platform to encourage idea submissions from the team
  37. 37. PLAY with images and frames Full Development + UX High Cost/High Impact INVENT LISTEN DEPLOY
  38. 38. DISRUPT Or be disrupted.
  39. 39. What Success Looks Like
  40. 40. VISA • Created a digital division • 500 million cards in Europe • Future where all cards are digitised and available for use in mobile form • Developing digital wallets • Removing friction from the retail experience via V.me by Visa – a new digital wallet with a 4-step buying process – no need for lengthy shopping carts • Mobile money transfer services using just a mobile phone number • Future concepts of putting payments into cars – combining connectivity and continuity to complete the customer journey
  41. 41. FT • In 2000, the US newspaper industry generated $60bn in advertising – 10 years later this was down to $20bn • UK publishers have closed 181 titles in the last 10 years • In 2001, with 90,000 subscribers on print, FT started to charge readers for access to content. In 2007, used metered charging model using consumer demand to price content • In 2014, FT subscriptions and sales reached an all time high of 700,000 • Digital subscriptions increased 23% YOY • Digital subscribers accounted for two- thirds of the total paying audience • Mobile accounts for 50% of FT’s traffic
  42. 42. 1 billion The number of people that the BBA estimates by 2017 will have used their mobile devices for banking. Source: British Banking Association (BBA)
  43. 43. 2020 5 Year Digital Roadmap
  44. 44. Bold Agile Disruptive Adaptable
  45. 45. Embrace Digital Transformation with images and frames Full Development + UX High Cost/High Impact Build Your Digital Culture Innovate, Iterate & Disrupt Data & Customers
  46. 46. In our digital world, speed and convenience wins.
  47. 47. How will your business use digital to stay relevant and useful to your customers? Roundtable Question

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