Moving from print to digital is harder than it sounds, but if there is a good example of how it’s done, it’s BNP Paribas Wealth Management. With a global production of 150,000 pages of information each year, it was no small task to effectively shift their delivery mechanisms to digital, but thanks to content-centric apps powered by Adobe DPS and under the guidance of Chief Digital Officer Thierry Derungs, that’s precisely what they did.
This achievement was based on a powerful guiding principle: high net worth individuals’ service expectations are being redefined by the convenience and relevance of online and mobile experiences, therefore these customers are looking to their private banking providers to deliver a pleasant and similarly seamless experience across channels.
This shift in strategy effectively changed BNP Paribas’ business, but how did they do it? And what are the main takeaways for anyone who wants to push the digital transformation efforts within his/her own organisation? According to Thierry Derungs, there are three strategic imperatives you need to consider.
1. Delight your customers: digitise customer experience
Good content, according to BNP Paribas’ Chief Digital Officer, is the result of a coherent process that effectively leverages production (new materials or data that are tailored to a specific client), editing (by following clear graphic and editorial guidelines), implementation (technical integration of content through a robust CMS), re-usability (focus on producing evergreen content), distribution (know which are the most effective channels) and analysis (measure your audience’s buy-in of that content in order to know what to improve).
In short, any customer experience needs to abide to some extent to this process, and companies that are digitally transformed thrive by delivering simple, shareable, client-centric content that is purpose-built for digital but lives beyond it as well. A clear example of this is Apple: their customer engagement is processed through an ecosystem model, where the App Store or iTunes ensure a consistent level of service from beginning to end.
2. Re-orient your business: disrupt sub-markets
What business are Facebook and Google in? Some might say that, respectively, they are a social network and a search engine, but a deeper look tells a more complex story. Facebook is the owner of a powerful social media platform, but what makes them special is how they were able to pioneer the monetisation of behaviours through hyper-targeted advertising, while transitioning those practices to lead on mobile in little more than two years. Similarly, Google may have started as a search engine, but what they’ve done on top of that is build a proactive interaction and advisory service that focuses on search advertising, big data management and analytics monetisation, among other ventures.
The second strategic imperative is this ability to re-orient your business in a way that disrupts existing categories and reshuffles the rules of the game. It’s commonly said that there are three types of businesses: the rule makers, the rule followers and the rule breakers. We need to question and break more rules when aiming for digital transformation.
3. Flex your platform: digitise operations
Digital is not a department; it’s a transformational layer of every single business practice. Companies like Amazon thrive not only because they provide a wide range of services, but more importantly because they deliver personalised experiences with excellent customer care, building on an open platform.
This capacity to deliver excellence to customers is greatly enhanced by digital tools, making it an indispensable piece of the puzzle when it comes to transforming your company to thrive in a digital-only age. That is what Adobe Summit is all about and where the future lies for forward-thinking marketers.