Digital transformation is no longer a luxury—it’s a necessity. Yet, as a 2021 McKinsey study revealed, a staggering 70% of digital transformation projects fail to meet their goals. As a fractional CMO and Growth Marketer, I’ve seen firsthand how companies struggle with this transition. But I’ve also witnessed remarkable successes. Here are a few of my strategies for successful digital transformation to help your organization beat the odds.
Adopt an Agile Approach
Trying to do too much too fast often leads to failure. Instead, I advocate for an agile approach:
- Start with pilot projects
- Break Down Silos
- Iterate based on feedback
- Scale successful initiatives
- Recognize that incremental changes may not be sufficient in rapidly evolving markets
- Understand that slow adoption can leave your company vulnerable to more aggressive competitors
- Acknowledge that partial solutions often create disjointed experiences for customers and employees
- Learn from failures and pivot quickly
Instead, consider a bold, all-encompassing transformation:
- Develop a comprehensive digital strategy that touches all aspects of your business
- Allocate substantial resources upfront to support a large-scale change
- Create a dedicated transformation team with decision-making authority and C-suite sponsorship
- Implement changes swiftly and simultaneously across the organization
- Prepare stakeholders for short-term disruption, emphasizing long-term benefits
- Maintain clear, frequent communication throughout the process to manage expectations and maintain morale
- Set ambitious timelines to create a sense of urgency and prevent complacency
This approach can be particularly effective when:
- Your industry is facing imminent disruption or experiencing constant iteration
- Your company is significantly behind competitors in digital capabilities
- You have strong leadership buy-in and available resources
- The costs of slow change outweigh the risks of rapid transformation
- Your organization has a culture that can adapt to and thrive under rapid change
While this strategy carries more upfront risk and requires significant investment, it can lead to more dramatic results. It can position your company as a leader rather than a follower in digital transformation, potentially leapfrogging competitors who are taking a more cautious approach.
By committing to comprehensive, decisive action, you send a clear message to your team, customers, and competitors that you’re serious about digital transformation and prepared to do what it takes to succeed in the digital age.
As your fractional CMO, I can help assess whether this bold approach or a more incremental strategy is right for your specific situation, always keeping in mind your company’s unique needs, resources, competitive landscape, and risk tolerance.
Read the full Deloitte Digital Transformation: Are People Still Our Greatest Asset?