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How to understand and leverage your digital opportunities

2 minute read, posted on 11/27/2018, by Peter Mullen

digital

I came across this analyst perspective on Toyota’s $1 billion investment in Singapore-based Grab Taxi Holdings:

“Ridesharing is coming. For car companies, this is a painful reality. But it can be a business opportunity if they understand it correctly.”

Toyota is, of course, an automobile manufacturer driven by technology. Grab, while known for its ride-hailing, ride sharing, and logistics services, is essentially a technology company.

Meanwhile, as players like Uber and Lyft have signaled their intentions in what was traditionally the rental-car space, upstarts like Snappcar, which allows customers to rent out their vehicles, have entered the market.

Which begs the question: Where does this leave rental-car companies?

I’ve always said change is good. It can be stressful when it’s nipping at your heels – but when technological evolution and innovative ideas collide, your path can lead toward transformations in customer experience (CX) and expectations.

But change and innovation are also hard. According to McKinsey, 48% of digital investments fail to deliver ROI.

Bridging the conversion gap

The reason? In my view, there remains a gap between the promise that digital initiatives hold, and the ability of organizations to truly operationalize their strategy in a way that ensures their ROI improves at the same rate as the experience they deliver. I term this the conversion gap – the difference between an experience that will drive increased revenue and loyalty from your customers, and the ability of an organization to viably deliver it.

Leaping this gap requires a different approach – one that’s driven by an understanding of customer behavior and impact across all channels, and backed by a flexible, responsive approach to technology deployment that allows you to deliver the experiences that customers want, within the channels that deliver the best return to you.

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