Pursue Profitable Digital Transformation with Michael Gale [Episode 691]

Michael Gale, Co-author of The Wall Street Journal bestseller, The Digital Helix, joins me on this episode.

KEY TAKEAWAYS

 

  • Research shows that any form of activity associated with digital transformation will generate some positive return. Digital transformation is endemic — in small amounts.
  • 72% of all the net returns from transformation are going to 28% of the companies. Those that transform digitally, using the right tools, are laps ahead of everybody else. Digital transformation is imperative for business today.
  • If you are consistently 5% better than your competition, you will thrive. Digital transformation is accelerating that differential process.
  • The customer’s journey is like a ‘Catherine wheel’ with many moments when a conversation can happen. The knowledge of these moments is more important than ever and also more complicated.
  • Salespeople need to understand at extreme levels of detail how their customer’s sales moments occur. Andy cites Gartner’s research on buyer enablement. Michael talks about understanding the ‘spaghetti of moments.’
  • If you are not connected socially in some way to your prospects, it’s hard to see their moments. Follow top decision-makers in your accounts.
  • Smart digital thrivers integrate technology to make their people the best versions of themselves and automate the processes that do not involve human interaction.
  • You have to personalize for the exact moment. You want to exceed expectations in a way that your cost of sale is reduced and your margins go up.
  • Every salesperson needs to understand that the customer has a portfolio of experience; there are moments — not journeys — to manage, and tools make you a better version of yourself.
  • What about visiting the prospect? Run tests in your own market. Don’t cut your costs into being a subscription business. Michael tells a cautionary tale about ESPN. Test your playbook’s assumptions.
  • Successful selling in a digitally transformative world requires the integration of automation at one end and intimacy at the other.
  • The thriving 18% of the Global 2000 mix intimacy, reskilling, moments, and portfolios so amazing things happen. Sales improves all departments. Digital transformation is about becoming more human, not less.