You are probably not surprised to learn that you’re not alone in your concern. Digital Darwinism is a growing fear, and not just for small-midsized companies, it’s also a problem that Fortune 500 companies are facing. This topic was heavily discussed at the Digital Strategy Innovation Summit I recently attended in New York with my management team.
The key to combating Digital Darwinism lies in a corporation’s ability to adapt to changing technology. But, it’s not enough to simply adapt; we must evolve. So, how do companies evolve in a constantly changing economic climate?
The first step is to study and leverage big data. Big data encompasses every thread of information that we collect about our clients and prospects. This information comes from client lists, social media followers and newsletter subscribers. Knowing who our customers are and how they interact to our brand online is paramount to online success. The key is assembling this type of data to create meaningful information for high-level executives and marketing directors to analyze. Through analysis we can build stronger digital marketing strategies.
When facing Digital Darwinism, I must also emphasize the importance of hiring the right people and agencies. Take time and care when assembling your team. With the right people, a reasonable budget and enough room to run, you will see adaptation lead to innovation. In a continually changing and developing economic market you also need to take the time to install analytics, so that you can measure your results against your goals.
When it comes down to it, businesses in every industry must be willing to adapt within the changing economic climate. In order to remain relevant, companies need to try new things, tweak old strategies, get feedback and continually evaluate their results. Some ideas will work, while others will get dropped, but when it comes down to it trying new things and analyzing the results is the only way to figure out what works. Those who do not adapt will perish, while those who innovate will flourish. It’s that simple. Evolve or die.