Digital is Everything
“Digital isn’t a thing, it’s everything.” That’s the first line I read on the back cover of Tom Goodwin’s new book, Digital Darwinism: Survival Of The Fittest In The Age Of Business Disruption.
That’s the type of attention-getting line that speaks to the massive transformation in today’s organizations.
Change or become extinct is a powerful message.
Tom is the EVP, Head of Innovation for Zenith Media. His role is to understand new technology, behaviors and platforms and ideate and implement solutions for clients that take advantage of the new opportunities these make possible. He was also voted the #1 voice in Marketing by LinkedIn with over 580,000 followers on the platform. An industry provocateur and commentator on the future of marketing and business, Tom recently wrote Digital Darwinism as a wakeup call to traditional businesses.
I recently spoke with him about his book.
The subtitle of your book is “Survival of the Fittest in the Age of Business Disruption.” What defines the fittest?
I believe the fittest companies are those with the balance of a solid business plan for today and for the future. This can either be because they’ve established a defendable niche for now and ahead (like Amazon or Tesla) or because they have a team and culture that is able to adapt to the changing marketplace. Good examples of this are Facebook, Netflix, and Google. Fitness both in nature and business is about agility and the ability to change as the world does, but also about the quality of the business model today. There are too many companies that are widely celebrated, like Dollar Shave Club or Movie Pass, that offer hockey-stick user growth and happy customers, but don’t appear to have a semblance of a business model that can ever make money.
“The fittest companies are those with the balance of a solid business plan for today and for the future.” -Tom Goodwin
Innovate with Purpose
Mature companies often have a huge desire to innovate and launch various initiatives. What are some of the biggest mistakes you’ve seen them make in their pursuit of innovation?
Most innovation failures come from companies who do one of two things wrong. The main one is not going deep enough. They offer surface level improvements on the façade of a deeply troubled foundation. Retailers who need to close stores or entirely rethink distribution models or procurement flows, end up making a store in San Jose with a smart mirror, as it’s way faster and cheaper and offers distractions. Or car companies that celebrate apps where you can start engines remotely, while they are behind on electric propulsion. The issue is that most CEOs don’t have the time or thirst for risk to make proper changes.
The other issue is innovation with no sense of purpose. It’s adding a chatbot because your boss read about them one day. It’s an airline launching a mood-sensing blanket that gets press. It’s the VR experience to try to get promoted. We need to know why we are innovating and maximize against that.
“There are too many companies that are widely celebrated that offer hockey-stick user growth and happy customers, but don’t appear to have a semblance of a business model that can ever make money.” -Tom Goodwin