According to an eye-opening survey from the Global Center For Digital Business Transformation (DBT Center), executives believe an average of four of today’s top 10 incumbents in each industry will be displaced by digital disruption in the next five years.
The DBT Center report titled “Digital Vortex – How Digital Disruption Is Redefining Industries” is both easy to understand and remarkable.
In addition to discovering when your industry is most likely to move to the center of the disruption vortex, here are some surprising findings that got my attention:
- Despite overwhelming evidence that disruption is underway, the emerging challenge/opportunity is not seen as a board-level discussion topic in about 45% of companies across industries
- Some 43% of companies have not acknowledged the risk of being disrupted, or have not addressed it sufficiently
- Nearly a third are taking a “wait and see” approach, in hopes of emulating successful companies
- Only 25% of companies are being proactive and/or willing to disrupt themselves
These finding perhaps underscore the lack of general understanding of the dynamics at work.
The report points out that the difference between digital disruption and traditional competitive dynamics comes down to two main factors: the velocity of change and the high stakes involved. Digital disruptors innovate rapidly, and then use their innovations to gain market share and scale far faster than challengers still clinging to predominantly physical business models.
As a marketer, I’ve had my “seatbelt” on for some time as my industry is being disrupted at an incredible rate and sits near the center of the digital vortex. Unprecedented amounts of data are available these days that are driving innovation in both advertising technologies (Ad Tech), which among other things helps us target ads, and marketing technology (Mar Tech), which provides tools for managing marketing campaigns, customer data, business leads and more. At the end of the day, they both drives sales.
Along with Ad Tech and Mar Tech, my world also revolves around uncovering the aspirations of target markets (what prospects hope for, want to achieve, desire, and more) and aligning them with the benefits of products and services. It’s creating “the message” for these prospects with words and images that is perhaps the least technical part of today’s disrupted marketing industry, but certainly tools are being developed to aid the creative process as well. I hope you enjoy the report! (Download)