- Procurement: Procurement is no longer just a “gatekeeper” to onboarding vendors. They now play an even more critical function in sourcing and assessing digital partner capabilities globally. With a thicket of regulatory changes and fast-evolving technology and media channels, procurement can provide a strategic advantage to business unit leaders in finding qualified firms with the right expertise. They should be engaged early in the selection process (rather than downstream “when the paperwork needs to get done”), with clear requirements for skills and experience and an understanding of the latest trends in contracting approaches.
- Compliance: Similar to procurement, compliance and legal teams should be engaged early in the planning / production processes. The waterfall approach of submitting elements for approval at the end doesn’t work well at “internet speed”. Instead, business leaders should attempt to integrate compliance processes into the strategic and editorial phases to gather input and redefine internal processes where necessary.
- Scoping & Investment: The key to optimizing scoping, estimation, and investment with digital partners is nailing the business, functional, and technical requirements at the outset. Oftentimes these requirements are in flux or fuzzy at best – in which case a meaningful discovery and planning phase should be undertaken. Creating a high level three to six month roadmap pulls in insights from stakeholders across the organization, building alignment. From there, following a rapid ideate-build-test-learn process will lead to new insights and tweaks to assumptions and change controls where necessary.
- Success Metrics: Defining success metrics provides support for the internal business case and investment. These metrics will evolve over time as the experience or product comes to life, but most often are based on either financial elements (revenue, savings, etc) or audience engagement (views, shares, usage, transactions). “Going viral” is not a metric. We all the love the potential for a big hit in earned and owned media to keep paid media spend and customer acquisition costs low. However, hoping for virality is like planning for retirement by buying lottery tickets versus following a smart long-term investment strategy.
Zemoga has been a creative technology partner to leading Financial Services firms for over 15 years. We’ve helped firms large and small improve their digital marketing, products, sales tools, and customer service experiences. If you’d like to learn more about our proven approach, please reach out.