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How to Maximize Your Business’s Potential Within the Competitive Digital Market
As the digital world continues to evolve, your business model will be continuously under review. As you survey the latest technologies and digital trends, you will often be finding ways you can serve your customers more and better. But there’s a difference between making cosmetic technological changes and adapting your entire business model to the way consumers expect to do business today. Occasionally you might find it necessary to make more sweeping, strategic changes in order to serve customers and clients as well as you possibly can in the context of what technologies are available. Let’s talk about how and why to embark on a digital transformation.
Before diving head-first into changing your business’s strategy, it’s best to start by examining your existing digital presence. The same business model that you created at first, and found success with, was created in a different context and time. It’s important to stick to what works best for your business, but as digital presence and utilization becomes more important for all businesses, transforming your technology use can benefit you tremendously.
Tom Goodwin, Executive Vice-President & Head of Innovation at Zenith USA, suggests asking yourself what your business would look like if you had created it today, and comparing that to how your business functions now can offer insight into how you might need to change. What out-of-date systems have you resisted updating, perhaps applying patch fixes along the way? What kind of digital conveniences, or delivery structures (apps, online portals, etc.) do people expect now – how has customer service changed – and how do those realities compare with how you engage with clients?
"You can have an impeccable business model, but if you are functioning with out-of-date technology, you can only successfully function for so long in today’s society."
We've outlined the 4 steps Goodwin suggests to help kickstart your business’ digital transformation.
1. Question Your Current Role in People’s Lives
Begin by adequately considering how your business fits into today’s world (especially in the context of what competitors and similar businesses offer). Then define your business’s Unique Value Proposition and how that fits into the lives of the people/companies you are helping.
2. Diagram Modern Consumers’ Behaviors and Expectations
It’s important to acknowledge that consumers’ expectations are altered by the normalized use of technology, so they expect fast and personalized service from every business now. How can you adapt to service and delivery models that are constantly evolving?
3. Evaluate/Consider the Gray Areas in Your Business
Some great businesses provide bedrock services – banking, for example – that are more flexible and serve consumers better because they operate in regulatory gray areas. WeChat Pay and TransferWise are companies providing banking services which manage to get around strict banking protocols. Find and utilize the potential gray areas within your own business/field.
4. Build a New Solution that Encompasses New Technology
Research and take as exhaustive a possible a look at evolving technologies (for example, AI) because it can show you what beneficial changes can be made within your business strategy.
Being in check with what is coming down the business technology pipeline can keep your business current with the competition and with what consumers want. You shouldn’t become too comfortable with any one way your business runs because of this principle of constant change and evolution. Always being willing to take the next step is crucial to your success, within the reality of today’s digitally-dependent professional sphere.
McNamara Marketing offers a variety of digital-marketing services. If you need help getting your digital marketing transformation together, contact us for a free consultation. Email us at hello@mcnamaramarketing.com or call us directly at 320-433-3606.