Businesses of all sizes and industries face a single reality: either they adapt to new consumers, models, business processes and technologies or they will vanish.
Digital transformation did not start yesterday. It comes a long way and is the result of a fast paced life that is connected and on-line all the time.
Everybody started purchasing a few items on-line only a few years back. Today we cannot even think of disconnecting ourselves even while we sleep.
We receive an overwhelming volume of information everywhere – from the subway to dinnertime at home. Free wi-fi is available practically anywhere. This is the digital way of life.
If we take a look at this transformation from a corporate point of view, every business should be engaged in projects to provide its customers with a fulll range of products and services on-line that fit their lifestyles and needs. There is a whole connected ecosystem in constant development that involves a few known factors, such as:
Mobile computing (with a boom of 3G and 4G service plans);
Cloud (with home use of the cloud to store content with plattforms like gdrive/onedrive/dropbox, etc);
Interactivity with an increasing use of social media;
Big data collection through social media, internet of things, etc.
Wether you sell products or services, the concept that follows applies to your business model. If you understand the new consumer behavior is a pre-requisite to success in times when old rules no longer apply.
Only one factor is determinant in this new scenario: is your company digital or not?
3 tips to start your company’s digital journey
- There is no magic formula, only relevant experiences for your consumer
If you do not understand what adds value to your consumer, you may loose them faster than the time it took you to get them. When we say keeping a client, we do not mean a long term post-sales contract. Contracts are broken, relationships grow cold and every client may forget about your business.
It takes a 360º view of your business to provide value to your clients, and in this case we mean digital 360º, since they spend almost a 100% of their time on-line.Presence in social media, customized content and webinars are a few examples of tools commonly used to keep your clients close. As we stated, there is no magic formula, but the digital environment present many opportunities for touch points. If you know what your client expects, you can keep in touch.
- Revamp whats old and replace what no longer serves you
With every new consumer behavior comes new revenue opportunities, but when you need to update your processes to seize them, it might get a little tricky. All companies deal with diverse systems (CRM, ERPs, BIs), different levels of depth of use and various versions. Most of the time it is easier to replace those systems with new ones instead of trying to align them. Some decision makers may not see the need for such an investment, but on the long run you can only keep pace with the changing consumer and businesses processes with technology that evolves with them.
- Utilize data and technology to make strategic decisions
This may sound more of the same, but the digital environment makes this mantra more and more important. Everything we do on-line leaves tracks – be it a person to person relationship or a business transaction – all you do is registered as data. Within your digital journey you need to understand which data is important to your decision making and to your client relationship strategy. Learn where the relevant data is, filter it and use them on your favor.