Customers are better connected, new technology is launching everyday and data is connecting everything. This has disrupted the market and allowed competitors and start-ups outperform established players.
This video shows the importance of embedding digital across your business. Those who adapt their business model around the customer will reap the rewards. Businesses need to become more innovative and agile to be able to adapt to customer demands and market changes. This will enable them to increase customer engagement, empower employees and become more profitable. Ultimately, you don’t need a digital strategy, you need a business strategy for the digital age.
Times have changed. Customers are better connected, sharing their views in real time.
And things are getting connected too.
New technology is launched every day and data is everywhere…
This has created opportunities for competitors and new entrants to disrupt the market.
Here’s how two companies reacted.
One company created a separate digital strategy, with a bolt-on team to run their online channel.
Although they were great at attracting customers through their website, it created a separate business, duplication and costs. And customers suffered as a consequence.
This meant online sales increased, but total sales didn’t.
Another company created a new business strategy embedding digital. This enabled them to take full advantage of new technology.
They started by looking at their business model and finding new ways to make money.
They found partners who could help them deliver better products and services and created a more flexible operating model.
They also invested in data analytics to give them the insights they needed of the customer experience across all their channels, and beyond.
This way they not only knew what their customers were seeing, and buying, but also what they were using, and how they were doing it.
As a result, they understood what would make a difference to their customers’ lives
So what was the outcome?
Customers trusted them more because they helped them achieve their dreams and ambitions.
…and their business became more innovative and agile.
Employees felt engaged, empowered and connected.
Sales soared, profits increased and the company was admired by everyone.
So, to succeed in business today, you don’t need a digital strategy. You need a business strategy for the digital age.