Adopting a digital platform strategy in the new business age
Evolving to better industry standards is how business stay competitive in their industry. The best approach to being super proactive in your industry is adapting to the changing business environment on the outside. It is also a huge factor for providing the best in class customer experience to your vibrant customer base.
Here’s a really relatable example, Think of the car manufacturing industry, back in the days automobile was invented and it took a lot of breakthroughs by humankind to reach that invention. Later on the machines took over dramatically and the humans had to learn the use and there was a sharp learning curve to using those machines to their best potential. And what now? Cars are assembled, polished and even tested by machines, even the parts are produced by machines themselves. That’s one heck of a digital transformation at your fingertips.
Due Research and laying down goals
You will require due research in your industry and fully understand the ongoing key trends in the existing markets, you may also have to consider what products are being launched and what are the technologies are coming forth to make things better and how more importantly how is your market responding to those changes happening, are they supportive of it or are they not cooperating as they were earlier? These core external factors should be addressed in laying down your strategies.
Also you should make sure that you are taking absolute advantage of the digital tools you have available for analysing market trends and checking the digital channels A digitally dextrous business works transformation into all its digital channels, and takes advantage of all relevant digital tools available for conducting marketing research.
The first rule of business is knowing your customers and making sure that better buyer personas and customer journeys churn out from the fresh strategy you are trying to lay down for a successful digital transformation. What essentially will it help you understand, which question you will find an answer to ?
What is the trend like? What do people want to buy exactly and how are they searching for it?
Where are the people who want to avail your product or service? Who are they in general, are they college going kids or working professionals, or retired professionals or C-Suite executives from a certain category of company?
What other things can make you grab their attention and will be worth it as well?
Realistic Goal Setting and What should you consider
The next set of questions you can answer are, how are these changes going to determine your KPIs and goals for future operations, you should work that out next.
What is your roadmap for a total digital transformation and will it change your business overall?
How would you measure the impact of this digital transformation and are they in total sync with your long term organisational goals?
Talk to other executives and ascertain whether similar digital strategies are helping them achieve more and are they meeting those set of goals in the digital age?
People who will drive the change after holistically thinking through every little situation and making sure it impacts your overall vision for the digital transformation. They will keep it in sync with the bigger picture you must have laid out for yourself while curating the digital strategies.
Thinking about customers and their experience
You have to read people’s preferences by using the right digitally available business tools . This will eventually help you find more opportunities and their interest areas and give you with the answers you have been looking for. You shouldn’t be leaving any stone unturned in learning continuously about your buyer’s preferences in terms of digital. That’s about Customer Experience (CX) which good organisations consider their only bible.
Great CX has the potential to affect your bottom line and deliver some real results which may even shock you at some point. So are some orgainisation.’s The Temkin Group found that companies which earn $1 billion on an annual basis also expect to make an extra of $700 million within three years of investing in customer experience.
Digital Platforms are gaining momentum, for a reason
What has digital adoption brought to organisations? The power to do more in less time. Yes, it means you can achieve more in less the time, of course, that’s what technology fundamentally is for.
A survey by Mckinsey shows the extent to which these digital platforms have become an integral part of the rising business culture. Legendary organisations such as Nike, Daimler, Unilever, have transformed their business models around the digital landscape and it’s the best thing they could have done to their business’s existence. Across different sectors, products and economies, we found that a single digital platform prevails 75 percent of the time.
Understanding the need for business transformation is crucial at this age in the 21st century. We are heading aggressively forward in every dimension and business are bound to adapt for their own betterment. Digital platforms have the power to bring you closer to your customers, optimise your business operations and make a better bottom line for yourself. To be specific, it’s a win-win for all and every business should strategically make it possible.
Harshit is a former Content & Marketing Associate at OpenSense Labs. A true bibliophile, his favorite books are Purple Cow, and Rich Dad Poor Dad. Filled with all the energy, Harshit hates to sit idle. Thanks to his caffeine intake, he keeps the energy flowing in the office as well as outside it. You will see him plugged in listening to deep house and country music while kicking ass with marketing. His love for beer is well known throughout OpenSense Labs.