Any business that wants to become sustainable in the long term should be aiming to grow and evolve. Digital transformation growth strategies are a significant part of improving your business. To lay the foundations for success you should understand your buyers, work with new sales channels, and use automation and data to provide the best results for your customers. Here are a few of the key digital transformation growth strategies that your business could benefit from. Read more on digital transformation here.
Better Analytics
If you don’t know your customers, their habits and the pathway that they take from exposure to customers, and hopefully from customers to advocate, then you are missing out on essential information that could make your business more successful.
Customers today are not as loyal as customers in the past. Your parents may have bought everything from one catalog because it was there and they already had an account. You have the option of Amazon, eBay, Walmart and numerous other vendors, and you can use price comparison tools to get the best deal for every purchase.
Merchants need to understand the breadth of sales channels and the options that are open to them for reaching customers – both B2C and B2B so that they can build that loyalty and stay in the minds of their customers between sales.
Fresh Channels
To drive sales, you need to be in the areas where your customers spend their time and money. Selling on a single platform is not going to work. It limits your customers and it also means that you miss out on impulse buys. Today, consumers do a lot of omnichannel shopping (learn more https://www.invespcro.com/blog/state-of-omnichannel-shopping/). Whether you’re selling investment products or shoes, the basic behavior is the same. They go looking for better prices, for higher quality products, better return on investment, and information about whether a given product will do what they need it to. They don’t just want something that can “get the job done” they want something environmentally friendly and sold by an ethical retailer.
If they don’t know that your product fits the bill, they might not even think of buying it. Having a presence on multiple channels is hugely beneficial for your company because it helps to attract repeat custom. It makes your business look big, even if it isn’t big yet, and it helps you be more strategic with your pricing and marketing. You can trial special offers on one platform, do customer research and build brand awareness in new ways.
Strong Automation and Big Data
Studies show that even in the best of circumstances manual entry is error-prone, with a skilled person producing five to ten errors per 100 entries. Error rates of as much as 30% are not unheard of either.
Data entry errors can result in wasted time and angry users. Automation takes a lot of the potential for errors out of the equation. Yes, computers can still behave in unexpected ways, but the error rate will be much lower and any errors can be fixed promptly.
Automating actions, whether that’s setting a stop-loss or ticking off a sale, saves time and reduces errors. Not only that; your staff probably don’t enjoy doing data entry work. Free their time up for more important and more interesting tasks and their morale will improve too.
You can automate a lot of data collection, and data processing. Once you have the collection automated you can use that data for analytics, too. Where are your leads coming from? Which demographic is using each service? How much time are your staff investing in key services? All of these things matter. You can work with experts in digital transformation consulting services which can help you understand the significance of data collection and processing.
Data is your friend. The more data you have, the better, as long as you keep that data safe and secure. The information that you can get from looking at past trends can inform future strategy and will become the foundation of your digital transformation.
Treat data as the asset that it is, and invest time and energy into learning from the past and from what your competitors are doing today. Look at what has been working and what is not working so well, find avenues for improvement, and implement your ideas. Repeat that process again and again, and you have the beginnings of a continuous improvement strategy.
