Retailing, hospitality, media, and technology – no industry is left untouched by the wave of digitalization.
Digitalization creates value for the business as well as customers. The definition of success is changed in this digital world. Being attractive, popular, and user-friendly is a new success.
Before harnessing the digital technologies, let’s discuss some good tips and examples on how to build foundations, align incentives, and then measure, monitor, and review them in a sustainable manner in this digital world.
1. Redefine Customer Experience
In most of the organization, functions are built vertically – marketing, sales, production, customer services, etc.
On the other hand, customers traverse horizontally into the organization. They get wooed by marketing, buy something from sales and get the product or service delivered by operations.
In the traditional way, each function owns the customer some time and then hands them over to the next function.
In the digital world, you need to build a platform around her journey. Use the customer’s footprint and data to make the journey better.
2. Strive for Market-Fit Product
In a conventional way, first, we listen to the customer and then create a product that is the best fit according to the description.
After it is built, you sell it by advertising, promoting, discounting, etc. Again, take the review and feedback and make another version. It takes the hell out of you.
When it comes to digitalization – create a product that just works or the minimum viable product, put it out, take continuous feedback and bend the product accordingly until you reach the perfect. If you do this then the product sells itself!!
3. A Partnership is a Key
Much like the hotel business which is all about location, location and location.
The digital world is all about partnership – with friends and also with the foe. Brands like Apple Inc., Microsoft Corp, and Facebook Inc. compete bitterly with each other publicly but behind the scene, they are supporting each other.
Microsoft’s software is on Google Play Store. Facebook is on Google Play Store and Apple’s App Store. In the digital world, you make a larger market rather than stealing each other’s market shares.
4. Redefine Business Models
Most of the large legacy companies work under a simple model – build and sell.
These newborn digital companies work on models where existing resources, algorithms, connected devices and AI-fueled data bring something valuable.
It’s a long way! While switching from traditional to digital you will get through many things. Serious doubts, obstacles, and more in your way.
The most important quality you need is boundless patience.