How to shift your business to the digital world regardless of industry
The world has changed, and with that change comes a shift in the way businesses interact and communicate with their target audiences. It can be argued that this is a result of the pandemic, and it is, but it only accelerated it the process, not changed it. That means that the problems you would face in 5 years are now problems you must solve today. And for a business owner, change means one thing:
Adapt or forever get left behind.
The numbers back this up too. A study by McKinsey & Co found that the top five companies in major industries have profited by an annual $335 billion in 2020 alone, while the bottom five have lost $303 billion in the same time. It shows us that the gap has been getting wider and wider.
“We’ve seen two years’ worth of digital transformation in two months. The quarter is the new year, and the fastest will win. “— Microsoft CEO Satya Nadella
What can you do?
During the first eight weeks of the pandemic, the number of online deliveries increased the same amount as in the entire decade before. Despite a slowdown in growth in recent months, the trend remains the same. This is what we outline as the best strategies for you to take advantage of the change.
Invest in your own website or app
During the pandemic, many consumers switched to online shopping, some for the first time. Those consumers have stuck around and are continuing the behavior long after “The Great Reopening”.
The companies that put an emphasis on the user experience of their app or website have seen impressive growth in the last few quarters. Today more than ever, customers seek inspiration, research your products or services, read your reviews, and compare your competitors all online. And unless the experience convinces them to come back, you will not retain them.
Build your brand
Business improvement is primarily a numbers game, and while businesses do focus on branding, it can be difficult to quantify, which is why a lot of businesses overlook this aspect of their marketing. What we can quantify however is usefulness. In essence, your brand is your promise to your customers. Even though building a brand may not get you in front of your audience as effectively as Search Engine Optimization or paid ads, it does convert.
According to a study by Google Think, a well-executed retail brand or website converts at around 79%, but a search engine recommendation converts at only 66%-71%. Customers are more likely to trust a good brand and website experience than the first choice they find on a search engine. This shows how much more effective the way you present is than the actual offer.
Show up on search engines
We briefly touched on this earlier, but let’s get more specific now. A customer is interested in how a product or service can improve their lives. In other words, customers are looking to you for a solution. By providing the right information at the right time, you can leverage your product or service online.
Consumers who shop online are a bit different from those who shop through other channels. When a customer searches on a search engine, they are looking for a solution at the exact moment they make the search (also known as the Zero Moment). Brands that provide answers to their questions and provide solutions at that moment will have a major competitive advantage and ranking #1 generates a click-through rate of 39.6%.
Do not neglect what is working
The loyalty economy is here, and it’s only going to get bigger. So far, the way you position yourself and carry out your business has been successful.
The purpose of the post is to show how to digitize and compete, but neglecting the customers you already have and focusing on new touchpoints will make all your marketing efforts redundant. Plus, building loyalty will result in lower marketing costs in the future.
Consistency is key here. A loyalty-leading company measures customer value and invests in technology to improve it. To build customer loyalty, the company uses design thinking methods and structures its entire business around the needs of its clients.
Customers who are dissatisfied help your competitors grow.
Whatever the future holds, managing expectations is the name of the game. If you want to sell more of anything, you have to create an environment that appeals to your target audience. You need to convince whoever lands on your website that your brand is trustworthy. Now, more than ever, your digital experience is crucial.
