Does digital transformation work for small businesses or is it just another buzzword that is doing the rounds in the biz-world? It’s a big question, but it is true that putting a business on the online platform certainly creates an instant buzz for the small businesses around the world.
Now that we’re at it, just putting your business on the online channel is not enough. The efforts that are needed extend far beyond what you can imagine. According to one research ”More than 80% internet start-ups end in failure”, so this underscores the same question whether it makes sense for a small business to make online visibility a part of its strategy right at the outset.
Recent years have witnessed radical changes in marketing trend and this has necessitated digital transformation for start-ups and SMEs. In this day and age, if your business wants to make its mark in the market by effectively communicating its unique selling proposition then undertaking digital transformation needs to be an integral part of your business strategy.
Also, it should be kept in mind that embarking on your digital transformation journey can come with its own set of challenges and most of the times, it is not the cakewalk that it initially looks to be.
Every successive step will come with its own challenges and will require you to do your homework, spend time and practice patience. So, before you decide to undertake digital transformation for your business, always ask the following questions to yourself:
- Is your target audience using digital platform? If yes, what is their usage pattern? (This will help you work with an ROI driven approach)
- Are you targeting the right set of audience? (If not then your digital transformation will not work and you risk all your efforts going in vain. Asking this question is also important if you are looking to expand your market by targeting new customers.)
- What is it that strikes a chord with your audience? What are the things that appeal to attract them the most? (This is important to know for you since this is around what you need to build your business strategy around)
Whether it is about effectively serving to their target audience or tapping new markets to expand their business in new geographies or setting-up new brands for marketing their new product or service offerings, small businesses are relentlessly pursuing their efforts towards digital transformation. And it is, undoubtedly, a cost-effective yet influential method to achieve success in any market. This is the reason why the future of the small business marketing lies in digital transformation. Even as of today, no aspect of a new business has remained untouched by digital transformation, be it consumer behaviour or the functioning of a business. Owing to an over-growing dependence on technology, the integration of technology and business has become more of a necessity than an option.
Broadly speaking, here are some of the reasons why small businesses should focus on digital transformation
Changing Customer Expectations – The customers today are expecting more remarkable digital experiences than ever before and with their changing expectations, ‘digital first’ is therefore, more of a necessity than just an added advantage.
Competitive Advantage – If your small business succeeds at implementing a clearly defined digital strategy it can easily enjoy competitive advantage in the market, helping your brand establish its online visibility. On the other hand, if your business has second thoughts about undertaking digital transformation, you might lose your customers to the competition.
Cost Effectiveness – Digital advertising is a great way to reach out to your audience in one of the most cost-effective ways specially when today’s generation has become accustomed to using internet and mobile technologies to keep themselves updated. This is an awesome opportunity for small businesses to make their presence felt in the market. With about 87% people skipping the television advertisements, it makes little sense to waste huge amounts of money on media that are overrated, when better options are available at a cheaper price.
Enhanced Competitive Focus – Every business in this day and age strives to be as customer-focused as possible in order to succeed. This is particularly true of the businesses in the service industry. Adopting the digital platform adds a certain amount of efficiency to your services and hence, helps you enhance the customer-focus of your offerings. The digital medium enables you to offer high quality services with added features of speed, personalization and trust – as imparted by the reviews and recommendations available. These factors together go a long way to create many happy and returning customers for your business.
With the reasons, as strong as these, no start-up or SME can simply ignore Digital Transformation and still expect to succeed in the online market-place. Need consultation regarding how to go about it for your new business? You have come to the right place – with years of experience at offering start-up consultation to businesses across industries, our experts would be happy to handhold you.