As you have probably already figured out, gaining momentum in your business with today’s digital economy can be accomplished because there are many new methods to reach even deeper into customers’ wallets than ever before. We see businesses popping-up all the time and their models are unlike anything we have ever seen before. In some ways gaining momentum is so much easier than it used to be years ago with new era businesses and their services, which support and integrate with the digital economy. However, just because reaching the customer may be easier does not mean that the operations side of the business has become simpler, especially for old-school businesses trying to make a transformative leap to digital. I dare to say that a laggard corporate mentality and a complex traditional operation could be preventing your company from heading to the sweet click of success in the digital promise land.
Infusion of Corporate-Wide Digital
Momentum is one of those intangibles in business that can be difficult to activate, monetize and even continue moving in the right direction without the right strategies and ecosystem in place. If the infusion of corporate-wide digital is really what’s needed for momentum to occur, what are the repercussions if it’s not done fast enough or with the right systems?
Executives around the globe are talking about today’s digital economy and how it is instrumental in helping businesses grow. However, when major digital innovations or technology infrastructures are introduced, the existing ways a company delivers value to the customer will also need to change. Software alone isn’t the answer, although it feels like it could be. In many cases, changes must occur with new monetization strategies, products and services, delivery methods, customer experience touch points, communication channels, conversion tactics as well as new ways of collecting, distributing and analyzing data. And these are just a few of the things that must change quickly if your business model is to be integrated with the new digital economy. This is a full-shift in mindset and operations. Changes to one part of your company’s value and delivery system may in some cases cause your business to restructure everything from R&D, product and service delivery to online customer experience and conversion.
What Does Your Business Ecosystem Look Like?
Let’s face it; making widespread changes to your business can be painful. If your partners and vendors are also trying to keep pace and stay aligned with your business, you may have to wait for them to make tech implementations that are compliant with your digital requirements. Reshaping the way a business operates will most likely cause fallout from your existing business model ecosystem partners that once were so important, but now have become almost obsolete.
If the pace of change is too fast for your partners and vendors and they can’t keep up with the new digital way of doing business, you may have to seriously rethink about developing new business relationships and removing those existing long-standing ones that once helped your business reach success. This won’t be easy. Old-school business models are disappearing quickly, so you better act fast or your business may be one of those talked about like a slow moving dinosaur that couldn’t adapt quickly enough and is now facing extinction. Unfortunately the digital road ahead is not an easy Sunday drive. It includes heavy traffic with lane changes, intersections and mergers –Yikes! Would you rather do business with a company that is staying ahead of the curve using new technologies and new ways to communicate or companies that are clinging to the past?
The Reverse Effect Of Digital Business
Digital business can also work in reverse because your partners and vendors may ask your business to step aside because they are moving ahead quickly to integrate digital strategies and methods in ways that are well beyond your businesses capabilities. The digital economy is much like a living eco-system that includes your entire business, conversion points, partners, vendors, marketing and your customers. If any part of that ecosystem is broken or not functioning, that could mean big problems for the health and wealth of your business. Your business wants to create disruptive new ways of doing business, not be disruptive to your customers, partners and vendors. Most of the highly successful businesses of today have the ability to leverage digital methods that engage at a deeper level and interact with the constituents that are most important to them. These businesses have already made the switch to a fully integrated internal and external digital model that is directly tied to the way today’s mobile and online economy functions.
What’s Next For Your Business?
If you haven’t already, it’s time to establish new business goals and a roadmap that will lead to a destination of promise – factoring in the new digital economy of course. Look far ahead and dream a little and think about where your industry is going and how your business can adapt. Don't establish a new business model that is based on where your market currently is. Create a new model based on where your market is going and will be.
Look at your partners and your customers, how are they buying, communicating, behaving online, and what are their motivations? Don’t forget, there is an entirely new age of customers who are also professionals and they have a digital-only mindset. That means re-thinking how your business interacts and operates within that same mindset. Your business must make the transformation from an old-school business model to a modern, digitally activated, agile business model. The new digital economy is impacting your business whether you like it or not. Now it’s up to your business to orchestrate the transformation from the laggard, old-school corporate mentality with a complex traditional operation to a business that functions with the sweet click of success in the digital promise land.
Follow Scott on Twitter @scmacfarland