What Is Digital Transformation
The internet is a constantly changing place. It’s the wild, wild west of modern day business. The next big thing is always being beaten by something bigger and better. This cycle of change and growth is unstoppable, and only the strongest businesses will survive. As a business in the digital age, it’s not good enough to be average.
You need to always be looking into the next big thing. You need to experiment with new ideas and unique ways to reach your audience. This is digital transformation, and it’s essential to success. Are you ready to see your business grow? Stop waiting for things to change and start doing! Keep reading to learn more about digital transformation and how to apply it to your business!
What is Digital Transformation?
You’re probably asking what digital transformation even is and why it matters for your business. Let’s take Apple as an example. Apple used to be one of the leaders in online music downloads with iTunes. Paying for and downloading was the way of the future 5 years ago. iTunes led to the downfall of music stores of the past, and it seemed like it was here to stay. That is, it was here to stay until Spotify and Pandora introduced music streaming. Now, music streaming is the new normal and Apple had to adapt to keep up to stay in business for music downloads.
Apply underwent a digital transformation by introducing Apple Music, a subscription-based streaming service. Without this transformation, Apple would have suffered great financial losses. This kind of digital transformation is not limited to music streaming. It’s seen in every aspect of business today, and it’s the only thing keeping some companies afloat while others continue to sink.
Digital transformation refers to all the changes associated with digital technology as it relates to business. It involves both changes in how you reach your audience to changes in the purchase experience. These changes predict new trends and meet consumers in the middle. Spotify didn’t wait for a sign that music streaming was the next big thing. It went ahead and made music streaming the next big thing. Now, music streaming is the only thing.
In many ways, digital transformation is more of a disruption. It challenges the way consumers interact with businesses and technology. It tries to be the new normal before the old normal even has time to settle. Think about the digital landscape we live in today. More consumers than ever are shopping on their smartphones, and we can access anything in the click of a mouse. Social media is changing the way companies interact with customers. People are discovering new needs and wants that don’t fit business traditions of the past.
Today, most companies don’t choose to change. They disrupt technology because they have to. It’s a necessity of surviving in today’s market. These trends aren’t limited to a specific industry or market. Technological disruption is happening across the board from e-commerce to financial services.
The businesses of yesterday fail for one reason and one reason alone: they refuse to adapt. The companies that saw technological disruption as just a fad or a trend that would quickly fade away are the businesses that aren’t around anymore. You can probably name many of these stagnant companies off the top of your head. Blockbuster failed to meet the growing demand for movie streaming. Kodak stumbled into oblivion as point-and-shoot cameras and film became a thing of the past. Sony lost its hold on the music player market as soon as competitors turned to smartphones for music.
How can you keep your business from dying the slow death of technological stagnation? The answer is simple. Keep moving. The companies that continue to try new things and to disrupt technology are the companies that stay relevant even in changing times.
Applying Digital Transformation to Your Business
If you want your business to be a leader in the future, you need to act like a leader today. Don’t wait for another business to pave a path for you to follow. Instead, stay on top of trends and anticipate customer needs. Here are some ways to apply digital transformation to your business!
Go where no other company has gone before.
Just because nobody else is doing it doesn’t mean it won’t be successful. Free 2-day shipping used to sound too good to be true until Amazon Prime made it the new name of the game. Now, other e-commerce businesses are quickly jumping on the free shipping trend as it took off for Amazon. Look for needs in the market your business can fill. What are your customer’s pain points? How can you address these points? For Amazon, they recognized their customers were more likely to abandon their cart at checkout when they saw the cost of shipping. They took action to solve this for their customers, and now they’re leading the market.
Use technology to your advantage.
No matter your industry, you can take advantage of the technology that’s already out there. Use social media, analytics, web design, SEO, and more to make your business stand out online. In today’s market, only the most competitive will reach their audience. Don’t be afraid to use all the tools at your disposal to gain an edge!
Focus on the customer.
The shift from in-person stores to digital selling has left a gap in customer service. One of the ways to stay relevant and build relationships with customers is to make them a priority. CEO Ollie Smith of ExpertSure says, “There is a fading borderline between staying local and going global.” Don’t be afraid to commit fully to the customer whether that customer is in your hometown or on the other side of the globe. Research shows customers are willing to pay higher for a better customer experience.
No matter where your business is today, you can take it where you want to go tomorrow. To compete in the wild, wild west of digital business today, always be proactive. Don’t be afraid to take the path less traveled, especially if it means disrupting the market! Your success might be just around the corner!