Future Proof Your Business and Generate New Revenue Streams
The ‘Innovation Ambition Matrix’ suggests that there are 3 key areas where businesses should invest in order to look to the future and grow the business. A key activity which underpins the future relevance, viability and growth of any current business is the activity known as ‘Business Digitisation’. This term, for the purposes of our discussion here when referring to the SME business, simply refers to activities which help your business grow and evolve using digital solutions, thereby future proof that business. These solutions include things like developing new websites or apps, implementing new software which can drive automated processes, and so on. Looking back at our ‘Innovation Ambition Matrix’, Business Digitisation can be slotted into each of the three categories in order to achieve measurable outcomes:
- 70 per cent of energy and effort into serving your existing markets and customers: Using tools such as CRM’s, Email Marketing platforms, Customer Portals on Websites, Members Areas on Websites, Communication Apps, 3D printer driven prototyping/product development and more, you can really boost the amount of interaction and service your current customers experience, thereby driving increased brand engagement and brand awareness.
- 20 percent of energy and effort into branching into “new to the company” business activities: It is amazing just how much impact Digital Solutions can have on your business and how simple creative thinking and the right advice can help you expand into service/product areas which were once closed to you. In addition to it’s impact on your services/products, Digital Solutions can help break down locality based barriers, capable of transforming your local business into a national supplier.
- 10 per cent of energy and effort into developing “breakthrough” products or services: Ok, now this one is far more challenging than the previous two, and will take a bit more planning and creativity to execute well. Bearing this in mind, again I point to the use of Digital Solutions in order to help you develop that ‘breakthrough’ (or ‘disruptive’) product or service.
Does a small mum and dad run corner store need their own dedicated app, with a full blown interactive website and the most powerful CRM in place? They could make their presence felt on local listings apps, on Social Media targeting their local residents, running a simple email marketing tool in order to communicate with local residents and get them coming back time and again. Business Digitisation will vary from business to business – for some it will become a very complicated process and costly to implement. For others, like our corner store example, it won’t cost more than a few dollars each month and some time from the business owners to implement.
