Future proof your business and generate new revenue streams
In one of our recently published articles, Ways to Grow Your Business (click to read this article), we looked at the 'Innovation Ambition Matrix' which suggests 3 key areas where businesses should invest in order to look to the future and grow the business. In my view, a key activity which underpins the future relevance, viability and growth of any current business is the activity which I refer to 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. Have a look at what we did with our Dry Cleaning client: www.theweddingdressspecialists.com.au – in this case we used technology to transform a local dry cleaner into a national service provider using nothing more than an e-commerce website and creativity.
- 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 dare I say it 'disruptive') product or service.
If you have read any of my previous articles you will know that I am a firm believer that the future of any business will be heavily reliant on the right use of Digital Solutions. And this is key: 'the right use of Digital Solutions'. 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? Probably not. But. 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. Want to learn more about implementing Digital Solutions? Keep an eye out for my future articles on the topic. Or, get in touch with me and let's have a chat. Written by Peter Spinda, CEO, Digital Duet – peter@digitalduet.com.au Peter is the founder of Digital Duet and Accommodation Website Solutions, a Brisbane based company specialising in the design and development of business websites, marketing strategies and online business models. Visit Digital Duet today.
