It has been critical for us to truly identify and understand these challenges and in doing so we can estimate the impact and indeed help predict potential challenges to come. It was with this in mind that we started to really identify the key digital challenges that we face on a regular basis and thought it was worth introducing these to you.
Put simply, market positioning is the process of establishing the image or identity of a brand or product. For many marketing teams, the focus is on distinguishing yourself from the rest of the market, building loyalty, increasing reputation and brand influence. This effort to influence consumer perception is critical. To help direct the conversation internally, there are some key areas that we believe should be discussed. From taking the time to review how the brand is currently positioned to understanding what problem your brand is trying to solve. Re-examining your target customer, to how your customers genuinely perceive your brand. You can then articulate how you are different; communicate how you are better and strengthen your market position.
This is a real challenge every business face, to upgrade or not to upgrade, that is the question! Updating outdated technology requires time and costs money, but failure to upgrade may leave you behind the curve of your competitors. So when considering moving away from legacy technology, there are a number of things to consider.The costs to maintaining these systems can escalate and become a burden. Running outdated technology increases operating costs and delivery time.
With increased failure rates, vulnerability with security and compliance issues. Not to mention the effects it may have on loss of sales and customer loyalty.Deploying new technology however also causes frustrations as even new tech can lead to business disruption and requires some problem-solving. Legacy technology is trouble, but almost all businesses have to rely on it and work with it to some extent. It’s to what extent you are willing to change in the long term that is the real question.
Take time to understand your digital challenges and make positive change
Businesses need good clean data to help them understand their customers, customer behaviour and in turn this data becomes a useful marketing resource. By gathering and consolidating data from all user touch points and interactions, you can begin to inform business decision making and marketing strategy. By building this data you can analyse, measure, refine messaging and optimise as you go. There are three useful considerations when looking to improve your use of data. The first is to be clear on the business goals and objectives so you can identify how data can help. The second is to identify your customer touch points so you can capture useful information. Lastly you can use your data to improve your customer experience by making things personal.
Through the advances in innovation and technology, Customer Experience (CX) has rapidly evolved over the last decade. Many businesses and enterprises are enabling their products, processes, services and all their customer interactions to become more digital. These interactions and end to end experiences however need to be helpful and consistent. Done well, providing a first class Customer Experience can become a significant differentiator for many brands. When creating great CX, there are three main considerations. The first is to commit to meeting basic user expectations. The second is to offer value for money, because if you don’t your customer will go elsewhere. The third is to always do what is right by the customer through honesty and transparency.
Living Businesses are organisations that unlock growth by continually adapting to exceed the changing needs of consumers and market conditions. A Living Business is a business who knows what you want, when you want it. The restaurant chain who knows your order, the cloths store who knows your style. It’s about going all out for your customer, creating new opportunities, new experiences. It’s being hyper-relevant and anticipating needs. Organisations that become Living Businesses benefit from lasting customer loyalty which fuels sustainable growth and growth opportunity. So what are the behaviours they demonstrate? These businesses are agile and adaptable in everything they do. They can review and upgrade technology, platforms and crucially data. They are responsive and confident in their decision making and pivot accordingly and ultimately create an environment for success.
There are many more digital challenges that businesses encounter, but from our experience these are ones that we tackle everyday with business who are seeking digital change and transformation