Business as usual has changed. Creating ongoing value and growth in today’s technology led world requires greater attention to detail than ever.
Many companies are collecting and storing large amounts of data, either around customer behaviour or relating to their business vertical. Grappling with, processing, and ultimately monetising this data is where the challenge lies.
Successful organisations are learning how to unlock the value in their data, becoming truly customer focused, maximising existing revenue streams and even creating new ones along the way.
Understanding where you are
How is your organisation making the most of its digital assets? Does your current range of digital products create real value for your audience? Have you truly become an integral part of your clients’ working day?
To realise the potential of your digital portfolio, a critical component is understanding the behaviours and motivations of your audience. This can include segmentation and personas, engagement levels and purchasing criteria. It is important for subscription models to evolve with your customers’ requirements, to build trust and loyalty and ultimately drive revenues.
Know your sector
Competitor analysis also plays a large part of any digital transformation process. There are many useful learnings to be taken from assessing current and future strategies, competitors’ resourcing and current digital assets, and their ability to react quickly to market changes.
By understanding the competitive landscape it is possible to closely analyse the differentiators in your offering, and present products and services that truly match the motivations and needs of customers.
Defining the strategy for continued digital transformation can unlock tremendous potential; there are almost always opportunities to create new digital products and find the right fit for them in your existing portfolio. Existing offerings may require reshaping or be sat on aging technical stacks, preventing future scalability and restricting growth.
Leverage newer development methodologies, and where appropriate, define a Minimum Viable Product (MVP) to get to market quickly, test with real customers and learn as quickly as possible.
There’s no need to do everything at once. An immersion phase can enable organisations to detail objectives, both business & technical into a road-map. This can evolve over time as learnings are leveraged. Iterative development with revenue driven metrics can help to increase velocity.
As with many things, there is no shame in starting small and learning fast.