How can businesses survive the digital disruption?

It used to be common for companies to market their products and services using methods like cold-calling and sending non-personalized emails. These methods, however, do not work in favor of prospects as it amounts to a frustrating experience.

It’s essential to understand the shift that has taken place in the world of marketing and the digital transformation we have gone through. Businesses such as Uber and Airbnb are examples that have already shown us a full-scale disruption. These are just a few examples, and it won’t stop here. Businesses will continue to evolve and advance with the aim of providing the best possible customer experience possible.

Digital Darwinism

 

digital darwinism

 

Ask yourself an important question, where are your customers?

Here’s the answer- We are currently in the era of “Digital Darwinism”. Technology and society are evolving much faster than organizations can adapt. While other factors may have affected the demise of several businesses, digital Darwinism has played a prominent role in costing us close to a half a billion jobs, the demise of several companies, and it only continues to accelerate.

To better understand the severity this, let’s take the example of Uber vs. Taxis

Uber is an app that allows you to request, ride, and pay for a taxi service from your phone. It has significantly disrupted the Taxi business.

There are several factors behind this disruption:

1. Time

A study shows that people waste an extra 3 minutes waiting for a taxi compared to most of the UberX passengers who are picked up in approximately 4.5 minutes in contrast to 8 minutes for a Taxi.

2. Cost

Uber offers much cheaper rates in comparison to taxis. This is one of the main reasons for the growing popularity in demand for ridesharing services.

Below shows you how much an individual can save by choosing Uber over a Taxi.

3. Safety

With Uber’s easy to use app, you can now “share your ETA” with friends and family who can track your journey in real time.

In the case of an emergency, there is also an emergency button you can access with a click of a button which directly alerts the authorities sending them your location. You don’t have this with regular Taxis.

Uber also has strict rules when it comes to hiring an Uber driver. Each driver has to undergo a lengthy screening process.

4. Added Bonuses

Express POOL: Your uber ride ends at an efficient dropoff spot picked by Uber, so you’ll walk a short distance to your destination.

uberPOOL: a carpool service where at least two passengers in the same area are picked up and dropped off at their respective location. This shared ride concept is also better for the environment.

uberX: a regular four-seater rideshare service.

Uber Black: Luxury rides with professional drivers.

uberWAV: Rides that have wheelchair accessibility.

Route Pass: A monthly ride pass you purchase which then provides you a standard price at a special rate throughout the month regardless of surges.

Promotional offers: They are continually trying to provide special offers so that consumers get further discounts on their rides.

Referral codes: By sharing your promo code with friends and family and getting them to sign up Uber provides you with credit to your account that you may use towards your rides. This way you are promoting their business while benefiting yourself.

These are benefits that Taxis fail to provide. Passengers do not have the luxury of selecting the type of experience they want with a regular Taxi as opposed as they do with an Uber. Furthermore, with a regular Taxi, a consumer is not able to choose a cheaper option such as Express POOL or Uber Pool. There are no benefits or innovations with Taxis. Taxis fail to be consumer-centric.

Uber realizes the importance of staying a step ahead of the game. They are constantly innovating and coming up with new ways to satisfy their customers.

Be helpful and be human

Uber has accomplished both of these concepts. They provide personalized emails. They communicate with their consumers and are efficient in problem-solving. Furthermore, they celebrate special occasions, send customized wishes to people during the holidays like Christmas and New Years. They also connect with consumers by collaborating with different applications such as Snapchat, which has special filters for Uber, and Spotify, where customers can listen to their personalized playlists during rides. They are committed to providing the best experience possible for their consumers.

The important thing is that they don’t stop there, they are continually evolving and innovating to address the needs of their consumers. Simply put, they put their consumers first.

This is how a business thrives in this era.

How can your business survive the digital disruption?

1. Adopt a customer-centric ethos

To stay ahead of the game, you always have to be in sync with your consumers and what they truly want. Explore how your target audience engages with your brand. Create buyer personas, and investigate buyer journeys. This will help you be more customer-centric and understand what they want.

Huda Beauty is a cosmetic business that is an excellent example of this. They are always communicating with their customers and making deep connections. They understand what their customers want and need and thus regularly create content accordingly and continually.

They are also continuously building a massive following by leveraging influencers to promote their brand. When they make a mistake, they admit to it and immediately rectify the problem. They’ve created a strong bond and connection with their customers, appealing to their emotions through relevant content, constant, meaningful activity on social media, and most of all, they maintain a transparent brand.

2. Make sure all of your departments are in sync, communicate effectively, and share data

Businesses often fail to understand that every section in their company is intricately entwined. It is essential to realize that digital is not a separate department. Sharing information between departments is pertinent.

For example, if the sales and marketing team shared data, it would help boost both departments regarding better sales as well as better content.

3. Track metrics that matter

While it may be satisfying to reach X number of comments or likes on your social media posts, you cannot solely focus on these parameters. If you do, you are inevitably setting yourself up for failure. A certain number of likes and comments on your posts does not accurately show you what matters to your customers, what they’re needs are, or what the buyer’s journey is.

Instead, take into consideration “Return on Experience” (ROE). ROE gives you the kind of information that can aid in creating a better experience for your prospects, it shows you if your customers are happy with their experience and helps you pinpoint and decrease friction to improve ROE.

4. Explore multiple digital channels

In the current digital age, customers have numerous ways to research products and interact with brands. You cannot restrict yourself to just one channel; instead, you need to keep in mind the buyers’ journey which will help you select the appropriate channels for maximum success.

5. Leadership

Be a leader that is prepared for the digital age. To avoid being taken down by digital Darwinism, you need to make sure you’re well versed with digital practices and it’s importance. You also need to be innovative and embrace new trends in the space.

Having skilled digital leaders significantly improves your chances of successful integration into the digital era.

6. Track trends and digital developments

You need to be tracking trends as they are ever-evolving. You need to always be two steps ahead of the game and continuously creating something new for your prospects and customers to build a base of satisfied, loyal brand advocates.

Look at Uber- they are continually innovating and releasing something new for their customers, perhaps even things their customers might not have known they needed before it was presented to them.

7. Don’t wait for the digital disruption to hit you. Act now

Digital disruption may not have affected your company yet, but this doesn’t mean you should wait to implement these steps for your business immediately. Many other companies have ignored the steps mentioned above and ultimately failed to realize the importance of digital Darwinism,

“You are not too big to fail; you’re not too small to succeed.”

You need to step back and think strategically about your customers, their behavior, and then develop a plan. At Chhlin, we can help you create a plan and strategy. Book a free one-hour strategy session with us by clicking here.

Leave a reply