- Jul 31, 2021
When a world of opportunity awaits you, the best you could comprehend is to synergize a strategy that best fits the demands of a global audience. The digital wave has significantly influenced how customers interact with a business – the idea of a radically optimized technology-driven consumer market buzz around us.
Better to say, we are way closer to a highly technology-driven market. Our desire for convenience has given birth to AI. Artificial Intelligence has driven cognitive systems, continually learning and adapting to become more human. When given due attention, the repels felt at every instance of our life. Be it the buzz of a mobile notification or a hyper-personalized ad that is just customized to sway your customers’ allegiance.
Entrepreneurs need to invent and reinvent themselves to stay relevant in a dynamic market. In a global market, the business cannot focus just on the top line; instead, they need to shift their focus on creating customer-oriented strategies. Invigorating channels is natural to maintain a continuous flow of information between customers and brands.
The twist in entrepreneurship is visible wherein the modern mantra is fine-tuned towards sustainable business models. Business needs to respond to changes in a dynamic world proactively. The company should adopt digital transformation and integrate innovative technologies that give a competitive advantage.
The internet era has eased the overall business processes. Making room for entrepreneurs to kick start a business in days. No more you need to pool in hefty sums to start a business. Innovation has bestowed us with frugal technologies which can be used for a meager amount.
Have a clear vision, and let the corporate culture inspire
No more it’s the integral department that contributes success rather than the integrated culture to inspire and work towards a common goal that triumphs. Let the corporate culture inspire your comrades and guide them to exceed expectations. As entrepreneurs, you are destined to face challenges and stride through the tremors. At every instance, you need to believe in yourself and to instill faith in your employees. The journey often coerces you to take a risk, coax you to wear multiple hats, test ideas, and take chances. The modern entrepreneur is not a classy bossy didact.
He is the one who has a clear vision, a positive attitude, a big enough dream for the future, and a gentle heart to inspire and guide the employee to a common goal.
Encourage a corporate culture wherein your employees interact with each other. Let not restrict, rather liberate them to build a team of Incredibles (As for how the team lead by Joe Sutter build a Jumbo in 16 months). Being an entrepreneur who invested in hiring the top talents, it’s better you should encourage in-house culture wherein these talents could step forward and share their ideas without the fear of getting typecast.
The string of golden nugget – Data
The cool part about this information age is that your business could use data to make informed decisions than to fall for your gut feeling or intuition. Even interaction with the virtual world leaves behind bits and pieces of data. Data can be traced. Embrace technology enablers that make use of data and help muster crucial customer insights.
The bits and bytes that we leave behind tell a tantalizing story about our endearing digital journey. As an entrepreneur, you need to ensure that you are equipped with the right resources to derive meaning out of the bits and bytes. When these bits and pieces of data are put together, it gives a pattern, and when the design is subject to a context, it provides meaningful information. When the strings of data are mapped and structured, it extrapolates to a knowledge base.
The highly volatile digital consumer market is famed for its declining customer attention span and increasing channel hopping. Brands that intend to stay relevant to the market and plans to exceed the customer expectations are making use of these digital signals to get a competitive advantage.
With data on your side, you will be able to.
- Find the right audience and target the right market.
- Get competitive insights about your customers
- Make crucial decisions about your investment
- Create campaigns having a direct impact on your ROI
Integrate technology and automate the different process for seamless day to day operations.
The creative machine – unleash your imagination to capitalize on the opportunity
Inculcate a creative entrepreneurial spirit. When hurdles abstain you from capitalizing opportunities, creative thoughts lit up your entrepreneurial spirit. Most markets are overwhelmed with more or less the same solutions. While a few are too flimsy with their product strategies, there exist a plethora of alternates that best exceed customer expectation. Do not haste and swim in the same slough “Be Creative.”
I believe it’s fair to ask, How could you promote your business/ solution in a saturated market? To what extent should an entrepreneur stretch the original band to gain instant customer attention?
The answer is simple: nothing of ordinary/ prosaic works. Your customers are well encapsulated in a fast-paced virtual world. Time is the essence. Find creative ways to get hold of your customers attention and implement intuitive strategies to gain their confidence.
Stay connected on virtual communities
Stay close to your customers and be ready to respond swiftly. Succeed in building a strong relationship with your customers, so when a need arises, they know whom to turn. The closer you are to your target customers, the easier it gets for sale. People like to be heard of. As a business, when you start to care for our customers and engage with them daily, that’s when your customers will find value with your business.
There’s nothing more powerful than a bunch of loyal followers who are readily interacting with your business. A branded community who vouch for your products and services is much stronger than any other marketing channel. For any business to thrive, you need to make sure that there exists a continuous flow of information between the brand and the customers.
As entrepreneurs make sure, you respond to your customer concerns and queries as early as possible. Don’t limit social communities and channels as a broadcast medium. It’s a medium that needs to be used with due diligence.
Be ready to collaborate and work with virtual entities
Digital technologies have opened doorways to an immensely powerful virtual world. The scout to potential onboard talents with the right skill sets has never been more relaxed. With a single click, you will be able to navigate into a world full of talents. All you need to do is find the right candidate. The traditional clock in and clock out culture may not be ideal for your business.
Organizations are slowly adopting a corporate culture that best motivates the employes. An entrepreneur needs to think beyond the box and find opportunities that best bring value to the business. Digital technologies allow an entrepreneur to leverage opportunities and hire talents that spread across the world, that too, without the risk of relocating the talents.
Managing a global virtual team may seem like a daunting task; at the same time, cultural diversity could help visualize the business from a different perspective. Be ready to harness these talents through collaborations and partnerships.
Be a keen observer – Follow the market trend – Learn how technology is influencing your customer journey
The devil is in the detail. It’s essential you master the art of paying attention to detail.
Stay relevant to the market trends. Not that you need to be a tech-savvy person to realize the shift. Like it or not, technology is influencing how people interact with a brand and how they move along the buyer’s journey. The digital footprints are getting more complicated. Often your customer ends up with a convoluted trip which is never close to what the business sagaciously plotted.
Stay close and stay vigilant. As multiple solutions with more or less the same features hit the market daily, there exists a high risk that your customers are swaying with options.