Stop Kicking the Can Down the Road
Fundamentally, there is an increasing gap between companies making strides toward automation and innovation and companies doing what they’ve always done. This is alarming, knowing that statistically, your past success does not determine your future success. This is especially true in a world in which two-year-old tech startups are securing tens of millions in funding. Use Current, Choco, Duffel, or IDNow as just a few recent examples. Think these are all tech companies, they aren’t. However, what they do have in common is that they are disrupting industries of all types through innovation and technology.
Current – Mobile banking application
Choco – Ingredient ordering business for restaurants and suppliers
Duffel – powerful and intuitive tools for starting and growing a travel business
IDNow – Identity Verification
Thimble – Insurance for Small Business
You might ignore these companies or believe that this doesn’t apply to your business. And, while it might not immediately apply, understand how these companies are changing the fundamental landscape. For example, Thimble, a company that raised $22M in funding, provides flexible insurance to the gig economy. One of the reasons this company exists is due to the likes of Uber, Lyft, GrubHub, AirBnB, etc. You know the names. In the example of Thimble, maybe they aren’t competing for your customers, but they are giving your employees an option to secure insurance beyond your company. As employees are now able to secure “gig jobs” while obtaining insurance benefits independently, what else are you offering to compete?
- Realize that humans and technology continue to evolve and relate this to your business interactions between buyers, sellers, and products. The way you cultivated and maintained relationships 20 years ago is different today. The products, offerings, or interactions a baby-boomer might have grown accustomed to are different than those expectations of a Gen X’er.
Leverage a strong customer relationship engine that tracks sales and prospecting information as well as all customer interactions across your business. Predictive analytics and business intelligence are the results of data collection and analysis. Having the right tools in place will allow you to continually shift with the market trends.
- Realize that your business will need to be more and more nimble as each day passes. Your competitor is no longer the shop across the street; it is every human being with access to the internet and a telephone. Your company has “Licensed professionals”, well Bob has a five-star rating on Angie’s list.
Don’t get stuck in the weeds. You know your consumers and competitive landscape. Rather than ignore that change is occurring, embrace it by leveraging your brand recognition, data, capital, and strong foundation to begin making a shift. Today it is a step; tomorrow, it will be a leap.
- Move the needle. Transforming your business doesn’t need to be a costly or insurmountable endeavor, but it does require investment and commitment. As markets and human habits evolve, as they have since the dawn of time, your business’s ability to pivot is instrumental in success.
Have you ever wondered why your home has more automation and intelligence than your business? We live in a world of Alexa, Google, Ring, Nest, Fitbit, and many more because we want the ease of interactions and intelligence. However, as leaders, we hesitate to innovate our businesses to meet the same needs we expect as consumers.
Your employees and customers are expecting the same ease of use they’re experiencing at home. So, whether you are in the B2B or B2C space, your consumers are expecting business with you to be easy!
DPT would love to discuss how your business and how many of our customers continue to transform their businesses to meet employee, member, and customer needs.
“The best time to plant a tree was 20 years ago. The second best time is now.”