The digital economy contributed $4 trillion to the global GDP in 2016 and is expected to grow at an annual rate of 10%, according to BCG, a leading management consultancy.
This is interesting as the growth rate surpasses even that of top developed countries!
Just because you have the latest in cutting edge technology doesn't mean you will thrive in this economy. You need certain key guidelines to steer you in the right path. So what are the factors that determine your success in the digital economy? Find them below.
1. Promoting customer engagement
The power of the customer lies in mobility, social connections and choice. Providing instant fulfillment via the mobile genie will be the key for succeeding in the digital economy. You might need to transform your marketing or selling strategy by keeping the 'customer', rather than profits in focus. Instead of depending on siloes to amplify engagement, integrate all there in a single CRM platform. Making the life of the customer easier should be the aim of your business while promoting customer engagement.
2. Developing the the right infrastructure
No infrastructure, no economy, be it digital or otherwise. The explosion in internet and mobile penetration has put unprecedented pressure on existing infrastructure of network providers. This has, in turn, limited the reach of digital benefits to global places. Building enhanced network capacity, expanding coverage, developing inter connected smart cities and more importantly, facilitating and encouraging usage of digital tools is important.
3. Adapting to new technology
Digital economy will grind to a halt unless new technologies show up and more importantly adapted on a regular basis. Technologies driven by powerful computing and smart algorithms break down barriers to achieve instant results, or in terms of business, instant gratification to customers. If your business users are enthusiastic about using new tech like Digital CRM, your customers will be enthusiastic about you. Positive messaging in terms of increase in productivity and value can go a long way in shedding inhibitions.
4. Amplifying partnerships
Collaboration lead to successful outcomes. No matter how brave you might be, it will be difficult to solo navigate the digital waters. This is because no single company can claim to have a complete grasp on every digital technology or tool available. Choose the right partner by setting the right expectations from the onset. Having partners gives you a sense of safety in facing new challenges. Managing partners becomes a breeze in any domain, be it in insurance, financial services etc. with the help of customized solutions like CRM in insurance and CRM in financial services respectively.
5. Shifting from control strategy to an influence strategy with regards for technology
Centralizing IT is the preferred strategy of many major corporations. However, digital economy demands that you be nimble in terms of implementing the relevant technology at the right place and at the right time. So this calls for an influencer based strategy that recognizes the improvement a business can derive by using the digital technology for different scenarios.
Ultimately, how you meet the herculean challenge of meeting customer demands to maintain their fickle loyalty will make or break your business in this digital economy.