What is tech disruption?Â
Tech disruption takes place with new business models, services, products, or processes. It supports the status quo through digital innovation breaks. Sooner with strategic adaptation, businesses are growing incrementally, unlocking their full business potential.
8 Steps to Maximize Business Potential
Step 1- Develop a clear goal
The set goals and objectives stay in relation. You have to ascertain the digital strategy is in alignment with your objectives and sets business goals. Ensure the strategies of digital disruption support and allow you to invest the digital technologies. It has a positive impact on the business.
Step 2- Investing in appropriate technology
Ascertain to use appropriate digital technologies and tools to support your strategies. It is a must to have a scalable, secure, and flexible IT infrastructure. Wrong choices of technology fans fail your business investment. It results in huge financial loss and business structuring the company needs, handling the technology failure.
Step 3–Â Develop a Sales Funnel
The sales funnel escalates your business to higher levels. A sales funnel represents the journey of your customers. Entering your business is the funnel top. Their actions of signing up for your service or buying something implies going through the funnel. This movement through the funnel should be fast to end in a sale. It should include receiving their contact information, offering discounts, and sending your business updates.
Step 4- Research and Research
Growing your business requires you to concentrate on market research. It allows understand your potential and existing customers better. Gaining insight into your target market is crucial to know their requirements. Research your competitors in this journey, and understand their weaknesses and strengths. It helps in scaling your business and driving decisions.
Step 5- Participating in events relating to networking
Increasing visibility is vital to attract new customers and for your business growth. The best is to attend events relating to networking. Check professional organizations and attend a few events to learn about others and your business. Put up a booth and consider business promotion. Speak to some industry experts or meet other business owners.
Step 6- Communicate and monitor progress
It is vital to implement a digital strategy. Ascertain everyone is a part of the plan and comprehends their responsibilities. They should be aware of the strategy, aligning with digital disruption and overall business objectives. Measure your progress; monitor the progress and the goals. Use tools and data analytics to recognize improvement areas and make essential adjustments.
Step 7- Increase customer retention
Growing small businesses alone is not enough. You must work to get new customers and to keep the existing customers coming repeatedly to you. Increase customer retention to increase sales. Getting a new customer cost five times of keeping existing customers, and focusing on customer retention is the best. It does not ask you to spend money on business structuring and works as an investment. You may increase customer retention by:
- Creating a loyalty program offering rewards to existing customers.
- Prioritizing customer service to show you value them.
- Engage with customers on social media and encourage them to share complaints or pain points.
- Give a good impression by keeping your promises up. Ensure you follow your customers if you tell them with appropriate details or information.
Step 8–Â Practice social responsibility
Customers match their values before doing business. The social responsibility of a corporation is to identify your business’s strategic adaptation and the impact on varying community aspects. Allow the public to see your business, and there will be a positive impact on your business’s bottom line.
