The connected world of today has contributed to the era of the customer; fuelled by technology and the internet, customers are willing to pay higher than ever before. Mobile has always empowered customers to be on, connected, and in charge. Social media has built a network of global influencers whose voice has brought instant gratification and convenience.
This transition has led to changes for brands in the market rules. The brands and companies are responding positively by prioritizing customer experience (CX) and introducing strategies for digital transformation. Digital transformation significantly changes the way businesses work and offer value to consumers through the introduction of emerging technologies into all business fields.
Brand emphasis on digital transformation emerges from increased competition and the desire to improve consumer loyalty through leading changes. According to Watermark’s 2019 consulting report, brands that concentrate on CX demonstrate 3x higher stock performance returns than CX laggards. Digital transformation is one of the top three goals for businesses, and their spending pattern represents their main focus.
Successful implementation of digital transformation encompasses cutting-edge technologies, partners, and organizational cultural support. Enterprises benefit from higher budgets and exposure to suppliers with technology that can help them transform their companies. Prioritizing the digital transformation, however, is not only for large enterprises; it also helps small businesses.
According to a survey, nearly half of small and medium-sized enterprises (SMBs) have reported that they are actively planning to participate in activities that will help them evolve and develop their companies for a digital future, and around 75 percent of enterprises have accepted that digital technology has changed how they do business. As market preferences have increased, SMBs are witnessing the same drive to reform as large corporations.
As there are some differences between enterprises and small businesses like budget and time management, people and culture, and consultant support. Large enterprises need to transform complex solutions, and therefore they need larger budgets and get more time to implement the same, whereas, in small businesses, they have smaller budgets and a short time period to transform. So, simplifying digital transformation to concentrate on the most relevant aspects of new technology adoption and getting a tailor-made playbook is key to small business success.
Large enterprises can recruit digital transformation experts, and they can use these programs to improve morale and introduce vitality into the enterprise. Many small companies lack the equivalent executive support needed to accelerate progress. Large enterprises can finance and employ consulting firms to provide them with the roadmap for change driving. Smaller companies cannot have the same luxury or budget.
Many small companies tend to stand still in the face of these obstacles. Nevertheless, with 84 percent of customers prioritizing interaction as much as actual goods and services, digital transformation is a necessity for all small businesses to serve modern consumers. Creating a streamlined approach to digital transformation that is prioritized to achieve the maximum benefit when working with the right vendor to help implement the plan can be the key to pushing small businesses to drive a transformational impact.
Leveraging vendors can be a strategic move in helping small businesses to grow. As a small business, search for vendors who recognizes that digital transformation and customer-centric attitude ultimately leads to the same outcome. Listed below are few points to look for in a vendor:
- Has experience in your industry or business model: Find a vendor who understands the vertical and basic business needs of your industry in-depth, which will ensure that your strategy is optimized to drive the company’s success.
- Help you to reach consumers: Find a vendor who can use their platform to give you a rich insight into your own customers. Data-driven insights allow CX to be up-level, including running loyalty programs, optimizing workflow, etc.
- Endow in technology, including machine learning (ML): Find a vendor investing in ML algorithms that transform consumer perceptions into customized interactions that can help prepare small businesses for the digital future.
- Has a comprehensive collection of functionalities: Find vendors with connections in software and utilities that are widely used. It will ensure that you successfully move the whole company to digital customer hospitality.
- Emphasizes customer service: Identify vendors that can prioritize their own site for customer care. Finding vendors who offer priority to customer satisfaction can ensure they can effectively lead you through the process of transformation.
Digital transformation guarantees that SMBs can continue to deliver value to clients while embracing their changing habits and needs. For small companies, the digital transformation begins with a plan and a simple road map, but success comes with finding the right vendor(s) to drive the transformation.