Refocusing Your Business for the Future
If you’ve been wondering about how you can reposition your business to help make sure it sails through the imminent post-COVID-19 world, you need to realize that;
As a business owner, it’s natural to want to reduce expenses, or even scrape your marketing budget altogether as a stop-gap means to ensure you have enough cash to keep your business afloat during and post the COVID-19 pandemic.
Unfortunately, like many others, such a decision is nothing short of a short-term solution that may prove very costly and unnecessary in the long-run. Even more unfortunate is the fact that many business owners are consistently reacting to the COVID-19 pandemic in a way that, in the long-run, may prove costly.
During the COVID-19 pandemic, the one thing every business needs to do is: ride the Covid-19 disruption and adopt digital transformation strategies to maintain your competitive edge.
Here’s what that means and how you can do it efficiently:
#: Take advantage of customer expectations and shift toward the appropriate models
I’m sure you’ve heard about companies that have taken their businesses online at warp speed, including one variety store chain that established its fully functional e-commerce business in 90 days.
The interconnected nature of online business—interconnected across major functions such as warehousing, marketing, and customer support—has delivered an improved basket size over the brick and mortar stores by three times.
However, to be as relevant as possible, your business or company has to go beyond digitizing. It has to reimagine customer journeys to lower friction, hasten the switch to digital channels, and offer new futuristic safety requirements. For instance, if you are in the transport industry, your clients may expect safety measures like robot operated UV cleaning system and fully digital medical services, all of which can make them feel comfortable accepting your services.
Every deliberation or brainstorming session at the company level should be reflective of a new world, one that is contactless and virtual, and use this to set the right tone for internal innovation.
Here’s an example:
Recently, an electronics company set up an agile war room, which is a virtual location meant to facilitate communication and problem solving between team members. They wanted to improve the conversion rates on web traffic to assess the needs of their customers and level their digital channels against their competition.
#: Have you thought about Artificial Intelligence-powered sales?
One aspect of business that’s been significantly affected by the COVID-19 pandemic is the sales and business development. Most businesses are likely to suffer from this trend post-COVID-19, at which point it shall be too late to take the appropriate measures.
Thankfully, Artificial intelligence has solutions to power sales performance.
We have models commonly referred to as “propensity” models that identify customers that are highly likely to purchase a service or product from your company. Such models will help your sales department improve its effectiveness and productivity because it shows them which customers to prioritize.
You have to understand that consumers are shifting from one-on-one interactions where direct feedback is key and moving to digital interactions. This shift to online platforms creates a lot of fresh, unstructured data that can be difficult to work out. The right AI solutions will help you cut through the noise and understand how your prospects feel and what they require.
#: Adopt the Internet of Things (IoT) to stay at the top of your game
The IoT space (comprising digitally connected devices) is still largely immature. However, you need to understand that if you’re to refocus your business effectively and remain relevant, competitive, and innovative in the market, this technology is something you cannot wait to embrace.
Leveraging IoT’s benefits in business has shifted from being the ordinary connectivity model we know into a business transformation strategy that comes with proven results.
If you’re new to the idea of using IoT to transform your business, here’s a summary of the IoT opportunities you can capitalize on in your overall business transformation strategy:
- Better insight and control: Imagine a system that fundamentally shifts your operations from manual stocktaking and the conventional bar-code tracking system into a smart integration of all devices, equipment, and most of your products into a single network. Imagine how great the real-time progress and location visibility of crucial shipments would be for your peace of mind and convenience!
- More flexibility: Soon, businesses will have to realize and accept that most employees should not be at the same place of work at the same time. You’ll have to utilize online conferencing, require easy access to online documentation, and ERP (on the cloud) to facilitate time-tracking to ensure the transition to remote teams is efficient- and you know what? IoT is here to help you plan and implement such changes.
- More efficiency and lower costs: IoT substantially reduces the average cost of IT maintenance as well as a reduction in downtime.
#: Consider using chatbots to optimize customer service
We all know that improving customer experience is the best way to increase sales as well as customer loyalty.
As the pandemic lingers, customers are becoming smarter, and it’s not difficult to see that by the time the pandemic is over, they will expect businesses to be adept at communicating with them, considering that they’ll have shifted to online platforms.
Chatbots are the best way to improve that communication and create a stronger rapport with your customers. In summary, chatbots will enhance your customer service process in the following ways:
- Chatbots can help provide your customers with quick responses to their queries.
- They also foster brand engagement. Engaged customers are highly likely to move to the bottom of your sales funnel quicker.
- Chatbots also help reduce customer service costs because a single bot can perform tasks of multiple service agents.
- A capable chatbox service can allow your business to offer 24/7 support.
There are many things you could to ensure your business stays relevant after the pandemic. Foundationally, the most critical areas you need to focus on are:
- Artificial intelligence for your sales
- Internet of Things for your general operations
- Leveraging customer expectations with appropriate models
- Using chatbots to boost customer service