The increased use of technology to enhance the value proposition of existing business models or even establish new, digital revenue streams is an all-pervasive strategic initiative in every industry. Most organizations are experimenting with proof of concepts and small pilots, but many of them lack “the next big thing.” Truly, doing something rather than nothing provides the feeling of some transformation, but plagiarizing others doesn’t differentiate you from them, nor does it make you unique.
So, what can you do to identify your differentiation and convert it to your digital advantage?
Focus on your customer’s journey
Today, customers and the customer experience are recognized as driving C-suite decision-making. Customers are the ones that make you’re the topline – no customers, no revenue; simple as that. To delight customers, surprise them above their expectations with additional services, features, and contextualized engagement. Companies that reacted quickly to address their customers’ online experience, at the outset of the pandemic, fared best over the longer term. Consider Pepsico – it launched two new consumer sites in less than 30 days that not only identified the types of items that customers might want to purchase, but bundled them to increase unit sales.