Disruption and innovation are terms businesses know all too well. They go hand-in-hand – in order to innovate, you must disrupt, thus causing a transformation. With an abundance of new technology and global competition, companies are reshaping the way they do business. Every industry and marketplace is feeling the pressure to transform, but the feeling is especially acute within industries experiencing seismic change. These industries include insurance, banking, finance, manufacturing, and small tech companies. Usually, companies want a new transformation strategy that helps them become more profitable, seize opportunities, dominate an industry, or attract great talent. These are important goals to strive towards when implementing a transformation strategy, but companies often overlook the time it takes to build, implement, and see substantial results from the shift.
For the best results, companies need a trusted partner that can teach them how to evolve their business in a controlled and safe manner. These partners are able to teach companies how to be more responsive and trust the process. It’s difficult to innovate when you’re in the day-to-day. A partner brings an outside perspective, fresh eyes, and additional external resources. Partners that are well-versed in this world can help businesses understand where the market is headed, how to capitalize on that, and how to get ahead.
In order to make all this happen, agencies/partners will need a little more information on your business and the way they operate. Below are some areas where an outside point-of-view can really help.
What’s Going On in the Market?
The likelihood that your business doesn’t have any industry competitors is low. And by “low” we mean 0%. Understanding the market landscape is imperative to stay relevant with customers and stay ahead of the competition. A thorough market landscape analysis will evaluate the competition – what their mission is, their vision, core values, niche market, where they excel, and where there are gaps.
Meanwhile, a trend analysis will identify past and current market behaviors in order to see where the market is headed in the future. A proper trend analysis will consist of identifying shifts in consumer needs, behaviors, their perception of value, and anything noteworthy currently happening in your industry. Combining the results from both market and trend analysis will help your business thrive with a transformation strategy that is clearly catered to your audience.
Your Business is Nothing Without Your Customers. What are They Experiencing?
Reviewing a customer experience goes beyond just demographics and sales numbers. A review should consist of a thorough journey mapping process where customer touchpoints are identified. From this data, you should be able to see what your customers are lacking and where you can improve their customer experience.
Is Your Company Culture Great?
It’s not enough to just look at the operations of your business when planning for a big evolution. You should also take into consideration the people who are key to making the change happen: your employees. In addition to market trends, take a look at the vision for your company and your core values. If you have a big vision, you need great people, a great culture, and core values that you live every single day.
How Does Your Company Actually Deliver on that Experience?
Identifying what your business lacks is a bit more difficult when you’re actively working in it. Your business still needs to run day-to-day, and making sweeping organizational changes to improve how the customer experiences your brand is easier said than done. We see this all the time – within our own company and when we’re helping our partners. This is where having a trusted partner comes in handy. Our process includes evaluating your current processes and systems, along with surveying your employees to find the gaps and room for improvement. In doing so, an objective third party, otherwise known as your partner, can identify and build a transformation strategy for your business that can be implemented while controlling risk and organizational thrash.
We know each business is different. If you’re considering a digital transformation, make sure you have the right partners on your side to give you a holistic view of your business and industry. Want to partner with Tallwave on your transformation strategy? Let us know. We can help get your business where you want it to be.
Written by Robert Wallace—VP of Marketing