Digital Transformation for Small Businesses
EXPERT TIPS ON DIGITAL TRANSFORMATION
The state of business has shifted constantly from decade-to-decade. Case in point – business and commerce are completely different now than it was in the 80s. Since the dawn of the internet, businesses had to alter their strategies to reach new potential customers.
Now in the advent of the digital age, small businesses must also adapt to accommodate their target audience in these changing times. As business and marketing leaders, it’s important to pay attention to forecasts of tomorrow’s state of business to innovate and develop strategies that actually work.
COVID-19 Has Changed the Game
The coronavirus (COVID-19) has left an indelible mark on the entire world. Millions of people are unemployed. Needless to say, hundreds of thousands of people have also died from the virus.
This has led state governments in the United States to impose lock-down orders, which has changed the way small businesses operate. Just take a look at these key statistics detailing the correlation between coronavirus and online businesses.
- The year-over-year (YoY) revenue growth of online businesses has increased by 68%. This happened in Mid-April and has been growing steadily since January.
- There has been a 129% YoY revenue growth in the United States and Canada. This includes a 146% growth in all internet retail orders.
- Online conversion rates have increased by 8.8% since February. This reflects a new sense of urgency in online shopping.
As you can see, the coronavirus has cast an enormous shadow over small businesses. Unlike corporate giants with endless resources, small businesses are forced to react and adapt.
It isn’t like these trends will dissipate soon. According to a recent study, 24% of consumers will not return to shopping malls in at least six months. With that said, what are you doing to adapt your current marketing strategy?
Remote Work is Growing
The creation of the internet and widespread application of personal computers have made remote work possible. 41% of all global businesses have stated that they offer some extent of remote work opportunities.
The coronavirus has caused millions of people to stay at home. As a result, remote work opportunities are prevalent everywhere. What’s more, is that many large corporations exist in very large cities that are still on lockdown.
They are often forced to adapt to remote work opportunities. The same goes for small businesses. In today’s climate, remote work is safer and actually more efficient. There are numerous video conferencing and time tracking software available to leverage remote work.
This makes managing remote workplaces highly-convenient and ideal in these turbulent times.
Artificial Intelligence and Machine Learning
Artificial intelligence (AI) and machine learning are two staples of today’s digital world and will continue to be implemented in life and technology. AI is the capacity of an innovation’s ability to “learn” and interpret data.
Machine learning takes the concept a step further and provides technology with the ability to learn new data. There are already examples of how AI and machine learning are being used in pay-per-click (PPC) campaigns.
Just look at how PPC ads are being automated today.
With these things in mind, here are some ways small businesses can scale and survive in the present and future.
Prioritize Your Time and Budget
Large companies have deep pockets. This allows them to experiment and try new things with their campaigns, even while losing tens of thousands of dollars every year. These amounts can be more depending on the size of the business.
Small businesses don’t have this luxury. As such, you have to prioritize your budget and the time you’re spending on every campaign. The biggest takeaway here is to hire an experienced digital marketing agency.
The reason why is because if you’re experienced enough to run a successful campaign, you’ll not only be wasting your time but also your hard-earned money. Don’t make the mistake of sabotaging your campaign before it even starts.
Hiring a digital marketing agency will put professionals in your corner who have real-world experience in developing high-performance campaigns.
Hire Transformational Leaders
84% of consumers value the experience with a business the same as their products and services. With that said, potential customers don’t just want quality solutions. They desire a satisfying experience in procuring those offerings.
To provide your audience with this experience, you’ll need to hire transformational leaders who can reinvigorate your company culture and inject energy into your business. Large companies have the resources to conduct large-scale hiring efforts to hind these individuals.
Even if you’re at a clear disadvantage, you must do the same. Employees make a company and are responsible for providing the experience your audience wants. Invest significantly in putting the right people in positions in your organization.
Hire a Consultant
One thing that can also assist you while changing your business direction is hiring a consultant. Even the brightest minds in business and marketing rely on consultants to help them formulate solutions to their problems.
In the same way, there are many things you cannot learn from trial and error while running a business. Hiring a consultant will help you build from the experience of someone who has been in the same position as you.
In regards to business and marketing, consultants are typically highly-experienced individuals who run their own companies. These people will prove to be invaluable in helping your business succeed and soar past difficult obstacles.
Agency Partner Interactive provides cutting-edge marketing solutions for small businesses to grow and thrive in their industries. Our services are backed by qualitative data, giving you insight into how you can improve the state of your online presence.
Give Us a Call Today!
At Accunity, we specialize in digital marketing solutions. If you need to grow your online presence, you’ve come to the right place. We can provide the services you need to thrive both today and in the future.
That’s okay. Watch “Digital Transformation for Small Businesses – How Companies Are Adapting For Online Customers and Remote Workforces”.
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