In business, nothing stays the same for very long. This is especially true with today’s rapidly changing technology and the needs of consumers adjusting alongside it.
It’s important to roll with these changes to make sure you’re adapting and evolving, and still in the race rather than being left at the back of the pack.
Change doesn’t have to be something to be afraid of. Regularly transforming your business can bring many benefits. Not only is constant transformation a must to survive in the modern world, but it’s also a way for your business to grow and adapt to changing consumer needs and demands.
In this post we cover the whys and hows of business transformations so you can start initiating some of these changes yourself and learn how to predict and plan for future changes.
Why is Transformation Important For Your Business?
Unless your business is in a totally untapped marketplace, you’re bound to have some competitors both direct and non-direct. Consider these competitors and ask yourself – what makes us different and how can our business deliver a higher level of service and quality?
Marketing is one area of business that changes rapidly and it’s important to keep up with the changes. Consider how long it’s been since you revisited your marketing strategies and compared what you’re doing to others in your market. Are your strategies still working, or is it time for an update?
A static marketing plan is no longer enough for modern businesses. It’s now essential to ensure your business is still gaining the visibility and momentum it needs.
Going without regular marketing reviews could mean your brand starts to blend into the background while other existing and new players take your position.
Where Do You Begin?
Before you do anything else, focus your efforts on identifying opportunities for growth for your business.
It can be tempting to maintain the status quo, especially if everything seems to be just ticking along. But a little risk is necessary in order to grow and it’s vital to experiment with these new opportunities and allocate some of your budget and resources towards doing so.
If you can use existing resources and staff skills to seize certain opportunities, they should be your first priority. In some cases your business may need to develop new capabilities or acquire or source these capabilities through some kind of partnership.
It’s not always easy to predict the outcome of new developments so your business must also become more agile and robust to succeed in the new environment.
Remain On Target
It’s easy to get carried away with new opportunities, but organisations should take care not to over-value new initiatives. Unrealistic goals are a common issue for businesses beginning a transformation initiative. Putting too much effort and resources into a change that may not prove fruitful is not beneficial and may even be damaging to the business.
It’s important not to spread your business leaders and resources too thin by trying to work on several expansion opportunities at once. Identify those opportunities that are likely to be most successful and provide the greatest value, and concentrate on those initiatives first.
Reporting must be prioritised in order to measure the success of new initiatives and adapt and change as necessary. Project milestones with actions should be planned to reduce delays and ensure the project stays on target. Adapt your milestones as the initiative progresses if required.
Does Your Marketing Plan Need a Transformation? Do you regularly review your marketing strategy for your brand and come up with new ideas and initiatives? Not sure where to begin? Here at Swift Digital, we can assist you with your marketing automation needs to ensure your campaigns are a success! To find out how your business can get the best out of Swift Digital’s platform, contact our Sales Team today on 02 9929 7001.