Q: Are you leveraging market changes to grow your business?
A: Steal market share with a 3 step method for quick & effective digital solutions.
“Right now is the perfect time to think about a new paradigm,” explains PeakActivity CEO, Manish Hirapara. “Once you embrace change, it becomes a catalyst for growth.”
In the current market, businesses are hard-pressed to find solutions that meet consumer demands. It’s not enough to be online—companies must have a digital presence that’s adaptive, value-driven, and consistent across platforms.
How is digital disrupting business models?
Digital disruption occurs when new technologies create a shift in the marketplace. For example, digital entertainment subscriptions created a monumental disruption in how we access and enjoy movies and television. More recently, retail and food industries were upended when social-distancing measures became mandatory. Suddenly online ordering and eCommerce solutions became essential.
The best thing businesses can do when challenged by disruption is to embrace change. Lean into new technologies. Enter new markets. And earn a reputation for ingenuity.
How should businesses approach digital transformation?
Quickly and effectively. Market changes are opportunities for businesses to ask questions and offer new solutions for customers. In many ways, the success of digital transformation relies on a company’s ability to embrace it.
Start by identifying immediate needs and evaluate the industry landscape. For an even wider view of the market, look for adjacent industry trends and new ways to generate revenue. “Take a look around,” Manish suggests. ”Be systematic in your approach” and get a full scope of how to make improvements. It’s also important to weigh the long-term value of digital changes to ensure that they can deliver beyond the issue at hand.
“Once you’ve figured out where you stand in the landscape, figure out how to align yourself with where things are going,” Manish explains. Alignment means that leaders must accept the changes and explore new paradigms for commerce. Think through potential products and services to be offered in light of market changes. The key to alignment is getting senior leadership involved to understand any financial impacts and to seek out a middle ground. From there, a business can figure out how to go to market.
“Whether you’re a solopreneur, a retail location, a restaurant—it doesn’t matter,” says Manish. “Digital is a place where you should be investing, no matter what.”
To make an impact, work out a strategy and strike while the iron’s hot. When there is an opportunity to steal new market share, pursue it with vigor, and be ready to adapt to new environments.