Digital Transformation: A Way for Your Small Business to Succeed and Increase Sales
How can your small business thrive in a remote work setup and digital transformation? Do you already have a 360 conference camera for your meeting? If you’re reading this, chances are you own a small business – congrats!
Small businesses have an uphill battle when trying to compete in today’s hyper-competitive market. These businesses face unique challenges in adapting to new technologies and shifting consumer expectations. With the rise of e-commerce and innovative business models, customers now have more choices than ever before. In fact, one report found that 73% of consumers prefer to buy from brands that are digitally native vs. traditional retailers. Small businesses make up 99% of all businesses in the U.S. and create 70% of new jobs every year.
With so much change happening at once, it can be hard to know where to begin when it comes to making your small business successful. Read on for everything you need to know about digital transformation and how it can help your small business succeed.
What is digital transformation?
Digital transformation is the process of leveraging technology to transform your business. It can include everything from investing in new and cool technology like an AI-based conference camera or any software run by an AI or machine learning, to changing your business model, or even your company culture. In the context of this article, digital transformation is particularly geared towards leveraging new technologies to transform your business for the better.
Through digital transformation drivers such as Artificial Intelligence (AI), social media platforms, cloud computing, mobile technologies, etc., revolutionize how businesses work especially in a remote work setup, and reform the expectations of customers in terms of how they will benefit with the services or product being offered. Have you had the experience of using a 360 conference camera in your online meeting?
Why is digital transformation so important for small businesses?
While digital transformation is important for businesses of all sizes, small businesses face unique challenges that make it even more critical. Here are some of the key reasons why digital transformation is so important for small businesses:
· Smaller budgets - smaller companies usually have fewer resources at their disposal compared to larger competitors. With less cash to spend, these businesses have to be even more strategic about where and how they invest their money. · Smaller talent pools - While large companies can hire a wide range of specialists, small businesses tend to have smaller employee pools to choose from. Digital transformation requires investment in talent development and hiring for a variety of positions. · Smaller marketing budgets - smaller marketing budgets are yet another challenge facing small businesses. Digital transformation can help businesses generate more leads without increasing marketing budgets.
Tips for Reliable and Innovative Digital Transformation
Lorena Schoenfeld, Chief Operating Officer of Proudfoot, asserts that "The sustainable digital transformation model begins with the objective and prioritizes your processes and employees. It ensures that the investment in technology is appropriate."
Here are the tips for your small business to be reliable and innovative during digital transformation:
1. Invest in the right resources – One of the things that you need to consider for your small business is to invest and acquire the right resources. For example, when your business involves meetings, it is good to have an AI-integrated conference camera like Coolpo AI Huddle Pana and Coolpo AI Huddle Mini which are tested and proven to improve online meetings. 2. Strengthen Collaboration and Feedback – Giving voice to your team members to speak and share what they can suggest and achieve about the project improves the right process to be taken that could actually attract leads and increase sales. 3. Stick to your business strategy – Digital transformation can be overwhelming for your business. Before pouring all your money into digital transformation you need to go back to your business's mission and vision and align it to digital transformation.
4 Benefits of Digital Transformation for Small Businesses
If you’re still not convinced of the importance of digital transformation, take a look at some of the ways that it can help your business. These include:
1. Improved customer experience - Customers expect a seamless experience across all channels, including digital channels. Digital transformation can help you optimize your website, apps, and other digital channels to provide a great experience for your customers. 2. Increased sales - Digital transformation can help you better understand your customers and make smarter decisions about how to drive sales. 3. Improved employee productivity - Digital transformation also has benefits for your employees. Investing in tools that can improve collaboration, communication, and productivity can help you do more with less. 4. Reduced costs - Finally, digital transformation can also help you cut costs by streamlining your operations and increasing productivity.
3 Core Elements of Digital Transformation
1. Customer Journey - When customers first start to shop with your brand, they go through a journey. Understanding this journey and how it applies to your business is critical to digital transformation. 2. Technology - Investing in the right technology can help you tailor your business to your customers and make them more successful. 3. Culture - Finally, you’ll also need to transform your company culture. This usually involves getting everyone involved and on board with the transformation.
All businesses, no matter how large or small, can benefit from digital transformation. If you want your business to be successful tomorrow, take steps either with a small or large scope toward digital transformation because digital transformation can help your business by improving customer experience, increasing sales, refining employee productivity, and reducing costs. That’s why businesses of all sizes are turning to digital transformation as a way of not only staying relevant but also thriving in this new era.
Does your company need new technology to help facilitate video conferencing? Are you interested exploring AI-integrated devices such as our 360 conference camera for your next online conference? We have online meeting tools to assist you. Book a demo with us today to learn how our experts can help you!