Should Your Small Business Go Digital?
April 20, 2018
Today’s consumer craves connection. As much as you’d want to, it’s hard to spend all day with a customer in your office or on the phone just for the sake of preserving your relationship. Not to mention, it’s kinda weird.
As a small business owner, it’s normal to constantly want to reach more people. Standing at an intersection with a cardboard sign may have worked in the 80s, but in this age, the internet is the new selling space.
Research shows that businesses that acquire 50% or more of their revenue from the digital ecosystem report 32% higher revenue growth and 27% higher profit margins than their competitors.
Aside from potentially attracting more customers, going digital allows your business to become a bigger part of your customers’ lives. Previously, having a solely offline existence was the norm. But with mega companies like Amazon and Uber offering a seamless online experience, customers are starting to expect the same from all businesses, even small ones like yours.
Going digital allows your business to become a bigger part of your customers’ lives
Going digital allows you to transform your business into an ‘ecosystem’ or something your customers cannot do without. Take Airbnb for instance. Before the company was founded, finding and renting out homes for short periods was a slow, fragmented process. Visitors had to reach out through their networks or trawl through ads on classified ad websites in hopes of finding the perfect home.
Even then, interested customers often had to find alternative ways of seeing what the homes looked like, payment processes had to be arranged and communication methods had to be set up.
There are many reasons why Airbnb is successful but one of them is definitely because the company took every aspect of the house renting process and digitized it, making it something customers could not do without.
You may not think so, but you can do the same with your business.
What to Consider Before Going Digital
So let’s fast forward to a few hours after reading this article. You’ve decided to give your business a digital identity.
Congrats! But before you speed off into the sunset with a laptop and a WordPress tutorial, here are a few factors to consider beforehand.
Know What You Want Out of This
Think carefully about the main goal of your company’s digital identity. Are you trying to attract new customers? Are you trying to retain old ones? Having a main goal allows you to know which direction to go in and what approach to use when crafting your digital presence.
Invest in It
Spending a few hours a week on your company’s Facebook account won’t cut it if you’re trying to compete against other online businesses. If you’re adopting the do-it-yourself attitude, invest time, and maybe funds, into learning important digital skills.
Many customers are put off when a company website or social media pages are badly maintained. If you’re able to, hire a professional who will take control of the different online aspects of your company. Make sure, at the very least, you have the means to manage your social media accounts, a blog, email marketing system and analytics.
Luckily, there are software tools that can assist you in managing your social media accounts. Check out our blog Top 5 Online Marketing Tools for Small Businesses for tips.
Don’t Give Them Everything
Treat your digital space like your physical office. Do you think your customers would want to find your quarterly financial reports on your landing page? Probably not. Part of cultivating your identity involves deciding what information you want customers to come away with after visiting your website or social media page.
Do you want them to feel intrigued and curious about your business? Do you want them to feel spoiled for choice, a la Amazon? Visualize a digital company in your mind, imagine you had the perfect customer, and design the online identity that you think will keep them coming back.
Make It Easier For Yourself
Visualize a digital company in your mind, imagine you had the perfect customer, and design the online identity that you think will keep them coming back
Going digital is not only meant to make the business process easier for your customers, it’s meant to help you as well. Streamlining payments between your contractors, manufacturers, etc, can often waste an incredible amount of time and money.
Thankfully, Veem is here to save the day. With Veem, you can exchange payments with other businesses in 80 countries. There’s no point in walking into banks to set up expensive wire transfers when you can finish the payment process at little to no cost to either yourself or your business partners.
Sign up with Veem and go truly digital.