The outbreak of a pandemic due to coronavirus has changed the reality for almost each one of us. The majority of businesses, in particular, have to bear losses due to dropped sales. In such a scenario, digital business transformation develop a necessity for businesses to adapt to changing customer requirements and align themselves to upgrading industry landscapes.
Moreover, value creation has acquired great significance over the past decade in the development of a brand strategy for businesses. Most of the successful businesses around the globe imbibe a value-centric approach through their products or services, brand value, economies of scale, and efficiency.
However, operating your established business in a constant state of beta is crucial. As we can see from the case study of smartphone market share, we find that brands like Mi and Realme have captured a great share of the market overtaking established brand Apple with the kind of features they are offering at lesser prices. This article will outline how business can make a mark by operating in a constant state of beta.
Why operate in a beta mode?
Advanced communication means, you as a business can access the requirements of your potential customers and clients at any given time. Being in beta mode facilitates your ability to adapt to changing market conditions.
If you want to sustain long in the market, you must build a long-lasting relationship with your audience and clients. It is always the best approach to understand audience needs first and then build your business strategy in alignment with those needs. For that, you need to keep your business open to learn new things, adapt and upgrade with new trends.
Being in constant beta mode help you acquire instant feedback from your audience and enable you to change or adapt quickly. Beta mode offers you enough strength to become adaptable, flexible and fluid.
Focus on building a community
If you aren’t aware of who all your customers are, to whom you are marketing then surely you are preparing for failure.
What it means to sustain in the market is to build a strong and reliable community for your enterprise. You can avail a place for your audience where they can feel they are associated with your business as members. Include and inform your potential audience in the ongoing progression of your products and services.
For well-established enterprise which might have tasted a great deal of success over the period, embracing flexibility must be challenging for them. Thus, such businesses must stretch themselves by giving up on the comfort of “what they already know”. They must be prepared to adapt to “what they should know”.
You need to avail of building a digital moat by shifting from a product mindset to a software mindset. On one hand, product companies employ a linear approach with a plain beginning which end up in product development. On the other hand, software development is constantly evolving, keep adding new functions and change/adapt in reaction to customer and market demands. Thus, it enables software development and management to respond quickly to the rate and scale of change in audience expectations.
Digital moat as an asset
What kind of business and branding strategy you are employing forms the essence of the success you will acquire. However, without acknowledging the breadth of applications offered by digital business transformation, you will not create a long-lasting impact through your enterprise.
You as a business must inculcate the vision to create a value that would impact the world. For instance, James Cameron in the making of the film Avtar partnered with Microsoft to produce a cloud-based platform, Gaia that helped the movie’s distribution team access the huge amounts of data being generated for the film. Later, Gaia became the backbone of the film that garnered a great amount of success to the film.
Here, from the above instance, we need to understand that you must acknowledge the enormous capability presented by a digital moat. Digital moat is not just a facilitator but an asset.
Concluding thoughts
It is far more challenging for established companies to sustain their success while keeping pace with upcoming technologies. Digital business transformation becomes necessary bedrock for them on which they need to integrate technologies of diverse capabilities. Even the branding strategy of such businesses should operate in a constant beta mode. With this kind of approach, your business can acquire a competitive edge, thereby evolve and create value in a long run.
Ahmed Mallik
3 years ago