Adapt and Soar, don’t adapt and get left behind.
-Why your business needs to adapt to changes in technology to stay ahead
The world is moving at an accelerating pace and it is changing everything in its path. Technological changes, automation, and social media are among a few. We’re sure you know this all too well so we’ll get straight to the best part!
Today, we’re writing to give you a few tips on how to accept this change and how your company can embrace it. Last week, our team had met a few clients. Clients who knew what social media could do for their business but were sceptical about doing it. Now don’t get us wrong but there are a great many companies out there who are doing really well but they haven’t considered using Social media or they don’t have senior management buy in to the concept. So we’re here to help you change all that!
Are you proud of your company?
Is it Agile enough?
Are you happy referring to your company as a dinosaur?
Well if your company is averse to change, that’s exactly what you’ll become, Extinct! We’ve all read about so many companies that have shut down due to lack of agility to accept change in today’s market dynamics. Regardless of whether it is because of the inability to do so or the lack of motivation, you can’t afford to sit back and watch it pass you by!
If you’ve seen ‘The Internship’ starring Owen Wilson and Vince Vaughn, you might just be on the same page as we are. The rate of adaption of new computing and communication devices are at a dynamic pace, so much so that businesses everywhere are changing their strategies. Add in Globalization, a shift in specialized and customized choices, social collaboration, cloud computing (phew!), enterprises need to be more flexible internally as well as externally.
So the winds of change are here, how will you harness it?
(Image by Wesee.com)
- Understand the change in cultural and demographic references:
Customers you’re targeting and talking to today are not the same as they were before. Expecting them to listen to the Bee Gee’s in a world of Lady Gaga is almost impossible. But the digital world is having an impact on emerging customers. The social networking tools allow them to express themselves; create an online personality and connect in ways that were impossible before. So step one is to understand the changing market conditions and choose the perfect time to move from your existing business model to a new one.
2. Create a future or forward thinking team:
A good mix of the young and the key functional leaders in your company should sit together and rethink your game plan. Ask your customers, suppliers, go online and find out what’s being said about you. What UN-met needs need fulfilling? Do your products or services need updating? Keep checking with them to stay on top of their needs.
Right Technology + Vision= Win!!
3.Know your fundamentals to accept change: Digital and Social media platforms will grow and evolve everyday, but your business fundamentals will remain the same. Are you adding value through greater experience, better service or cost structure? Regardless of the changing digital landscape, you need to understand the connection between your business & the platforms needed to drive these fundamentals.
4. Prepare your company for change:
“The world hates change, yet it is the only thing that has brought progress”- Charles Kettering
It’s common Knowledge that any change management practice will be met with resistance. It’s a social process. But if your team explains the benefits, the bigger picture and what the end outcome will be, the resistance may not be so hard.
‘If you feel like it’s difficult to change, you will have a harder time succeeding’- Andrea Jung
Change will be a slow process but once you have most people’s buy in, it will be easier.
5.Map your network-
Check your value chain and gain new insights. Move across your network and understand what others in your industry are doing right and why.
6.Create a pilot model: Based on your analysis of all the market signals, your competitors generate ideas on what you need to change. Is it product pricing, product features or target customers? Go out and get market feedback- how is your new model faring in a test launch? Since it’s a test launch, do it quick and as inexpensively as you can. Results from this will help you adhere to a strategy.
If you don’t have the manpower or the time to do steps 5 and 6, create an ‘Imperfect Model’ and launch. You will still learn from it and it will give you time to get comfortable with it. Understand which customer touch points you need to digitize and which ones not to.
You have your new model in place and it includes social media. The next step would be to create and launch your campaign.
All you need is 6 steps towards change management for your business and then engage an agency to handle the campaign for you. Social media will be your extended arm in your marketing campaign. Armed with analytics, customer insights and competitor’s insights your company will be able to soar to new heights!
As Anders Sorman-Nilsson said recently “ Don’t throw the analogue baby out with the digital bathwater, but start making sure that you connect really well in the analogue world and also offer value in the digital world to your clients and prospects”
What tips do you have for adapting changes in Technology? How is your business adapting to the new trends?
Let us know!