Digital leaders just achieve more. I speak from experience as a business growth advisor at ManoByte, who helps building material manufacturers get up to speed with digital technology like CRMs, PRMs, and ERPs to enable smoother and more scalable sales, marketing, and operations performance.
If you inhabit this space, you may be wondering how to position your company so that you too are experiencing greater growth. What does a digital transformation entail and how are others within the industry implementing such strategies?
Consider this for a moment: only 1 in 3 companies has implemented digital solutions at scale. Without taking a shaping posture that places the performance of your business in your hands, you are left solely at the mercy of changing business climates and light years behind your competition. That’s not where any of us want to be…
So you may be wondering with all of the dialogue around digital growth, how do you identify what the path to transformation looks like? And specifically how does it look for you? Will there be only one path or a combination of them? The place to begin is at the heart of your company--your reason for existing. What are you contributing to others and what do you hope to achieve from this? Once you have an understanding of where you are and a clear sense of where you are going, you are then ready to determine which direction leads to your desired destination.
This creates confidence, and confidence generates the courage to free up necessary financial resources to help bring your goals to fruition. You begin to think differently--bigger, in fact, and what you once considered to be expenditures are now viewed as investments in data, technology, and talent. You are adaptable and willing to make changes as necessary to meet the requirements of an evolving market. All of which are characteristics that digital leaders in the industry have in common.
Four Steps That Will Help You Get There:
- Bringing commercial processes to the 21st century
- Upgrading your current capabilities will drive growth
- The outcome - 2% increase in sales and up to 3% increase in margin according to McKinsey & Company
- Aim to attract, engage, and delight by understanding your customers
- Bringing intentionality to the table delivers a more human and personable experience
- Keep all partisans of the channel ecosystem front-of-mind and continue to strengthen those relationships
- Consider new ways to drive growth and margin
- Develop new business models of scale
- Design your organization around a philosophy that produces consistent revenue growth and avoids the pitfalls of stagnation without adding unnecessary costs
Another good practice is to strive for improvement in all areas within an established timeframe. Consider all areas of your business and how you envision them in the future to determine your trajectory for enhancing digital maturity. Which holds the most value at present? Focus on these areas to segment your ongoing strategy into bite-size portions. Again, understanding where you are on the road to where you’re going is super important. It follows that your decisions will be executed from an informed place and your outcomes will more than likely align with your prescribed goals.
These are all great foundational suggestions geared towards helping you grow your business digitally. However, they are only as beneficial as you allow them to be. Reading this article and walking back into the same rhythm that led you to seek out information in the first place won’t deliver the results we’ve been discussing--I can promise you that. But change begins with that first step towards improvement. And an idea is a world all of its own; it shapes our actions and eventually our outcomes. The growth that you seek is right at your fingertips. Reach out to me at firstname.lastname@example.org and I can prove it...