Embrace Innovation to Survive and Thrive
In today’s light-speed digital economy, startups can disrupt incumbents faster than ever. Just think Uber and cab companies. Or Netflix and Blockbuster. Or Amazon and your local mall. To survive and thrive in this era, companies must be able to innovate quickly to identify and seize the opportunity. Often we see companies talk about wanting to be innovative, but they don’t empower a culture that allows for innovative thinking, because they don’t know how. If your company wants to succeed in digital and be serious about innovation then you must ask yourself the question, “Am I ok with knowing that not every idea is going to be a home run, and that it takes a framework to develop innovative thinking which yields brilliant ideas?” If the answer to the question was no, then innovation powered by digital is not for you. If the answer is yes, then your organization needs to develop a structured framework to empower innovation, one that helps shape raw ideas and focus them into actionable business activities.
In addition to providing the appropriate framework and structure to support innovation, we have identified four ways your organization can use data and technology to better engage with customers, understand what they want, and accelerate growth in 2018 and beyond through digital transformation:
Content doesn’t only help you sell a product; it offers value-added education and experience around that product that aids in a customer’s overall satisfaction and enjoyment. Content may include anything from a how-to video explaining the many uses for a product, a webinar about evolving trends in your specific industry, or a simple pictorial how-to guide that helps someone better understand features and functionality. In addition to creating content, it is critical that a company identifies the right distribution channel based on their customer preference and ensure the content is tailored to align with the method that a consumer is accustomed to consuming via that channel. For example, a long-form how-to video is better suited for YouTube and services like Instagram or Snapchat are better suited for quick product feature highlights and general awareness. The bottom line is that customers want to identify with brands. Companies that deliver content that resonates with customers will drive conversions at higher rates—and that can drive higher sales.
Digital transformation will continue to up the expectation ante from customers. It’s a challenge but, like all challenges, it opens an opportunity. Companies that embrace digital innovation can radically improve their business models, meet and exceed customer expectations, and gain a competitive advantage in 2018.
InsightTraps and trends of the Qualified Small Business StockShaune ScutellaroThe pitfalls around chasing the benefits of Qualified Small Business Stock are increasing each time the IRS or Congress has it in their sight. It’s important to understand what may be on the horizon. Learn more.
Press ReleaseSchultz named to San Diego Business Journal’s Women of InfluenceSan Diego Business Journal’s Women of Influence in 2023 Accounting & Finance list includes CohnReznick Assurance Partner Kayla Schultz.
InsightNavigating the state tax landscape: Three areas growing tech companies should focus onShaune ScutellaroAs technology companies grow they not only have to navigate seed rounds, angel investors, public offerings, and more. They also have to navigate state tax laws. Learn more