90’s music lovers recognize the fact that an increase in income doesn’t necessarily make things easier; in other words, “more money, more problems.” Even though the word problem seems to put a negative spin on it, having a growing customer base is really a great problem for any business to have, which can be easily managed with the right tools and support system.
If your business is thriving, it means your customers are happy with your product or service, and they’re likely to recommend you to their friends, family or colleagues. If your marketing is on point, this can also be bringing you an influx of customers, but you may not always be prepared for the response if it’s higher than expected. How inconvenient is it when a website crashes due to unexpected surges in users or lack of bandwidth support? This feeling becomes exponentially worse when either a loyal customer is experiencing delays or issues they haven’t before so they become weary of your business practices, or if a new customer’s first experience with your business is subpar.
In order to prepare for growth, one of the key components of your business strategy must be to run as much of the business as possible digitally, which for businesses that have been around for a while most likely means undergoing a full digital transformation. This is incredibly important now more than ever, given the high rate of failure of businesses, many of which phase out due to one-hit-wonder products, less than stellar service, or competition and disruption. This is important to note because the average lifespan of S&P 500 companies has declined from 61 years in 1958 to about 20 years now.
When we use the phrase digital transformation in our conversations with prospects or customers who have decided to take their businesses to the next level with Lagash technology, sometimes the conversation starts off with a focus on evolving all the current processes, whether operative or customer-facing, to become automated and fully digital. Even though intrinsically that seems to be the goal, the true digital transformation of a business occurs when you go back to the drawing board and dissect every single process and company task, gauge its impact on the business, and either do away with it or completely re-design it with a customer-centric approach to make it efficient and innovative, so that your employees can also benefit from the change.
Some examples of absolutely industry-shattering digital transformations we’ve seen take hold particularly in the past decade:
- Blockbuster Video was a staple of family weekend activities with their VHS and DVD rental services. Netflix came into the scene offering an alternative with a rent-by-mail option, which presented significantly fewer overhead costs, and added the convenience factor to customers. Blockbuster’s business model relied heavily on late fees, while Netflix swept in with the subscription option which gained popularity very quickly. Then in 2007, Netflix began offering the now famous video streams, and by 2013, Blockbuster had gone bankrupt and completely out of business. More on this disruptive story here.
- Taxis have been available since the end of the 18th century, but no concept has been more revolutionary and disruptive to an industry than Uber. Eliminating the aggravating process of hailing down a cab in a busy intersection, slashing prices by sometimes more than half (or guaranteeing cars big enough for a larger party, or more luxurious if so desired), opening up millions of employment opportunities across the world, etc. It’s no wonder nowadays whenever any type of innovative idea comes to be, it’s often called “the Uber of…”. Uber completely redesigned the face of public transportation, taking into account customer experience, convenience, and security. Now taxi companies are offering Uber-like apps and experiences to keep up with the competition.
These two examples are, of course, grandiose showcases of completely innovative business models that came to offer an already-existing service, but better. We’re including them here to show you just how far you can go, but only if you go back to square one with your business processes and redesign them to completely blow away the competition, and most importantly, offer something never before seen to your customers.
When you think like this, you’ll be prepared for growth at any rate, without having to re-invest because all functionalities will be constantly updated and upgraded as needed. If you’re ready to take the next step in your digital transformation journey and employ design thinking to build a customer experience that disrupts the market and guarantees you growth without the growing pains, we’re here to help.