5 years ago if I wanted to start a business, I would have partnered with a major retail giant. They have outlets all over India, they have a loyal customer base and I knew the shelf space that I got would deliver the revenue that I wanted.
Today, that shelf space will cost me more than just a partnership fee, it will cost me revenue and customer loyalty as well.
My customer is not visiting retail stores as they have realized it is easier and more convenient to shop with just the click of a button.
And that is why it is paramount that businesses aiming for success today bring digital into their go to market strategy as a major revenue stream.
Transcendence is defined as the quality of being able to go beyond boundaries. In today’s world, it’s a necessity to transcend your services and offerings into the digital space.
Digitization is not simply being available on social media or an e-commerce platform, it is about processes that make you an intuitive choice for a digital customer.
This needs to be present in every activity that the brand does ranging from communications, processes, logistics to also setting up a healthy infrastructure to house all these processes. Clearly identifying the intended audience also goes a long way in how you want your brand to be perceived.
If a brand has multiple target audiences, then defining a proper funnel for each is paramount. Setting up multiple touch points ranging from chatbots, virtual showrooms to setting up more catered experiences like AR & VR to interact with your brand will help stand out amongst the competition.
Triggering the right type of communication during various stages of the customer lifecycle is also crucial and keeping engaged helps build brand recall.
It’s important for us to realize that the digital ecosystem is evolving faster and staying relevant for your target consumers takes hard work and dedication. Companies that have remained retail focused or feel that they were able to ‘make due’ by having a simple digital infrastructure will go by the wayside! It’s important to transcend, not only in terms of thinking, but curating a journey fit for the new digital customer.