Embrace Innovation to Survive

Discover four ways in which to better engage with customers.

By Asael Meir On Jul 17, 2018

In today’s light-speed digital economy, startups are disrupting incumbents faster than ever. To survive and thrive in this era, companies must be able to innovate quickly to identify and seize opportunities. Often, we see companies talk about wanting to be innovative, but they don’t know how to foster a culture that allows for innovative thinking. If a company wants to succeed in digital and be serious about innovation, its leaders must ask themselves this question: “Am I okay with knowing that not every idea is going to be a home run and that it takes a framework to develop innovative thinking that yields brilliant ideas?” If the answer is yes, then the organization must develop a structured framework to empower innovation that shapes raw ideas and focuses them into actionable business activities.

In addition to providing the appropriate framework and structure to support innovation, there are four ways an 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:

Get a 360-Degree View of Customers – “Companies need to capture additional data points about their customers to better understand their needs and preferences including which products to market to them, across which channels, and at what date and time,” says Dean Nelson, CohnReznick’s Technology & Digital Advisory Leader. 

Drive Decisions With Data – In today’s digital environment, the most successful companies are capturing information at a pace and volume never seen before – and they’re able to make sense of it all in real time. A company may not have the resources of Google or Amazon, but it can still gain significant competitive advantage with data. By leveraging that data to drive business decisions, the company can quickly and accurately incorporate new features and functionality that will have the greatest impact on customer satisfaction and stickiness.

Embrace Analytics – Data is the first part of the equation. Analytics is the next. Smart companies use analytics to interpret their data, learn more about their customers, and accelerate growth. 

Be a Content King – Content doesn’t only help sell a product; it offers value-added education and experience around that product that drives customer 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 a specific industry, or a simple pictorial how-to guide that helps someone better understand features and functionality. Companies delivering content that truly resonates with customers will drive conversions at higher rates – and that can drive higher sales.

Companies that embrace digital innovation can radically improve their business models, meet and exceed customer expectations, and gain a competitive advantage in 2018.

About the Author: Asael Meir is a partner with CohnReznick LLP and leads the firm’s Technology Industry Practice. 

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