Business Innovation as a response to Market Change
It’s no secret that technology since the 90’s has evolved quite substantially. We have stumbled on a new society that is always online, connected and engaging. Bearing this in mind, businesses are now under more pressure to adapt to constant market change to stay relevant and trending. Business innovation as well as adaptation is now a vital component for successful growth.
As an established digital agency, Digital Dynamite has been exposed to a wide range of businesses, all with valid marketing goals and expectations. Through our extensive journey as digital marketing analysts, we have picked up a few golden nuggets of information and felt we should share. Below are some fundamentals to business innovation. We encourage all companies to stay true to these golden rules, while embracing any new changes within your industry.
KEEP YOUR EAR TO THE GROUND
Historically when we think of a well-executed marketing campaign, what often first comes to mind is a memorable television advertisement or a catchy billboard. However, since digital marketing was introduced to South Africa, we are finding more detailed consumer data is now becoming more readily available. These insights have led to marketing strategies that are not only creative but also data-driven. Even the best creative in the world isn’t going to lead to conversions in front of the wrong audience.
UNDERSTAND YOUR PLATFORMS & HOW TO LEVERAGE THEM
What worked back in the day, may no longer be relevant today… As a business owner, monitoring what platforms your clients/customers engage with is vital to continued success. Some prime platform changes that come to mind are; the explosive introduction of social media to the business world as well as the rapid decline of print media in South Africa specifically. Platforms can lose their power overnight; however, the attitude of the business owner will survive. Get hungry to engage on new platforms and experiment. You would rather pre-empt a platform shift then arrive late to the party.
EMBRACE NEW TECHNOLOGY
This is something that is constantly a pain point for the older generations. Embracing new technology and the rapid rate at which it changes may seem confusing to some and often gets put on the backburner. If it isn’t clear enough, adapting to market change often starts with relinquishing the hold we have on outdated technology as well as our reluctance to learn new software/systems. The open society we are now appealing to demands an open-minded business.
MONITORING MACRO TRENDS
Macro trends can be extremely lucrative and business owners need to pay special attention. As your business grows and adapts to its respective market, its macro trends inevitably need to do the same. An easy example is in small businesses that achieve “overnight success”. To stay relevant their macro trends often change several times in quick succession. May have started with a macro trend to boost awareness in the market and due to that overnight success, they transition to a more specific outcome almost immediately. Creating, sharing and managing a tangible macro trend is imperative to business innovation.