The absence of a planned digital strategy comes out as one of the top reasons leading to the failure of a business besides poor management, insufficient capital, bad location, lack of planning and over expansion.
Key Warning Signs of a Business Failure
Is your lead generation or customer acquisition rate going down? And customer churn rate going up? If yes, it's a worrying sign. Brands which are less accessible are more likely to lose their customers. Reasons? Customers are getting impatience. Yes, you heard it right. You have to serve him or her instantly; not at your earliest, rather at their earliest. Some experts may quote the term "Quick turn around time" for the same. If you are losing your valuable customers, somewhere at customer touch points your accessibility and promptness are getting compromised.
Losing too much money
Are you consistently missing out on your ROI target? If yes, it's a wake-up call. You need to check on expenses or outgoing cash flow immediately. You need to have better insights on where and how expenses are being made and where and how you are failing to monetise the opportunities that are on way.
Whether it's running a manufacturing unit, sales or marketing operation or a customer service one, you are incurring subtle investment towards all. Don't you? But running a business operation arbitrarily will hardly generate ROI that you want. Instead, it would be a graveyard for your investment.
Reduced workforce efficiency
If the workforce efficiency remains at low for a considerable amount of time, it's an indication of a revenue leakage, failure in getting on the right strategy, flaws in communication and collaboration or sometimes all. Such things can cause a decline in the workforce efficiency. Consequently, none but you are at the receiving end.
Failure to cope with compliances
Got challenging to withstand the regulatory compliances? Have fines and penalties become an affair? If you nod to it, it means your modus operandi needs an overhaul.
In the pro-employee and pro-customer era, you have to adhere to a wide range of compliances to remain in the marketplace and earn credibility. Failure in doing so not only erodes the revenue or profit but also the trust and reputation, which is difficult to restore.
Failure to meet customer's expectations
Not getting satisfactory reviews from your customers? Customer-satisfaction metrics shifting from good to average and average to poor? Or customers heading towards your competitors? What does it indicate? Your products or services demand innovation. Time has come to get closer to the customers and understand what they exactly want.
What to Do Next
If you have observed any of the symptoms in your business ecosystem, then it's time to seriously brainstorm to find ways to innovate your operation, collaboration, communication, sales & marketing, customer service and branding endeavors. While doing so, you are likely to come across a good deal of suggestions from your team of decision makers on how to improve and overhaul the business. But is there any critical aspect that links or overlaps with all? Undeniably, it would be none but the digital strategy. Perhaps, this is the backbone that supports all.
Websites and apps have a great potential to revolutionise the way you work and the way customers interact with you. Here is what they do:
- Build an infrastructure which stays active 24 hours a day, 7 days a week and 365 days a year.
- Bring insights on industry trends, customer behavior and expectations.
- Help you check loopholes in the operation.
- Help you track the performance of your people.
- Change the perception of the startup logo design in the people's mind.
Hence, it's imperative to hire the right app development and web development services provider citing their background, including capabilities, client-satisfaction track record, rewards or recognition, pricing and much more.
Things to Mind Before You Quote Your Needs
Understand the Users: Do remember that behind every website, application or device, there would be a user. And with the investment in app or website development services, your attempt should be to ease his or her job. Let him find the right information, the right tools and features and the right level of digital security to work, contribute and connect using the website or app.
Understand the Trends: The digital consumption pattern has changed a lot in the past few years: from desktop to smartphone and from the web to app. While these are macro-level changes that are apparently visible, there are many micro-level level changes as well. For instance, within a particular geography, demographic niche and economy, the change in digital consumption is minute yet subtle. If you want your business to perform well, then make sure your website or app is capable of serving the needs of all audiences you are targeting at.
Understand the Difference: What is an ideal Android app development strategy for a manufacturer could be of no use to a restaurateur and the vice versa. Even in the same industry type, the need of sales and marketing team varies from that of inventory management, finance, HR, and so on. Even two businesses from the same industry type, can't resort to the same website or app development strategy because their needs and challenges could be different, their visions and missions may not be the same. Thus, the need of the hour is to have customised web and mobile apps.