Most traditional type Businesses are created with an idea of doing something better or a unique idea based on evolving technologies and or demand. In all cases, startup Businesses are built by passionate individuals with confident technical, commercial or strategic backgrounds and the underlying motivation to succeed.
As the Business evolves, the individual or team builds out the operational structure - systems and tools to allow the Business to grow. Statistically, for most, the end result is failure!
The rise of digital technology presents a whole new ball game when it comes to not only how theBusiness delivers, but also what the Business is. Products and Services previously limited by digital technology all of a sudden flourish as a result of enabling technology. Many Business's today using mobile App platforms simply would not have existed even a year ago!
What has changed?
Digital enabling technology of course, but more importantly, the perception of consumers relying on and using the technology. Consumers not only need to feel compelled to engage but also to include the Business offering in their own lives for the perceived greater good. If the Business produces a great product or service, then the consumer is more likely to refer sales opportunities or re-engage.
Digital disruption by consumer definition is value. Most of us are conditioned to believe price to be the key driver however, when consumers understand your value proposition, price ultimately takes second place!
Features and Benefits, the value proposition and ease of engagement are the primary factors when competing in the digital world. The challenge then is how to differentiate your offering against the market.
Designing your digital platform must take into account a lesson learnt the hard way!
“if you want something from someone, first you must give them something”
My advice to anyone considering a digital technology Business is
· Find an industry hole that can be filled by using the digital space which results in lower cost to consumers
· Determine the best platform to deliver your digital Business
· Take a leap forward 5 years from now to see if your Business can evolve and remain competitive against rising technology and user expectations
· Build out your backend structure to deliver the simplest UI possible
· Integrate your sales or delivery process as much as possible into your platform
· Consider your digital platform as part of the journey and not the end
Most of all, a digital Business should not be built on a “thought bubble” or “because we can”, it should only be built on a genuine need identified by solid research!