In December of 2020, the Victorian Chamber of Commerce and Industry (VCCI) spoke with DB Results’ Co-Chief Executive Officer Andrew Dean about how the COVID-19 pandemic had changed the business landscape forever. With the dawn of a new year and new possibilities, we met with Andrew again to discuss what Victorian businesses need to do to adapt to this new world order.

Such seismic shifts and changes in strategy are intimidating for any business, which is why we asked Andrew Dean to share his insights into where businesses should focus their resources to begin building their digital footprint.

Foundations

Success lies in getting the fundamentals right, according to Mr. Dean.

“While a new website or mobile app provides a good excuse for a launch party, they are next to useless if they aren’t supporting, and being supported by, your core business systems.”

Whether it’s getting your business in the cloud, enabling customers to view your services and inventory in real-time or taking bookings more efficiently, the core business systems are of the upmost importance.

“The digital world abounds with horror stories of goods ordered and paid for that never arrived, arrived late or were damaged in transport. The old adage that a satisfied customer tells 10 people, an unhappy one tells 100, still holds true. You need to provide a great customer experience, that delivers the customer order and your promise!”

During this process, no business can afford pride or assumption. Calling on experts to advise you and your staff can determine the success of your business.

“Get a great team on your side and listen to the experts. Only you know your business – so treat the digital experts the same way – they know the digital business better than you do.”

“It’s not a failing to seek assistance.”

Once you have your foundations in place, the use of data and analytics will help you give the best customer experience and identify your business strengths. Data capture should be built into your core business systems.

New risks

As the digital age brings new opportunities for businesses, it also brings a host of new risks – many of which a ‘newly digitised’ business will have never encountered before.

Cybersecurity is the most obvious threat, but many businesses don’t understand what it entails and what the consequences could be. Not only could a poorly protected business have their financial accounts hacked, but also digital assets such as their website, mobile apps or booking systems. Your clients’ information is also at risk when it comes to a cybersecurity attack.

“The more that you merge into the digital world, the more that you will find that it mirrors the physical world. There are as many threats in the digital world as physical world. Cyber criminals see unprotected, unprepared and ‘newbie’ digital presences as soft targets for a range of exploits.”

“Don’t let yourself wind up on the news for exposing your clients’ email addresses to underworld identity thieves.”

As your staff become digital natives, they will be exposed to new risks as well. Whether there are issues around working remotely from home, sharing personal equipment or information or social media use, all need to be considered.

Changing relationships

While the image of ‘going digital’ may seem remote and impersonal, research shows the converse is true, as businesses form closer relationships with customers and clients because they can personalise their experience.

“When a new customer is browsing your offerings, they will want to know more about your company, your ethics and purchasing/sourcing/manufacturing ethos, they will be willing to enter into discourse to ensure that you are providing exactly what they want. They will spend more time weighing up their options and looking at alternatives.”

This new dynamic is prevalent across all industries and business sizes, not limited to retailers and hospitality. With the immediacy of information at hand, banks, couriers, educators etc. are all exposed to direct comparison to their competitors. It’s the experience and relationship with a customer that will set your business at the forefront.

“Once the transaction is complete, they may never come back. Not because they are unhappy with what you provided, but because their ability to shop anywhere and everywhere means that their range of choice is immense. Making a customer ‘sticky’ has got to be more than just the simple transaction, it really is all about the customer experience: delivering something so your customer wants more.”

Staying ahead

Over the past century, technology has evolved at an exponential rate. What was the new innovation today, is gone tomorrow, and businesses need to stay agile and continue to evolve in order to remain relevant.

“Never rest on your last success, build for your next,” says Mr. Dean.

“Explore and be aware of the digital world across all industries, what is available that could suit your customers and market, be inquisitive.”

This new evolution will be challenging for many businesses as they will need to change their workforce, upgrade their business models and learn new skills. Sooner or later, a digital model will be the predominant model to run any business in any industry, but the power to adapt will fuel success.

“Know your customer, live their journey with them, make it compulsive for them… understand that the products you sell to your customers are part of a service provided by your company.”

Learn more

At the Victorian Chamber, we deliver more than 800 nationally-recognised short courses, accredited diploma and certificate courses and tailored briefings for businesses to up-skill employees and gain unique insights for their operations.

Visit the Training and Events page of our website to give you and your businesses a competitive edge in 2021 and beyond.