With the technological advancements in this day and age, everything is reachable at the tip of our fingers with one tap of our mobile phones or a click of our computers. With that, digital scaling has become more relevant.
As the world seemingly becomes smaller, it’s easier for businesses to acquire more customers and expand markets globally. Yet digital scaling proves to be challenge for many companies due to the lack of clarity in key areas.
Only 8% of businesses succeed in scaling. If done correctly, digital scaling can help businesses increase revenue by up to 25% and save costs by up to 28%.
So, how do we do it? Studies have shown that given well-defined goals and concrete steps, employees are about 3.6 times more likely to be committed to their organizational scaling focuses.
1. Identify Demand Patterns
It’s crucial for businesses to understand their consumer. Make sure to watch out for consumer behavior and reach into untapped high-value audiences. Look into the consumers’ relationship with the organization – how they view your business, how they interact, and how can you, as a company, respond to that.
2. Measure to Manage Better
Monitor the numbers. Identify your goals and strategies by looking at your data. Keep track of your value scoring and pair that with your long-term strategic plans.
3. Strong Business Impact
Nurture a strong team and tight partnerships, both internal and external. Invest on upskilling your people and overall internal development. Create plans for smooth ways of working and efficient operations.
4. Authentic Connections
Pay attention to cultural nuances that connects your brand with your market. Study what areas of strategy needs to be bespoke. Keep track on the impact of sales when nuances are applied. Diversify your people for a deeper understanding of the local market.
5. Profit Automation
Spend smart and invest in programs and channels that would help you reach more audience. Automate where possible to increase your CLTV opportunities. Eliminate redundancies and shift budgets to untapped low hanging fruit prospects.
MYN Group bridges the disconnect between global top down strategies and bottom up market-level connection. Our #MYNHerd translates macroeconomic factors into microeconomic decisions while preserving cultural nuance. We interpret nano level data where commonalities scale successful impact at the global level. We're the "grease" that gets corporate gears moving, getting things done, replacing friction with focus.
Want to know more on solutions? Email myn.group@myngroup.com and discover how we can partner.