“2020 is an unprecedented time.” This is the phrase heard around the world, over and over. Entering unprecedented times meant that businesses had to react to new customer needs and expectations as they came. Reacting quickly at the beginning of the pandemic was critical for businesses to survive the tumultuous and unpredictable months to come. But as the end of summer nears, and the holiday season approaches, reacting isn’t good enough. No longer will we be living in an unprecedented time, but rather the new normal, and consumers will expect businesses to respond as such. Especially as a second wave looms, businesses need to take the lessons they learned at the beginning of the pandemic and be proactive in order to grow, and sustain growth, through wave two and into 2021.
Building a strategy for the next fiscal year starts with examining the most important element of any business: the customer. Take a look at their needs and how they’ve changed over the course of the pandemic. How has their relationship with your business changed? Focus on digital experiences that will not only meet but exceed customer needs during COVID-19 and beyond. Then, use the right technology to meet those needs across all touchpoints in the purchasing journey.
We know this is overwhelming, so as your business moves forward, keep in mind the following checkpoints:
- Evaluate your KPIs.
Key performance indicators established before March of 2020 can’t be taken at face value. Re-evaluate your performance within the context of the pandemic. How has COVID-19 changed your business goals? How do you want to close out 2020, and what do you want to achieve in 2021? Prepare strategically using a holistic (and realistic) view of where you are and what you want to achieve within a given timeline.
- Evaluate your technology.
If your KPIs have changed, it’s likely that your technology needs have shifted too. Don’t assume that your current tech stack supports your new KPIs. Evaluate if your goals require new technological capabilities’ for example, if you want to create a better brand presence now that you’re conducting more business online, consider implementing a new digital asset management platform.
If your tech stack is equipped to support your KPIs but you’re not seeing the results you expected, evaluate if you could leverage your existing technology more effectively. Does your team need training? Have they fully adopted the implemented technology, or are they resisting using the platform? Have you kept up with updates and new capabilities that may have been rolled out since COVID-19?
- Prioritize digital intelligence
Digital intelligence, or the practice of using data insights to make decisions for your company, is the most important capability a business can develop. Responding quickly to the pandemic was necessary to stay afloat in a fast-changing landscape, but now businesses have the opportunity to evaluate which actions were effective. If your business is newly digital, it’s important to create data standards for your customer, product, and analytics data. Without clean data, your insights aren’t valuable and can’t support your strategic roadmap.
Having a hard time developing digital intelligence within your org? You’re not alone. Learn about challenges to developing digital intelligence here.
Interested in shifting your business to more online capabilities? Read Avionos’s 2021 Digital Strategy Guide to begin planning your technology strategy.