- Improve Your Salesmanship and Grow Your Business
- Mastering the building blocks of strategy | McKinsey
- Sell, Team, Teach – the Fundamental Building Blocks of a Company
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Improve Your Salesmanship and Grow Your Business
- No Electric Survival.
- Building Blocks of Growth Hacking – Hacker Noon;
- For A Fox (The Adventures of Professor Beetoven and friends Book 14).
Greg Rollett. February 19, 2 min read.
Mastering the building blocks of strategy | McKinsey
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McKinsey research shows that companies have lofty ambitions: they expect digital initiatives to deliver annual growth and cost efficiencies of 5 to 10 percent or more in the next three to five years. Yet despite the often-substantial investments companies have made in digital initiatives, few see that kind of growth.
Since digital touches so many parts of an organization, any large digital program requires unprecedented coordination of people, processes, and technologies. A strategy to increase revenue from high-value customer segments, for example, requires analytics-based insights into which purchasing journeys generate the most value, a clear vision and plan for how to capture that value, and technologies and tools to digitize interactions with customers.
New capabilities and teams are also needed to manage and coordinate the delivery of those journeys across the organization. Of course, adapting over time has always been essential to corporate success.
In our experience, companies that have successfully transitioned to become high-performing digital enterprises are able to orchestrate six building blocks: strategy and innovation, the customer decision journey, process automation, organization, technology, and data and analytics exhibit.
Now, not every digital initiative requires each building block to be developed and used to the same degree. Digital strategy is intrinsic to business strategy today. In fact, 90 percent of digital leaders versus 60 percent of all leaders have fully integrated digital into their strategic-planning process. They assess at a granular level where value is likely to be disrupted within their own business and market, and they isolate where and how they will compete.
Effective digital strategies prioritize a handful of interventions where the business can exploit significant opportunities and divest or reduce exposure in markets where value is declining , then craft a digitally enabled business model around them. That could mean creating a new way for customers to purchase a product, moving into new businesses, or exploiting competitive advantages such as proprietary data in new ways.
For example, one large retailer actively reviewed its portfolio and decided to divest its consumer-electronics business when it saw margins eroding. It then invested in an online retailer when it realized the strong growth trajectory of e-commerce in the sector. When GE identified a strategic goal it needed to work toward—making deeper connections with decision makers—it designed a company-wide social graph that tapped customer connections and relationships across its ,strong employee base.
That enormous internal network gave salespeople and account managers a significant leg up in forging new connections and provided marketing with a return that was about times its investment. A digital strategy also increasingly blurs the boundaries between strategy and execution. In fact, 60 percent of digital leaders run strategy by experimentation through limited releases and prototyping, for example. Our research shows that organizations able to understand and skillfully act on complete customer journeys can reap enormous rewards: increasing customer satisfaction by up to 20 percent and revenue growth by 10 to 15 percent, and lowering the cost to serve by 15 to 20 percent.
Understanding those decision journeys and the fundamentally different ways that customers behave—from evaluating products to bonding with brands—is becoming the cornerstone for successful businesses. That ability is likely to become an increasingly important differentiator, since nearly 50 percent of all business-to-business purchases will be made on digital platforms by the end of , 7 7.
Sucharita Mulpuru et al.
Sell, Team, Teach – the Fundamental Building Blocks of a Company
With so much data available, companies can become much more precise in their outreach to customers. By combining deep data analysis and ethnographic research, digital leaders can identify high-value microsegments, such as new mothers with full-time jobs who primarily shop online. Understanding how these customers make decisions—how they shop, for example, or what influences them—allows digital leaders to tailor their approaches.
The bank used the data to inform changes in marketing campaigns. Business-process automation can result in massive competitive advantage because initial investments, when well implemented, can scale quickly without substantial additional costs. Over time, cost performance can improve by as much as 90 percent as the automation effort scales across formerly siloed functions, reducing redundant processes.
New business models, in fact, are emerging as companies that create revenue from sales of physical assets evolve into service businesses that focus on data as an asset. Digitizing processes has less to do with technology and more with how companies approach development. While there is often the assumption that process automation is a large project focused on a major platform, digital leaders in fact drive value quickly by focusing on a series of small but important solutions that target high-value customer journeys and expectations for example, real-time availability and personalized treatment.
This is more than just automating an existing process. Becoming digital often requires reinventing the entire business process to cut out steps altogether or reduce the number of documents required.
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Automating processes at speed requires small teams employing agile development techniques to continuously build out elements of the product as prototypes, then testing and adapting them based on feedback, often within days or weeks. When well executed, digitizing processes can unlock significant value by compressing timelines and eliminating duplication or inefficiencies. Yet digitizing is as much about customer satisfaction as efficiency. Similarly, a bank cut its cost per new mortgage by 70 percent and shortened preapproval times from several days to just one minute by digitizing its mortgage-application and decision processes.
Companies know that rigid, slow-moving models no longer cut it. The challenge is to move toward a structure that is agile, flexible, and increasingly collaborative while keeping the rest of the business running smoothly.