The new world in which we find ourselves in is there for those that run out of the gates first. Being post COVID or any fluctuations the markets over the coming months will have in store for us all. How fast are you able to adjust your business model to meet your customers needs ?
We too as a B2B business have seen tremendous change, what would have typically taken us 3 years to achieve with our business-partners has instead come around in months as the speed of decision making on our partners’ sides has accelerated thanks to the uptake of virtual communication channels.
Digital Reinvention is the ability for businesses to reinvent themselves digitally with accelerated speed being the core pillar. It’s not fine tuning, it’s not small adjustments to one’s course, it’s a complete reinvention in a condensed period of time.
The key focal points here are: Reinvention Digital and Speed.
Reinventing a business is a tedious task when looked upon as one whole block but highly attainable when divided into smaller blocks addressable over time by different units.
Digital reinvention as we coin it is the journey organizations must embark upon but broken down into a few highly achievable legs:
Be aggressive
Insight: Once you decide to go for it, go for it full out on all fronts. Allocate a budget, identify a partner and go for it all guns blazing. There is no tipping-of-toes in digital reinvention, you have to just go for it or don’t.
Briiz came about after identifying a niche in the local cleaning industry, which was the lack of on-demand cleaning services. After identifying this need in the market, we knew we had to do something and everything fell into place from there, and with the right digital marketing strategy, they have since taken the company from 0 to success.
Briiz wanted to be the first cleaning company that is exclusively based online, which means that all cleaning services can be booked directly from their website — and pretty soon from their mobile app.
One of the main challenges they had was perfecting the booking process, but more than that it was actually educating the people in getting used to the whole “online booking” concept. During the initial stages, they were getting the majority of their bookings offline, mainly through calls and texts but today that has completely flipped around and 80% of their bookings come through online means and only 20% come in through offline means
Be quick
Insight: Quick means quick and what normally would take a week has to be done in 24 hours, its this notion of speed that will leap-frog you ahead. This frame of mind has to stick across the board. Utilize off the shelf technologies and platforms whenever possible.
Kera
Real estate has become a jungle where real estate agents are hunting for clients, property owners are scrabbling for tenants and clients do not know who to trust. Kera is your one-stop shop for real estate in Malta, the solution for all parties from time-economising to cost effectiveness. Their intention is to ambitiously expand outside Maltese waters.
Backed by heavy investment in product design and development, Kera’s technology is unparalleled and on a mission to change the local real estate markets forever. They realised a problem, saw a gap in the market, came up with a proper business plan including the financials and got the ball rolling.
In no time at all, Kera designed and developed the MVP (Minimum Viable Product), launched the brand into the marketplace, had a 90 day sprint pushing a growth strategy to onboard their two kinds of clients, closed the loop by getting their first real-estate deal and mapped out a user flow on the platform in order to tackle any bottle-necks which would have been likely to be experienced by the user.
Be fluid
Insight: Flowing Budgets are now needed and no longer yearly Budgets. Live data must merge with your sales and marketing functions. Be fluid in understanding your customers needs.
The typical process of booking a berth in a marina such as the Gozo Marina is a tedious task. It typically starts off with an email or phone call, a lengthy chat on the VHF prior to entering the marina and a walk to the marina office to checkin and settle the bill.. Melita group reinvented themselves digitally and transformed the whole process into a digital experience in a fluid reaction to customers wishes. The new process allows yacht owners to book, pay and check in from the comfort of their home.
Be data driven
Insight: Take decisions based on data and keep the data consistently flowing with a single source of truth being essential. Look at the data daily and allow it to guide your constant course correction.
Benna – Malta Dairy Products Ltd.
The C-Suite has embarked on a journey that pushes innovation in products fueled by live data input, it being owned data sources and external data gathered through intelligence and research. The central intelligence system built up at Benna allows them to remain on the crest of the wave, slightly adjusting their course left or right based on the data insights to ensure that demand is matched by complementary products.
Be digitally customer centric
Insight: The customer is key, as Warren buffet once said: “focus on creating happy customers and your business will grow” – technology must be your flagship experience with clients.
The Doctor has always been a game changer, but what was the Doctor’s next step? They leveraged technology to introduce a revolutionary pre-order system and a digital loyalty scheme! The Dr reinvented itself digitally by placing customers and their brand experience at the forefront through a mobile experience that places the brand in the palm of anyone’s hand.
