How to Adapt to Change in Business: Four Vital Ingredients
Being able to adapt to change can often be make or break. Take Blockbuster as an example: in the 90s and early 00s, it was the go-to video rental business, but it failed to adapt to the growth of streaming services and quickly disappeared.Change is inevitable in business, and the ability to adapt is crucial for success. Businesses that fail to embrace the latest online channels and new technologies are at a significant disadvantage in today's digital world.
A recent report by PayPal identifies four vital ingredients for success for British small businesses:
- Having a presence on online global marketplaces
- Selling via social media
- Streamlining operations
- Exploring new foreign markets
The report also underscores the significant digital gap amongst Britain's small businesses. As many as 54% don't have a website, 28% lack a social media presence, and 47% of retail businesses are missing from global online marketplaces.
This is a huge missed opportunity. Online channels can help businesses of all sizes reach new customers, streamline operations, and expand into new markets.
Here are some tips on how to adapt to change in business and embrace the digital world:
- Create a website and social media presence. A website and social media presence are essential for businesses of all sizes. Your website is your online storefront, and social media is a great way to connect with customers, build relationships, and promote your products or services.
- Start selling online. Online marketplaces like Amazon and eBay make it easy for businesses to reach a global audience. You can also sell your products or services directly from your website.
- Streamline your operations. Technology can help you automate tasks, save time, and improve efficiency. For example, you can use a CRM system to manage customer relationships, or an ERP system to manage your inventory and accounting.
- Explore new foreign markets. With the internet, it's easier than ever to reach customers worldwide. If you want to expand your business, consider selling to international customers.
If you need help adapting to change and embracing the digital world, there are many resources available. You can hire a digital marketing agency, or there are many online resources that can teach you how to create a website, start selling online, and use social media to promote your business.
“"Don't let the lack of an online presence hamper your business's potential. Now more than ever, selling through social media channels is proving crucial for sustaining businesses.””
How we can help
At The Marketing Eye, we want to help you on your journey to digital success. Whether you need to create a website, establish your brand on social media, reach new audiences, or make your products available on global online marketplaces, we have the expertise and resources to get you there.
Contact us today to learn more about how we can help you adapt to change and thrive in the digital world.
Author
Darren Coleshill
Our leader in social media management, email marketing and CRM and Marketing Automation, Darren is responsible for The Marketing Eye being one of the few agencies in the UK able to offer full end-to-end customer journey management.
Campaign Manager / The Marketing Eye