Digital marketing is given much importance these days, and here, business resilience does come into focus when it comes to business growth.
Business resilience is adhered to by executives today, and it will indeed prove to be a key factor for business success in the 2020s. As the world of business continues to grow increasingly uncertain and volatile, companies that have rather purposefully developed capabilities to be able to tackle ambiguity and unpredictability—in other words, resilience—are most likely to thrive.
Customer priorities are changing rapidly, and the massive shift to remote working does pose a major risk to IT companies’ infrastructure. In this rather bleak context, resilience is a key driver of value.
Even prior to the COVID-19 crisis, several companies had been struggling to keep pace with technological changes. These challenges have only accelerated since the pandemic began, bringing a growing realization into sharp focus: the future of work.
Every organization has to depend on data, analytics, digital tools, and automation, and naturally, digital technologies will constitute an increasingly important aspect of business resilience in the future.
The Phases of Resilience
Resilience in recent times entails not just springing back from a crisis, as commonly understood; it is also about springing forward into a new reality.
By now, most companies have indeed addressed the immediate priorities of the Respond phase of resilience by keeping employees safe, changing their ways of working, and dealing with key operational issues like supply chain disruptions. Their focus now is on restarting and also rebounding by adjusting quickly to the new realities on the ground. During the recovery phase, businesses will have to cope with uncertainty in demand, supply, labor markets, and credit availability. Traditional forecasts and operational processes are, of course, unlikely to be effective, so companies need to develop data-driven sense-and-respond approaches to tackle the volatility and thus learn to adjust rapidly to fast-changing scenarios.
Process of building businesses resilient in digital marketing
The process of building resilience is important as far as the re-imagine phase is concerned, which does involve preparing the business for the future. The current situation is likely to result in permanent shifts in consumer as well as employee behavior, and a few industries and business models will be irreversibly disrupted. As the nature of competition shifts, resilient companies find that they need to have a clear opportunity to emerge stronger. Therefore, companies have to start laying the foundations of sustainable advantage by building resilience now.
Why digitally enabled resilience matters?
A company does require resilience in every aspect of the organization, from its market approach to its operations to its infrastructure. Vulnerabilities in any of these areas could affect the business’s ability to survive as well as thrive.
Business leaders in the digital marketing arena also need to focus on: protecting as well as growing the top line; developing agile operations; enabling people; accelerating the adoption of data and digital platforms; enhancing cyber-security; and also strengthening financials.
Digital transformation has become crucial. Adopting and managing digital investments in digital transformation plays a vital role. Every organization depends on digital technologies that will be critical to business resilience.
Marketing Approaches to Build a Resilient Digital Business
- Know the Business Fundamentals Before entirely transforming into a digital business, leaders will need to understand business fundamentals.
- Identify Whether Your Product is Market-Fit A product’s success highly depends on the market and the target region as well.
- Know Business Structure and Compliance.
- Develop Financial Modeling.
- Have Clear Business Goals.
The success of a company does depend upon defining a clear vision linked to strategy and value, ensuring leadership commitment and governance of results, and building critical technological as well as human capabilities.