15 Business Problems Need to be Fixed to Survive in Digital Age

Businesses today face serious challenges as they set a path forward through unprecedented economic uncertainty.

Business Challenges

Business problems in 2017 need a bit different look out approach. Digital disruption has disrupted the whole business landscape. Old case studies are no longer relevant to replicate and solve the identical problems.

Nowadays business facing new kind of challenges. The rules are still unwritten.

So demand of the time is not old business problem-solving examples but totally new way to find out the solution through creativity and imagination.

Mobile and social have changed the media consumption pattern of customers. The popularity of active media has created an existential crisis for some old businesses.

Another hand, it appears as a great opportunity to scale for those who understand this media.

Here sharing you 15 point business problem-solving agenda which you should address immediately.

1. Is your product hard to find or buy? Don’t you consider it a gross business problem?

Oh ! Is this a business problem for you?

You may be thinking that you have very established channel network where your customer can find you and buy you.

But this supply chain theory is going through some rough time.

Technology has disrupted it in good or bad ways.

Now you get a cab on Mobile phone or Light to heavy book on a kindle device.  This is just examples, every type of businesses are finding trouble in appearing in front of the customers.

Let’s say you have the very fantastic product but you are not appearing on search engine result page, you can not imagine that how much business you are losing every day.

2. Are there unseen costs that customers must incur?

Business Problems Hidden Cost

Cost is slippery ground. Many times your relationship with customers slips away on cost issues.

You work hard in creating and communicating values to customers but these value can become null and void if customers learn about surprising hidden cost after making a purchase decision.

You often experience that many e-commerce reveals shipping charges when you proceed for payments.

Transparency and clarity are the best places from where you should start your relationship.

3. What are the hidden risks and obstacles?

You have to make it clear that there is risk or no risk which can customer experience post purchasing.

There is the risk with every purchase it can vary from T&C to misuse of data or anything else which gives a bad experience to your customer.

In the digital world, it is a huge business problem as it will create a bad story which can be shared.

4. Are there features that cause anxiety or confusion?

Are your product or services feature rich? Chances are they will have poor customer attention.

Is it tough to understand or your customers are getting irritated while using it. This creates a new layer of a business problem.

Keep your product simple. Make it simple to use.

5. Can you deliver product or service better?

All Gold rush are happening in the industry to find NEW.

But there is lot of space existing where you can improve the process by solving delivery problems.

faster delivery boosts sale

Next-day delivery is changing the face of eCommerce. Amazon uses it as a marketing pitch. Even their Amazon prime is designed around the fast delivery.

Some time delivery becomes your main competitive advantage.

mcdonalds fast delivery competive advantage.

Source: http://research-methodology.net/mcdonalds-business-strategy/

6. Can you save customer’s time?

Time is most important asset anyone possesses.

Forrester data tells us 66% of customers say that valuing their time is the most important thing a company can do to provide good service.

In addition, 45% of online adults will abandon their online purchase if they can’t find a quick answer to their question.

And time is money: 75% of consumers move to another channel when online customer service fails, and Forrester estimates that unnecessary service costs due to channel escalation are $22 million on average.

Helping Customers Save Time Can Boost Sales and Profits – WSJ

7. Does your store or business has easy parking?

Does your store or business has easy parking?

Shoppers only like to shop where parking facilities are easily available. Though it does not affect the business which has only digital operations.

Now days offline and the online has been blurred. Customers start their buying journey online and end offline or vice versa.

So check your physical location if your customers are having a problem in car parking.

8. Is check out fast and friendly?

In a recent study commissioned by Digimarc, 88 percent of adults say they’d like a faster checkout process.

Long lines to check out and slow checkout speeds (cited by 50 percent of respondents) are their top complaints about in-store shopping.

70% of online shopping carts are abandoned before checkout. A recent survey of US shoppers found that slow load times was the number one cause for half of those abandoned carts.

Check out: 6 Ways To Improve Your Online Checkout Process

9. Can you make the product easier to understand?

You’ve done the hard work. Your product or service works beautifully – but something is missing.  People just don’t see

People just don’t see a big idea – and it’s keeping you from being successful. Your idea has an explanation problem.

Simplicity is profound.

Make your product easier to understand and use.

10. Is your instruction manual too long and hard to follow?

No one will love to read your 100-page micro text size manual book.

Better if possible keep it simple, illustration works better.

Now web speed has been improved massively, here video manuals work best.

11. Can you make the customer feel better?

The latest results from the University of Michigan’s American Customer Satisfaction Index show a continuing decline in consumers’ happiness with the goods and services they are receiving.

You are in the age where you are seeing hyper and cynical customers, making them happy is not easy.

But when you have to run the business you will have to make them happy.

12. Is the product or packaging easy to recycle?

The environment is the centre thought of the world right now. Since business has ultimate aim to do value wealth maximisation then you have to care about nature.

Additional read: Role of Business in Environmental Protection

13. Are there the opportunity to produce saving?

If you save some buck of customers, it is huge opportunity to win the trust.

Note: Saving customers money is not related to pricing, I simply do not mean that you take less money from customers but during the transaction, there are multiple opportunities where you can save customers from spending unnecessary money.

14. Can you eliminate negative social consequences?

Your product is safe for society. I just remember Maggi Case.

LED in maggi

You operate the business in the social media age. Even Small negative social consequences can kill your business.

15. Is it possible to offer 24-hour service?

Patience is a scarce commodity in your customers. Nowadays customers want the solution to their problem in micro-moments.

Customers expect extended hours.

customer service.

Source: desk.com

ClickFox reported that 47% of consumers expect a response within 24 hours, 22% of consumers expect a response immediately, and 19% of consumers expect a response within an hour.

Keeping customers happy and resolving their problems are of vital importance; money talks and customer dissatisfaction will eventually show up in the bottom line.

24 hour customer service

Aforementioned research report apparently shows if you don’t have 24 hours customer service facility. You at least missing the chance to satisfy your 50% customers.

Business Challenges Keep Coming….

Business environments are not static, It is fluid since inception. A clever business owner understands it and makes the change happen accordingly.

The secret and simple formula to deal with business problems is….

Always keep your business strategy around customer, cost and change.

 

 

Anand

I am Passionate "Digital Marketing practitioner". I have the fair amount of experience in the traditional way of marketing & Brand building too.

Since 5 years I am self-learning this tech-based online marketing practice and ideas.

The purpose of this blog to share and receive the information and ideas to my community.

Prior to take formal education in Marketing Management. I studied History and India culture.

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