The Digital Dilemma: “Twist or Stick” … “the winners are increasingly twisting!!”

The Digital Dilemma: “Twist or Stick” … “the winners are increasingly twisting!!”

When it comes to Digitalising your business we are often asked 3 “Key” questions:

  1. “Where do I start?”
  2. “How do I navigate my way through this myriad of change?
  3. “Is the pain worth the gain?”

“Where do I start?”

The businesses that start with a mindset of seeing data as an asset invariably accelerate their Digital progression faster & deliver stronger results.

Woman sketching a business plan on a placard at a creative office

It’s common sense really, structuring your data in a meaningful way is a “cornerstone” to any digital strategy. In fact I’d go further it’s a key component of what sets customer focused businesses apart from the rest. Get it right & you lay the foundations for using your data & business intelligence insight smartly with both your current & prospective customers. Skip this step & you’re setting your self up for failure & disappointment.

“How do I navigate my way through this myriad of change?

If it was easy, everyone would be doing it, but the transition really isn’t as difficult as you image, particularly if your a business that has Customer & Staff advocacy at the heart go your business values.

Our role is to help you set out a clear path so that the change is:

  • Built on strong foundations
  • Manageable
  • Controlled & phased
  • Focused on the priorities
  • Embedded into your business

For some business starting this journey is intimidating, but typically once you have a clear framework around how you are going to go about this, it becomes:

  • Exciting
  • Cultural
  • Progressive
  • Energising

Is the pain worth the gain?”

For those that get it right, unquestionably “yes”. Whilst digitalising your business is “not for the faint hearted”, the benefits once you’ve started on that journey far outweigh the costs involved (time, energy, & financial).

Shot of a group of businesspeople arranging sticky notes on a glass wall in a modern office

Businesses that have a clear Digital Strategy & transformation plan in place:

  • Tend to attract higher acquisition multiples
  • Attract in investments
  • Think about how they can use & access their Data as a real asset
  • Focus more on how they can enhance their customer journey
  • Attract in Talent
  • Attract Customers
  • Typically enhance their customer loyalty
  • Are best placed to use predictive analytics to win
  • Gear themselves up to improve their efficiency
  • Customer experience driven businesses tend to see better returns on investments & outperform others across a whole variety of Customer metrics including higher average order value, & improved acquisition & retention.
  • A growing % of customers (particualrly in the 18 to 34 age bracket) are prepared to share their data in return for personalised experiences.
  • Members of loyalty programmes generate up to 18% more revenue than non members.
  • Customers who have high quality experiences are 2.7 times more likely to keep buying from a brand than customers who have low quality experiences.
  • Customers who have better historical experiences with transactional brands spend 140% more compared to customers who had bad past experiences.

Customer expectations continue to evolve & being able to access information & engage through their preferred “medium” is central to winning in an increasingly “Digitalised world”.

Author Derek Findlayson

Acquisitions – “Finding that perfect match”

Acquisitions – “Finding that perfect match”

Making the right choices is key, as it can either make or break your business. Get it right, & the futures very rosy, get it wrong and it can be very painful …

The word on everyone’s lips at the moment in the broker market seems to be “Acquisitions” but why is it some get these “so right” & others get it “so wrong”?

Well first of all, getting it right is not necessarily easy, particularly in a vibrant market. For some it’s new territory, for others it’s the latest of many. If it’s your “first”, it can feel like there’s a myriad of things to think about. If it’s your “latest”, you may be wondering why was this one a success and that one a disaster.

So let’s strip it back & simplify it. From working with a range of acquisitive businesses across, brokers, insurers, software houses, & data providers, those that do it well & in a sustainable way that works importantly for both the businesses involved & the people in them, tend to have a few things in common:

  • They have a tried & tested acquisition strategy & due diligence process
  • They invest the time to make sure the fit’s spot on … with a particular focus on:
  • Getting the Cultural fit & alignment right
  • Shared Values & beliefs e.g. focus & passion for customer service
  • They have a clear strategy in place and a clear plan to bring it alive
  • They understand their business inside out with real clarity on:
  1. The profile of their customer base
  2. Their customer proposition
  3. What they do well
  4. Where they could improve
  5. and where the right acquisition could add additional value & skill-set

They have access to the right resources to successfully manage change and integrate the businesses at the right moment in time

Making the right choices is key, as it can either make or break your business. Get it right, and the future very rosy, get it wrong and it can be very painful …

Speak to us today if your interested in a fresh approach to helping you identify the right acquisitions and having done so, get the most out of them.

Author Derek Findlayson