3 Ways to Leverage Your Edge in the Digital Age
Digitalisation has surged at increasing speeds over the decades, and we’re at the point where it’s absolutely necessary to go digital. Every day, we’re overloaded with new models of smartphones, user-created content on pervasive social media platforms, and a pandemic that has forced many to work from home – if you’ve not gone digital, you’re basically a caveman.
But as widespread as the digital world is, it has, at times, been difficult to navigate. If you’re an entrepreneur competing with thousands of other businesses, this can be an even more daunting task. How can you get your message across, when everyone else is also fighting for a share of the pie in the online space?
Here are some tips on capitalising on digital opportunities and really making a name for yourself in the world of online entrepreneurship.
1) Leverage Data
The digital age has made data the single most valuable resource on Earth, with some even calling it more important than oil. But how can strings of ones and zeroes be more valuable than a long-desired commodity? The answer is simple – harnessed data offers you the power of knowledge.
Data is codified intelligence, and that makes it important to every single facet of our lives, even if we don’t realise it. And whether it’s logging in to your Facebook account, or governments using data to monitor citizens, we can’t escape data.
Similarly, data is integral to every operating business.
Companies put millions and even billions of dollars to understanding and developing data that can help them better sell their products. With data, online stores like Amazon and Sephora can track customer purchases and recommend similar or related products customers would like to see. It’s the same way advertisers use the data of YouTube to target their audiences and get them engaged in their products.
This is proof that if you know your way around data, you already have an advantage over your digital competitors. If you’re an entrepreneur, it’s in your best interest to learn the basics of data management and audience targeting, so that you can reach the customers that you service the most.
2) Leverage Transparency
A digital world means people have become smarter and less accepting of what they see on the surface. How many times have you come across an ad while watching a video or playing a game and just hated it? People don’t want to be sold things directly in their faces anymore.
This is why now, more than ever, people care about companies that are honest in their intentions. This is where transparency comes in.
Customers want to know what goes in and out of a business. They want to know the morals and ethics of the companies they support, and whether their money is going to a worthy cause. And because of the digital age, it’s become massively easy to get the scoop on a company or a personality just through a search bar.
It’s imperative that your lines of communication with your clients are always open. Answer questions, and be honest about product updates and business happenings.
Clothing brand Patagonia is a good example of transparency in the digital age. With their project, Footprint Chronicles, customers are made aware of how the company’s product supply affects the environment. This transparency led their eCommerce sales to hit USD396.9 million.
Videogame company Nintendo is another good example of a brand leveraging transparency. The company regularly updates its users on how its games are being developed and updated. This transparency is how Nintendo has become a company worth USD85 billion, boasting a loyal fanbase to this day, despite the influx of videogame brands.
3) Leverage Influencers
We all know that the best way to attract new customers through advertising is by storytelling. But what if you don’t have the big budget of companies like Nike or Disney that can really tell powerful stories through their commercials?
Look to influencers instead.
Yes, I know, this might sound a little funny or contrived. Many people think influencers are just social media models posting things of little value. But their huge followings are built on sustained effort, networking and carefully curated content that serves a niche audience – letting them reach way more people than you could possibly imagine Let them help you tell your story to an already highly engaged audience.
Leveraging influencers (think Iqbaal Ramadhan from Indonesia or Davika Hoorne from Thailand) can help your business reach markets you never thought it could. Plus, it’s so much more cost-effective.
Studies have found that for every $1 invested in micro-influencers, a business in Asia can generate $6.50 on average. And that’s why if you want to leverage your edge in the digital sphere, you have to attack its main moneymakers – social media sites like Facebook, Instagram, Twitter, and TikTok.
Going digital means accepting that things are different, and that influencers are an important part of the ecosystem that can help you reach an audience bigger than anything you’ve seen before.
To your success,
Mario
[Visit www.mariosingh.com now to enjoy a FREE e-book of my latest “37 Essential Principles for Massive Success” when you subscribe!]