The Digital Environment
Managing a successful business is a difficult task without outside interference; however, in today’s modern economy the environment is full of them. We are dependent on the reliability of outside contractors, the ability to acquire materials, the need to hire and support a workforce, and the ability to network and advertise in a digital realm. To be successful in today’s business climate, we must embrace technology, but that technology opens a ton of challenges.
Pricing and Competition
As little as 30 years ago companies faced mostly local competition. If you lived in Florida, you could buy from California, but communication delays caused by technological costs and limitations made doing so more trouble than it was worth. As a result, most consumers decided to purchase within a reasonable location of their office or home leading to price battles being centered in a regional location. A price increase in California might not even affect pricing in Florida. The internet and advancements in video and conference call technology changed the game. It is now easy to go online and look up a company anywhere nationwide. Furthermore, it is easy to contact them via phone or email and you can get a prompt response. Contracts can be done digitally and the need for in-person interaction can be nonexistent. This now means to stay competitive your pricing must be on par with everyone nationwide. This has created a more consistent pricing atmosphere for consumers but creates a larger field of competitors for any modern company.
Advertisement
Attaining customers is dependent on consumers knowing about your business and understanding what you do and sell. Gone are the days of print advertisements. Sure, they still exist but the return on investment is no longer significant. To succeed you need to have a strong digital footprint and a plan to maximize the resources of the digital world. This is more complex than setting up a simple and functional webpage and sending out e-mails through an automated system. Companies need to advertise on multiple platforms, set up key wordsearches and pay for click throughs, and have a strategy for rebranding and targeting a certain corner of the market. If you are successful, you will see the benefits, but if you fail your company could be in trouble. No one wants to work with a business that seems out of date and behind the times. Your digital footprint is one of the biggest factors when consumers assess your company’s reputation and advertising properly will build consumer confidence.
Security
You cannot talk about the impact of the digital business world without addressing the importance of security. Hackers, organizations, and possibly foreign governments are always attempting to defeat digital firewalls and access people’s personal information through the internet. Criminals are relentless and are always on the attack. Companies, both big and small, are always on the defensive and the threat is only growing. For every honest working individual there is a person who wants to cheat the system for their own benefits. The number of cyber attacks has been on the rise and we and our companies must adapt to it. This involves understanding what a Phishing attack is and how to defend against them. This is any attempt for an outside organization to get any information that will help them break into your data. This is why you should never click on a link in an e-mail from an unknown source or give out personal information to an unknow person without prior authorization. Defending against these Phishing attacks is easier than you might think. First ask questions before releasing information. Next if you are unsure ask a supervisor, coworker, or company IT expert. Finally, change your password. The last one is probably the most important. We must be comfortable changing our entire password and its cadence from time to time. Most of us just make simple changes and that can sometimes lead to a pattern that can be taken advantage of. Spend the necessary time to keep your personal login private and to make your passwords unpredictable.
As we progress the business environment will continue to change; however, digital is the way of the feature. We must embrace this new climate, and we must ensure we protect ourselves in it. When in doubt consult an expert and ask questions. If you are dealing with a company, you are not sure about, send them an email and see what they have to say. Sometimes taking the time to send one or two extra emails will lead to a productive business relationship. If you are properly cautious, make quality decisions, and understand the digital world you have the necessary tools to succeed.