“At least 40% of all businesses will die in the next 10 years… if they don’t figure out how to change their entire company to accommodate new technologies”
                                                              — John Chambers, Executive Chairman, Cisco Systems

Digital business consumers are rewriting the rules of business; they have the power to empower the digital technologies like never before. The speed at which consumer discover, exploration, buying and use of a product has changed the buying cycle and the ways business has occurred.

If you want your business to compete in this digital world, then your business must transform. You need to be willing to shift the way your business works, to evolve with the changing times. You must accept what your target audience and the public at large want, and then strive to achieve that.

I know this is a tough challenge, but if you want to reach greatness then you have to be willing to take chances.

There are few traditional companies like Argos, BBVA, Rolls-Royce or Schneider Electric who have made most significant transformative steps to remain in this digital business world. Then there are few firms who have made the move to evolve but have failed miserably.

So, today in this article I will highlight some common mistakes a company can make when transitioning to a digital business structure. Let’s go:

Mistake #1: Not having clearly defined goals.

It is one of the common mistakes that company makes while moving toward digital business transformation; not having a clearly defined goal! You must sit down and decide what your objective is.

Above all else, a company needs to understand that it’s about more than just building an app or websites. Digital business transformation demands a complete rethink of how you engage with your customers and how you deliver value to them.

So, it is important that you should have clear, defined goal. Remember this!

A business with clearly defined goal can only lead your business to the path of success.

Mistake #2: Moving too fast.

The margin of error is high if we move too fast in any project, so why would moving quickly in a digital overhaul be a good idea? (spoiler: it’s not)

The company needs to understand that digital transformations require a sense of urgency like a superhero flash, yet it needs to be done slowly and with care. This might seem like a contradiction, but it’s simple: Take your time, but work quickly.

So, it’s important that all the company should show the sign of urgency in the digital business world, but in that way they can avoid major errors.

Mistake #3: Not involving all departments in the digital transformation.

One of the main reason of the fallback of the company is that they believe that digital transformation strategy is only limited to the IT and marketing department.

But in Reality, a successful transformation is that which involve all departments in the digital transformation. Account supervisors, sales, PR, and all of the other departments must be on the same page and working in conjunction to evolve.

Mistake #4: Not hiring the professionals.

One of the most common errors that most of the company do is not having the right professionals for their digital transformation. There’s a sense of accomplishment in doing things yourself in house, but sometimes your own skills and abilities are just not enough. At that point, bringing in an outside company to assist is a good call.

The company needs to understand this if you want success in digital business transformation, then you have to hire right professional for the work. While more expensive, investing an equal amount of money in hiring talent and technology is very important to the success of the transition.

Mistake #5: Becoming self-satisfied at the first sign of success

Another error that company makes is that they get satisfied with the first sign of success. I know quick wins are important because they build moral support and motivate people to keep striving until they achieve it, but sometime this quick win can distract you.

In reality, your company needs to keep its head down and keep working and improving through a digital transition. Becoming complacent with some initial successes is a bad thing; complacency breeds failure.

So, never let this first sign of success distract you, use the first sign in a way of motivation and push harder to the next success!

Mistake #6: Offering services with no clear value proposition.

The company needs to be clear about what makes them different from their competitors. It’s all about the value they provide to their customers, and the value they provide over their competitors. Simple as that.

Offering SEO services or Social Media Marketing services won’t do this; thousands of agencies offer the same thing. A company with these services needs to do more and offer more than the basic features everyone else would. For instance, in these fields you could offer analytics research for your clients that would give them a better look at their efforts and their performance.

So, by staying niche it will help you to direct your resources to promote your value proposition.

Mistake #7: Chasing the money.

It’s human nature you can’t change it. Going after money as a trap that companies and agencies often fall into by going for any and all type of digital work. So, it’s important that you should stay with your stated particular service.

Only focus on the digital initiatives that resonate best with your target audience and focus on those channels specifically. By narrowing your usage, you avoid wasting resources and time on channels that will yield lesser results. It’s all about that ROI.

Mistake #8: Not having a project management function.

Although there are related skills sets, Project Managers are distinctly different beasts than Account Handlers.

When you start to take on either a lot of digital tech/creative production work or complex, multi-stakeholder site builds, you’ll need a dedicated Project Manager who can manage your work. This person should have experience with these style of projects and be able to skillfully maneuver through the transition.

Mistake #9: Believing that being a platform/product specialist will bring you success.

I am not saying that you shouldn’t be a pure WordPress build agency or a HubSpot partner; It could be a great move for your company!

But think about it: there are pros and cons to becoming a ‘badge’ services provider. Signing up to a vendor product does not guarantee instant revenue for your company. It takes more than getting a title to be good at a job, right? The same thing applies to businesses with this system.

Mistake #10: Pitching your new services without a plan

The old adage goes, “never promise anything which you can’t deliver.”

It’s such a true statement, especially when it comes to rolling out new services, and why planning is so important. If you don’t plan properly when offering new services then you are at a risk of ruining your brand name.

It’s important to plan before pitching a new service because this way you can account for everything you have to deliver, everything which you have promised, and by doing this your relationship with a client does not get adversely affected.