Opening New Revenue Streams with Digitalization

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Business development is the “creation of long-term value of an organization from customers, markets and relationships” according to Forbes.

The goal for new business development is to figure out how businesses world-wide are evolving into digital organizations and changing processes and structures in order to provide customers with a unique experience.

Adapting to the new ways of buying and selling products is necessary when new business models are changing as technology advances. Networked platforms, such as Uber, AirBnb and Amazon are taking over traditional industries one digital app at a time. In fact, Big Data/Analytics (58%), mobile technologies (59%), private cloud (53%), public cloud (45%), APIs and embeddable technologies (40%) are the top five technologies implemented, according to Forbes.

How did this transformation of marketing happen so fast considering we’ve had the internet for so long? According to FrozenFire, it comes down to the adoptions of three mass technologies; broadband internet, mobile internet, and social media. With all of these factors emerging at the same time, it created a perfect marketing storm, and forever changed how we buy and sell everything.

Digital Business Development is the process of influencing people before you get to engage with them. This involves the four marketing P’s; product, price, place and promotion. Targeted messaging allows companies to “shape opinion and motivate behavior” in order to develop messages and strategies to be effective in the market, according to FrozenFire. It’s all about communicating with your target customers and implementing “value” to your product by having an effective digital strategy.

It’s important to always make time for new business, positioning, client targeting, and networking in order to create a competitive edge for your business. These digital marketing techniques include intelligence driven messages and marketing automation. A key strategy to amping up your company's digital presence is creating systems that “promote digital growth” according to Forbes. For example, cultivating customer relationships and using digital channels to do so is a great marketing strategy to personalize the customers experience.

Sentient Science uses a combinations of digital strategies and materials science to predict failure risk in order to take life extension actions before further damage progresses. Sentient Science works with each customer to reach their business goals through life prediction and life extension of the major systems and critical components of their rotating mechanical equipment.

 

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