In the present era, there is a much greater emphasis on the digital world. Manual, everyday processes are being digitally converted to feed the growing influence of digital devices such as smartphones, tablets, and even smart watches. Shopping, banking, ordering food or taxis, and mobile gaming, just to name a few examples can be accessed at the click of a few buttons.
For entrepreneurs looking to begin new startup ventures, there are already plenty of lessons that can be learned from entities that already drive a lot of traffic through their online doors. Almost every industry has been subject to a digital makeover, but regardless of what industry a startup is looking to make waves in, the initial lessons for success follow a similar pattern.
The Power of Digital Marketing
Back in the day, companies would shell out money to have their faces and products splashed around town on billboards. Then came the era of newspaper and magazine advertisements, followed by radio and television advertising. Nowadays, we find ourselves in a digital whirlwind where online marketing has become essential due to the increased time spent in the online realm.
Therefore, any startup would be encouraged to embrace the power of digital marketing and exploit the tools available to get word out as quickly as possible and to the widest audience possible. For this purpose, Artificial Intelligence (AI) has become a vital component for all startup ventures as a tool to automate menial tasks, build effective strategies, to scour the market and personalise experiences for the existing customer base.
AI is being implemented by successful, modern-day digital platforms across the world and across all industries. Consumer platforms such as fintech apps, streaming services, and online casino and sportsbook ecosystems rely on AI processes to streamline backend workflow to create time for strategy-oriented tasks and optimise data analysis and product development responsibilities. With AI capable of taking on the roles of several employees, more resources can be redirected towards generating marketing and sales.
Steal a March on the Competition
The use of AI is beneficial for creating personalised experiences for customers but knowing which direction the market is heading is key for companies of all levels. For startups, the rapid farming of market data by AI can help explore gaps within a market and immediately find a revenue-spinning niche. The information and learnings obtained from analytics based on customer behaviour and product popularity for example can be used to discover trends within an industry and forecast what can come of a trend or pattern.
The Future is Online
As industries come to terms with the digital transition currently taking place around the world, there is already a realisation that the future will be dictated by digital and online processes and products. The digital realm also provides infinite space for new entities to thrive in. Entities that abide to the laws of the digital jungle. For startups, by implementing a bunch of tried and tested methods, a good footing in industry can be achieved quicker than anticipated. High engagement digital platforms have proved the value of technology such as AI and while good, old-fashioned hard work is also a prerequisite, the present already has a very digital outlook. Something startups can certainly take note of.
