How can Cyber Monday inspire manufacturers?
At first glance, Cyber Monday and manufacturers belong to two worlds that almost never meet. However, Cyber Monday represents the realization of one of the main objectives of many manufacturers: to succeed in their digital transformation! Indeed, this now unmissable event of Black Friday week is a good example of successful digitization that, instead of replacing the physical in-store experience, extends it by offering customers a greater number of entry doors. Anatomy of the machine that is Cyber Monday.
The origins of Cyber Monday: responding to the threat of e-commerce
Almost everyone is looking forward to Black Friday to get unbeatable deals. Only, in the early 2000s (yes, it's been almost 20 years already) The rise of online commerce has shaken up the retail sector, calling into question not only the relevance but also the business model of traditional “brick and mortar” retail outlets.
So when online stores started wanting to get their piece of the Black Friday pie by launching their promotions in the United States on the Monday after Thanksgiving, physical stores had to react: reinvent themselves or disappear. Does that remind you of anything? Part of the retail response has been to absorb the threat and integrate e-commerce into its traditional distribution rather than suffer from it.
What started as a reaction to the competition and a simple digitized version of an in-person experience turned into an additional sales opportunity. Indeed, there are now no longer one but two unmissable appointments for buyers and most major retailers do not miss these opportunities for anything in the world. The boundaries between Black Friday and Cyber Monday are now so blurred that most businesses are taking advantage of the opportunity to extend this business opportunity all weekend or even a whole week. And with this very particular year, some retailers have adapted once again and have therefore decided to start promotions at the beginning of the month to further stimulate sales.
Turning change into opportunity
With this simple example, the retail sector has succeeded in turning something new into an opportunity. With the pandemic, many manufacturing businesses found themselves unable to operate. This new context has forced companies to find solutions to continue at a distance. At lightning speed, they had to digitize their sales, customer service, and marketing processes as best they could. However, many processes are still done informally, from person to person, orally or on a piece of paper. If we take the example of sales, can you name all the steps that take place simply between the quote request and the order form? Do you know where the information is stored? In many cases, each member of the sales team has their own way of working and keeping track of information. With the pandemic, the urgency to digitize processes is felt and above all, to digitize them in the right way, that is, by finding a solution that makes life as much easier for buyers as for internal teams. The new practices developed during the pandemic are here to stay. It's hard to imagine going back to paper when using a CRM that sends notifications to remind you to follow up with that lead who received a quote over a week ago. Now if we go back to our Cyber Monday and e-commerce, the integration has been gradual. It took almost 5 years before traditional businesses adopted it. In fact, The key to digital transformation is learning to walk before you run. Businesses must first know their internal processes in order to be able to standardize and finally digitize them.
The online experience is an extension of the physical experience
Indeed, before digitizing, make sure you know how your various departments work. The mistake we often see is that there is a big difference between the vision of senior leaders and the reality on the ground. Therefore, it is important to know each other well and to work together with strategy and operations. By adopting a collaborative approach, we reduce the risks of errors, we ensure that the new technology is adopted but also that it is really efficient. Whether you're talking about customers or internal teams, remember that the digital experience should reflect and extend the physical experience. A digital transformation will always start with a mapping and decomposition of processes that will allow for a clearer overview of how the business operates. From the mapping, it is then possible to identify the processes that are essential that need to be optimized and standardized. It is at this stage that you can begin to identify what are the critical steps in completing a process and how technology can simplify them.
In a customer experience approach, Do not forget to integrate this very harmless dimension that is “the customer”. When we talk about adopting a new technology, it must be adapted to the needs of your teams but it must also be easy to use for your customers. If we go back to our example of Cyber Monday and electronic commerce, it is true that we do not buy machinery the way we buy a computer. However, a person who went to the store to buy a computer has gotten into the habit of looking for information online, simulating prices and technical configurations online and will probably buy it from the couch. The transition between the store and the online store was possible because the entire consumer buying process was broken down to transcribe it digitally. If we push the note further, this same person is developing habits of using technology and buying behavior. If we offer her the same method of buying a machine, for a batch of parts, how long will it take for her to replace her habit of a good handshake with 3 clicks and a call? Many businesses have taken advantage of the downturn to focus on improving their business and making a sharp digital shift. Those who want to maintain their previous habits and methods will have to assess their opportunity cost.
Starting an online business
As we said before, you have to learn to walk before you run, so before you start a multi-currency transaction site, you can start with a few simple steps. First of all, Take over the field and strengthen your online presence. Today, what is the purpose of your website? Do you have a site because everyone has one or does it fulfill a real function? Even if it's a showcase site, it should always show and give information not about what you can make but about what your customers come to buy from you. This simple change in perspective will make it easier for the visitor to make decisions on your site. Are there buttons that make it easy to request a quote? The more clicks you increase, the more likely you are to lose the lead. So even if you have a “Contact Us” section, simplify the visitor's life and add buttons that will allow them to request a quote easily. Finally, once this request has been submitted, how is it handled? It should enter your sales process (which you determined in advance) with steps defined in advance so that the online experience is a reflection of the quality of service you can offer to your existing customers. Once again, The digitization of your sales process does not replace the traditional experience but it enhances and extends it.
Retail has managed to tame the threat of online commerce to turn it into a growth opportunity and show a successful digital transformation. By going digital and strengthening their online presence, Quebec manufacturers are putting every chance on their side so that, the next time they look for a manufacturer, they will primarily find information about the company in the industrial park next door rather than at the other end of the world.
