Digital innovation to drive success for startups

Lee Murphy, the managing director of The Accountancy Partnership, emphasises the importance of having a firm but adaptable digital strategy

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In an era marked by economic uncertainty, startups feel the issues faced in new business ventures more acutely.

Recent research, conducted by Amazon, found investing and advancing digital skills could increase the UK’s GDP by £67.8bn a year. 

Embracing digital innovation is a strategic imperative. Its purpose is to not only overcome challenges in business but to thrive in a competitive market.

A path to survival and success

It’s time to reevaluate. Digital tools for business, like social media platforms, are constantly evolving.  Businesses need to evolve with them to ensure exposure on these platforms is high. 

If you’re to succeed, then creating content that complements the algorithmic needs of Instagram, Tik Tok, and beyond, is crucial, particularly if you’re targeting Gen Z consumers.

Another key consideration is that these platforms prioritise video content over any other format, such as photographs. If your startup is short of a videographer, post a call out on LinkedIn and the social media channels you use to hire in some additional support.

If you are wondering how many social media channels to use, three is usually the magic number.  The stereotypical user will vary across different platforms, so you can use this information to optimise your efforts. Ensure the right ones are chosen for the following reasons: your target audience, sales funnel, and functionality – meaning it’s not a chore to use.

Innovating a social media strategy can lead to significant performance improvements, like automation, data analytics and AI driven insights can optimise business operations, increase efficiency and drive better decision-making.

It is essential to align a digital strategy with your business goals and continuously adapt to evolving trends to maximise its impact. Strategy for business varies depending on products and services so working with mentors to refine goals will aid the development of digital innovation.

Technological advancements are not limited to social media platforms, as anybody following the news will confirm. 

The breakthrough of AI is remarkable, while automation is nothing new, its role in handling time-consuming tasks allows employees to focus on relationship management and business development.

Do you really know your market?

The customer experience is paramount. But do you know who they are? Not just one, but all of them.

Leveraging technology which gives insight into consumer profiles to gain a deeper understanding of your market should be done as early as possible in your digital revaluation. This will help to enhance customer interactions and develop a social media strategy that makes the customer experience as smooth as possible.

Utilising social media to engage with customers is crucial, as is good content creation in formats that your intended audience favours, such as videos, posters, graphics, animations and more.

Some businesses may find the ‘creator’ setting useful on Instagram, which allows the use of music without any copyright hurdles to overcome, provided it is selected from within the app. Carefully chosen, or using trending audio, it can be a powerful way to enhance the content you provide.

Invest in the future

The Centre for Economics and Business Research has identified five areas in which individuals who acquire digital skills can benefit. These are: earnings, employability, retail transaction benefits, communication benefits and time savings. 

While economic challenges and the spectre of financial challenges loom, startups and businesses should remain focused on what they can control: the ability to innovate and adapt. 

Digital innovation is not just a buzzword but a strategic imperative for survival and success. 

Lee Murphy - Managing Director of The Accountancy Partnership

The Accountancy Partnership (TAP) was founded 17 years ago with the aim to disrupt an industry much in need of change from the image of uptight accountants.<br /> Three core principles – accessibility, affordability and expertise – underpin TAP’s model that has grown by 40% YOY through leveraging digital tools and reworking the traditional client/accountant relationship.<br />

The Accountancy Partnership
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