Is digital innovation a cost or an expense?
It is common in business, even in 2019, to see things such as websites, social media, software and apps as an expense to a business, but in our experience, that could not be further from the truth.
What do we class as a digital asset? A digital asset for us is considered to be things like websites, apps, social media profiles, client databases and digital platforms that require investment to customise to your specific needs and to build a captivated audience.
For instance, to purchase a software platform such as a Client Relationship Management (CRM) tool with marketing automation capability, out of the box, and not invest the time and effort required to make this software work for the business? That’s just an expense. However, if you were to invest the time and money to have the system set up to assist you and your clients in a manner that creates advocates… then this definitely becomes an asset.
The digital space is an ever-evolving beast that requires innovation and tenacious determination to get the most out of every digital interaction with current and potential clients. The simple fact of the matter is: in this day and age, if you don’t innovate you die.
One of the most well known examples of this is the Toys R Us bankruptcy. The issue they faced was not believing in the internet and its capabilities, even going as far as using Amazon to sell its products and fulfil the orders. This then trained their customers to buy from Amazon, instead of leading the way through innovation and becoming the go-to online toy retailer.