Whether shopping is done online or in-store these days is less of an issue for businesses across Canada than whether or not their customers trust their brand.
According to this research by PwC company on Canadian spending habits and financial concerns, the biggest barrier that businesses face with their would-be customers is whether or not they have established brand trust.
According to the studies, most Canadian consumers are reluctant to trust businesses — which makes marketing particularly difficult for most companies, and especially for small- and medium-sized enterprises which are trying to compete with large corporations who, in some cases, have years of established trust.
That being said, even large corporations are struggling to achieve or maintain brand trust with audiences who are quick to find reasons to stop trusting brands.
So, how are SMEs and large corporations supposed to expand digital reach in order to start building digital relationships that enable them to start fostering trust between business and prospective customers?
Well, one of the first steps is to have the equipment and technology you need to meet customers where they are — which usually means online.
As of 2023, according to research by Statista, internet users spend around six hours and thirty minutes online every single day.
While that stat might give you the heebie-jeebies (all that time spent online instead of doing other things!), it’s still important data for businesses across the globe, because online is where you’re going to meet and nurture your customers.
But where do businesses even start to get their brands and products out there in order to generate a consumer following that actually leads to revenue growth?
Keep reading this blog to learn:
- The most common struggles businesses face
- How businesses expand their digital reach
- How to get started with digital development
The Most Common Struggles Businesses Face
Businesses often struggle with various challenges that can impact their growth and overall success – especially since the COVID-19 pandemic as inflation continues to alter the e-Commerce landscape in Canada and beyond.
Here are some common struggles businesses face:
- Financial management: Managing cash flow, securing funding, and managing expenses.
- Marketing and branding: Creating a brand image, developing effective marketing strategies, and reaching target audiences.
- Competition: Remaining competitive against other businesses, online retailers, and big corporations that already have established brand trust.
- Hiring and retaining: Limited resources to attract and retain talented employees.
- Technology adoption: Struggling with adopting new tech and keeping up with all the latest (ever-changing) trends.
- Managing growth: Managing growth if lacking resources, infrastructure, or expertise to scale operations effectively.
It’s essential for business owners to identify and address areas that are problematic in their operations.
How Do Businesses Expand Their Digital Reach?
Businesses can expand their digital reach by adopting new technologies and leveraging AI to make this process easier. Here are some examples:
- Website design and development tools: Maintain a professional-looking website that showcases products and services.
- Social media marketing tools: Leverage social media platforms to connect with customers, increase brand awareness, and promote products and services.
- Search engine optimization (SEO) tools: Improve website search engine rankings, making it easier for potential customers to find your business online.
- Email marketing tools: Build relationships with customers and promote products and services through targeted email ad campaigns.
- Customer relationship management (CRM) software: Manage customer data more effectively, provide insights into customer behaviour and preferences, and enable personalized marketing campaigns across several channels.
- E-commerce platforms: Reach a wider audience online to sell products and services and achieve higher revenues.
Many businesses invest in some or all of these tools to become more efficient, competitive, and successful in terms of revenue growth.
How AI Makes Expanding Digital Reach Easier
Artificial intelligence plays a crucial role in helping businesses expand their digital reach.
By investing in AI assistance, you free your human staff for the tasks that are less tedious, time-consuming, and subject to plenty of human error. Automating tasks using AI technology can help you to audit areas of your business that aren’t performing well, make changes quickly, improve efficiencies, and put your staff to work on things like organic interactions with clients, customer relationships, and more.
AI can automate and enhance various aspects of digital marketing and customer engagement, making these processes more efficient and effective. Here are some ways AI can assist:
- Data analysis: AI can analyze large sets of data to identify trends and insights that can inform marketing strategies and business decisions.
- Personalization: AI can personalize marketing messages and product recommendations based on customer behaviour and preferences, leading to higher engagement and conversion rates.
- Automation: AI-powered tools can automate repetitive tasks such as email marketing, social media scheduling, and customer service, freeing up time for staff to focus on more strategic activities.
- Predictive analytics: AI can predict future trends and customer behaviours, allowing businesses to proactively adjust their strategies and stay ahead of the competition.
By leveraging AI, businesses can make smarter decisions, optimize their marketing efforts, and ultimately expand their digital reach more effectively — which means that you’ll be reaching more people and can foster that brand trust that customers are so eager to find.
Accessing Funding Opportunities to Cut Costs
Adopting digital tools and AI technologies can be expensive, but there are funding opportunities available to help businesses offset these costs. Working with funding advisors and digital advisors can help businesses identify and apply for these opportunities.
Funding advisors and digital advisors assist businesses in several ways:
- Finding funding opportunities: They help businesses discover available grants, loans, and subsidies that can support digital development projects.
- Testing eligibility: They assess whether a business meets the criteria for various funding programs.
- Filling out and submitting applications: They guide businesses through the application process, increasing the chances of securing funding.
- Developing AI strategies: Post-funding, they provide tailored AI strategies and coaching to help businesses implement and benefit from new technologies.
Investing in a strategic plan with the help of experienced professionals ensures that businesses make informed decisions and fully integrate new technologies to maximize their return on investment.
Related: Learn about the benefits of adopting analytics and marketing software.
The Benefits of Investing in AI Technology and Working with a Digital Advisor
Investing in AI technology is becoming increasingly crucial for businesses looking to stay competitive and expand their digital reach. AI can significantly enhance efficiency by automating repetitive tasks, providing deeper insights through advanced data analytics, and enabling personalized customer experiences. For instance, AI-driven tools can streamline marketing efforts by predicting customer behaviour and optimizing ad placements, ensuring your marketing budget is spent effectively.
However, the journey from traditional systems to AI-driven solutions can be complex and costly. This is where the expertise of a digital advisor becomes invaluable. A digital advisor can help you navigate the myriad of AI technologies available, ensuring you select the tools that best align with your business goals. They can assist in creating a comprehensive AI strategy from the outset, which includes planning, implementation, and ongoing support.
Working with a digital advisor from the conception stage ensures that your AI investments are strategically planned and fully integrated into your business processes.
How does working with a digital advisor support the success of your digital investment?
This proactive approach helps avoid common pitfalls associated with adopting new technologies, such as mismatched tools, underutilized features, or inefficient implementation. A digital advisor also helps in accessing funding opportunities to reduce the financial burden of transitioning to AI, making it a more viable option for businesses of all sizes.
Partnering with a digital advisor not only enhances the efficiency and effectiveness of your AI adoption but also ensures that your investments yield the best possible return, driving long-term growth and success.
Also Read: How a funding advisor can transform your access to funding opportunities.
Getting Started with Digital Development
Although digital development can seem like a vast landscape of options, there are experts who can help you navigate through change.
Our experts can assist with strategic planning, tech installation, software onboarding – and also help you to find, apply to, and implement funding opportunities to offset the costs of a digital adoption and technological device installation.
Being a business means that you can build closer relationships with your customers and develop strategies to focus on niche markets.
Put us to work on the tedious aspects of researching funding opportunities, filling out applications and submitting requests for funding. We’re here to help you do the dull work so you can focus on the stuff that matters: your business, your team and your customers.
Check out our blogs page for industry-specific tips!
Business owners may apply to FedDev funding opportunities directly, by visiting: https://feddev-ontario.canada.ca/en, or reach out to our advisors today to get support in finding funding opportunities, completing applications within deadlines, and for strategic guidance on the best ways to implement your tech and AI upgrades.