Platforms have the power to radically alter the way value is distributed in a value chain. A smaller fraction of incumbent firms (13%) were using digital technology to tap into previously inaccessible sources of supply at a marginal cost, often, but not always, in combination with a platform play. Other companies, some 55%, were using digital technology to create new products or services with digital features, typically to serve new demand. Successful companies, especially those with a bold corporate strategy, were considerably more likely to employ one of the three digital strategies.
Key Takeaways:
- Even a simple site without a lead capturing process or sales page will be consulted as a digital business card before a deal is struck or a purchase is made.
- Try to raise brand recognition and expand audience.
- Traditional advertising is not completely dead yet. Manufacturers still use formal events like trade shows to have a good effect and often spend on TV spots, magazines, and other traditional media forms.
“The disparity between manufacturing and other industries is good news for savvy business owners, as it signals room for impressive growth with simple changes.”
