The next frontier for family-owned businesses that want to evolve, innovate and lead is taking the bold step into the digital realm. If family businesses can learn how to adopt the digitalisation of their operation than the family business will be well positioned for years to come.

Many family-owned and B2B businesses remain digital skeptics. We continue to hear from their leadership that digital, ecommerce and social media are not drivers of their business or customer experience channels: Their industry remains relationship-focused.

Great. Then build an even deeper relationship with your clients, partners, resellers or employees by extending your relationship reach through digitalisation .

How to Become Digital-First

If family businesses are starting from zero, then just maybe becoming a digital-first company is a daunting, but doable, task. Is the family business great in person but only so-so in the virtual world? Then this needs to be addressed. Customers need to be wowed by creating a seamless, user-friendly mobile experience that mirrors all the family business in-person capabilities and gives them the option of engaging with the family business’ brand from wherever they are. By being digital-first internally, too, by using technology to solve a business problem, empowering the sales force, improves an internal process or experience and collects data on the market. In a digital-first world, the leading family businesses dominate the digital corner in their industry.

The Park Place to Your Digital Boardwalk

Broadcast and traditional mass media no longer work. Hyper personalization is now the gold standard and future of marketing. Social media is the digital Park Place to the family business boardwalk (mobile experience), and in order for the family business to be successful, then the family business must digitalise. Just as a killer app can drive competitive advantage, hyper-personalization on Twitter, Linkedin or Instagram will take the family business to a new level.

By putting the family business customers, community and constituents at the center of their respective social media feeds, the family business helps create personalization, build community, leverage authenticity and break through the noise of the crowded internet and boring email.

The ultimate goal is to work each day to drive experiences that wow the family business customers or employees and create true conversations. Can the family business employees post about how much they value working for the family business or family? Can they share on social media? Do the employees care enough to share? The role of family business as leaders is to create experiences, moments, products and services worth talking about. These are stories worth sharing. Today, it’s the cheapest and most effective form of advertising.

The post-pandemic environment requires family business leaders to intentionally rethink how they play the game. There is an accelerated need for companies to become digitally nimble and implement omni-channel strategies to create resilience and longevity.

( All factual and statistical information presented in this blog has been obtained from an extract of an article from the familybusiness.com ) Follow us on our Facebook page and Family Business Office website at www.familybusiness.org.mt

 

At the Family Business Office we can offer you assistance in dealing with family business succession planning issues through incentives supporting advisory and mediation services. Contact us today on familybusinessact@gov.mt.