Do you feel that something is holding you back from fully capitalising on the potential offered by digital? Well you’re not alone.
Lloyds Bank have published their new annual report on the digital maturity of small to medium sized businesses in the UK and the report suggests that many businesses are struggling to reach their full digital potential.
The report acknowledges the ever increasing importance of digital for business but also the fact that the opportunity digital brings is ‘not evenly taken up’.
The report used Lloyds customer data combined with a survey of around 2000 UK SME businesses and found that:
- Almost 1.7 million have low digital understanding and capability
- 11% of respondents said they don’t use the internet
- 1.9 million have medium digital maturity
- 1.5 million have a high degree of digital maturity
Factors which the report used to categorise businesses include:
- Level of internet use
- Volume of internet banking transactions
- Social media presence
- Use of third party digital expertise
- Digital budget allocation
What stops businesses from doing better with digital?
In a previous blog post titled ‘Why businesses fail online’ we discussed some common issues that many businesses we work with face, they include:
- Lack of strategy
- No evolution of capabilities
- Disparate business tools
The Lloyds report highlights that one consistent problem within businesses was ‘attitude’. Almost a third of all SMEs and charities surveyed said that being online and was not relevant to their business. As digital marketers we know that digital opportunity can be utilised in order to help reach business goals no matter what type of business you are.
You can read and download a summary version of the Lloyds UK Digital Index report here.