Consumers are unpredictable. It is not an overstatement to debate about. With times, they have changed their habits, buying behaviors and preferences. The corporations and businesses that did not alter their business strategies are no longer in the race. There was a time when these businesses were the talk of the town.
There was everything goody-goody about them. Their consumers were loyal ones, their revenues were touching the sky, their traditional marketing strategies were paying off and gradually, they were no longer in a game. Evolution has not even left humankind and your business is no exception.
In an era where digitalization is everywhere, you have to adopt it if you want to be in the game. Remember, your competitors are already adopting digitalization in all forms of marketing operations and other business metrics and they are getting fruits too. There are many businesses that failed miserably due to waking up late to adopt the digitalization.
To understand about digitalization, first of all, we need to understand what digital transformation is and why your business needs it.
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Digital Transformation Of The Business Model
If you are a marketing enthusiast, you might probably hear of a term called Digital Darwinism – It is actually an era where technology and society are changing and so are the behavioral and buying patterns of consumers.
The irony is they are changing faster in comparison with how businesses adapt. Honestly, it is a concern for businesses as they are on a verge of a famous quote- adapt or die.
Thankfully, businesses are trying hard to transform their business operations, strategies and in fact, everything to match consumers’ expectations. According to a research paper by Capgemini, businesses who have successfully adopted digital business models are earning 16% more revenues and their brands have higher market valuations.
By definition, it is a set of intentional efforts to update your legacy technology and operational strategies and other business metrics and methodologies that actually function in an era where digital technologies have become a part of everyone’s lives.
There are general misconceptions about digital transformation. We need to rule them out. Remember, it is not just about making a website or a business app for your business.
Here, technology comes to your rescue, but it is not about technology, it is all about giving a more human touch to all the business processes and operations to make consumer experiences and relationships more pleasurable and improved.
Advantages Of Adopting Digital Transformation
1. Customer Acquisition And Retention:
They were your loyal customers till your competitor came up with more superior and engaging brand experiences. You were still functioning with your legacy business operations and techniques. You have lost them.
With a streamlined and effective digital transformation business model, you can get them back. They did not have any issues with your product or service quality, they actually wanted you to evolve with their changing behaviors.
Now you have successfully done it and they are more than happy about it. By reinventing your offerings and strategies, you would be able to get your customers back. Even you can penetrate those unexplored markets with your new more effective and digital business model.
2. Exceptional Customer Experiences With The Brand:
When consumers have some quality time with your brand, they are your biggest advertisers. With a digital transformation, your customers would have a lot of a good time with your brand and they are likely to become your mouth publishers.
3. Superior, Streamlined And Effective Work-Flow And Business Operations:
One of the most important advantages of a digitally transformed business model is that work-flows and business operations become more streamlined and effective. Across all the departments and supply chain, the communication and collaboration would be smoother and seamless.
It will, ultimately, lead to higher productivity and performances from your workforce. This level of digital structuring will enable a company to plan their strategies and business goals for future.
4. A Great Insight Into How To Improve Marketing Decisions:
An adaptation of a digital model will put all the necessary data in a streamlined manner on your table. Sales figures, competitor check, expenses, overheads and SWOT analysis will direct you to make a future strategy for your business.
By identifying and understanding risks and opportunities in an advanced stage, you will have a competitive edge over your peers. From improper workflow efficiency, poor ROIs to changed consumer behavior, everything will be on your plate to help you to make your next round of strategies.
5. Low Investment, Higher Returns:
Digital transformation does not cost much if it is your concern. In fact, you will get higher returns once you digitalize all the business processes. In addition to that, all business operations and processes will become more streamlined, effective and productive. It will boost the performance of your workforce and will ultimately, lead to higher revenues.
6. Digital Marketing Operations:
Communications and interactions between you and your customers are very important to excel. Sometimes, it becomes ineffective as you have not evolved digitally. If you are unable to pace with changing consumer behaviors, it is a high time to start an action.
According to a survey by Association of National Advertisers, 84% of marketers have a decent and effective content strategy to feed to their marketing channels and it is a worrisome thing in an era where technology rules like never before.
In the same study, 77% marketers have agreed to come up with a customer-driven strategy to understand their loopholes. With a skilfully designed marketing operation strategy, you can have 15 to 20% marketing effectiveness.
Start consulting with us to get understand step by step business digitization process.
To establish effective digital marketing operations, there are five key elements you need to count
1. Understand Your Customers:
It is important that you have resources and tools to analyze and understand your consumer behaviors and attitudes. Keep a sharp eye on their behavioral patterns and make amendments to your content marketing strategy accordingly.
It will not just improve your deliverables, it will also optimize how they are delivered to them. When you are able to track and evaluate their decision-making journey, it will help to determine your future course of action.
2. Deliver Superior Experience:
The exceptionally pleasing brand experience might be a last part of the consumer journey, it is imperative that you focus on it. There are many examples where consumers vowed not to return to the brand after pathetic experiences they had with the brands.
Making such a mistake will ruin your strategy and remember, retaining a customer is not easy, it requires more efforts from your side. Map out each step of the consumer journey from start to finish to ensure that everything goes right.
Marketing, sales, support, service, quality of products and other relevant things must be in your mind to ensure that they get unparalleled brand experience with you. As David Edelman stated- “It is all about the journey.”
3. Select A Right Marketing Technology:
Choosing a right marketing technology that can automate and integrate various functions and processes is crucial for highly superlative consumer experiences. There are various marketing technology providers available and it is a job of a marketer to ensure that he comes up with a right, relevant and effective marketing technology.
4. Process And Governance:
Who will check out whether the technology adopted is functioning properly? Here come process and governance tactics that help brands to ensure that the technology, actually, working favorably for brands as well as consumers. A responsibility matrix can be your savior in this case.
Define processes and ensure that it is perfectly designed and governed. Data sharing and management, task assigning, strategy-making and other crucial things must be assigned and monitored carefully to ensure that you get desired results.
5. Use Metrics To Evaluate Success:
It is sad that traditional legacy businesses have no effective tools and metrics to evaluate their marketing effectiveness. As consumers are becoming more sophisticated and technology-driven, it is imperative that you have proper and accurate performance metrics to evaluate their behavioral patterns, experiences, and expectations. It will help you to modify your marketing operations in the future.
Digital Marketing Benefits
Online marketing is a word of the moment now as it has shown some proven results to the businesses. According to a eMarketer, eCommerce sales are expected to reach $4.058 trillion by 2020 worldwide.
It is not about having on different online platforms, it is about how you use these platforms to offer superlative and engaging consumer experiences. If you have not opted for digital marketing due to any reason, you should consider it now. Here is a list of reasons for an effective digital marketing campaign.
- Your consumers are online and if you are not, you are making a grave mistake. The internet has changed the way people shop and you need to have a good online reputation that appeals to the customers. By being online, you will have more visibility and in addition to that, you can reach out to your potential customers located anywhere across the globe.
- It does not cost much, in fact, the return on investment is much much higher than what you are spending on the digital marketing campaigns.
- Your competitors are there already marking their presence. If you don’t opt for digital marketing, you will not get a competitive edge over them.
- With an effective digital marketing campaign, you can directly connect and interact with your customers and understand and solve their issues and queries. It will also make them feel that you care!
- A graceful and effective online presence creates a superior brand reputation that will last longer. Remember, a good brand reputation has some excellent benefits of its own.
Role of a digital marketing agency:
Thankfully, you don’t have to do everything on your own as professionals are there to help you out in digitalizing your business. There are plenty of digital marketing agencies out there with custom strategies and proven track records. What you need to do is to hire them and that is all.
Ensure that you hire an agency that has a team of expert digital marketing enthusiasts who are updated with latest norms and trends pertaining to the market.
These professionals have unique approaches from client to client and will design a custom strategy after understanding and evaluating your business needs and competitors’ strength and weaknesses.
Always bear in mind that opting for a digital marketing is no more an option. It is an obligation in today’s time when your customers think of so many things before making a purchase decision. By implementing an accurate, effective and relevant digital marketing strategy, you will not have to look back unquestionably.
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