The marketing industry has been most affected by the evolution of digital technology. From marketers focusing on newspapers, billboards, magazines and television to implement their marketing strategy, the emphasis has now shifted to the digital world of social media, emails, Google and other platforms to reach the consumers.
And that’s mainly because digital sites are the platforms where consumers spend most of their time shopping or interacting. The number of online shoppers in the world is increasing day by day. In the US alone, online consumers are estimated to reach more than 230 million by 2021 — as reported by Statista — which makes this region the largest market for online shoppers.
For those engrossed in marketing, below are some of the areas where digital transformation has revolutionized marketing.
The size of your company doesn’t matter
Digital marketing has helped businesses compete in the industry regardless of their size and scale. Online marketing does not require huge budgets. It provides a level playing field, helping small businesses compete for their share of the sales pie. Certainly, bigger businesses can put more of their resources into digital marketing and reap greater advantages. Having said that, smaller businesses can benefit from digital mediums just as much as companies with deep pockets.
Data is the key
Data is the key to be successful in the market. As a digital marketer, your approach should solely be data-driven. Now data can be used in many ways such as:
- In researching your audience and choosing who your targeted group is. This will help create marketing techniques that are tailored to your potential users.
- Developing website analytics which can help resolve issues related to user’s access to websites or certain web pages. It will show you a pattern of how a user is entering a website and how they are exiting it.
- Following the data derived by analytics and measure the success rate of your campaigns. It can provide answers to questions that can assist in identifying marketing strategies that are helpful and successful.
Digital marketing has cut down costs that went on traditional advertising methods like newspaper ads, billboards, brochures and magazines. Areas of content marketing and SEO can invite customers on digital platforms more effectively without having to spend a lot of money.
Social media sites
Social media platforms are where you can find a lot of people of every age and ethnicity. Being present on social media can help you direct your marketing approach towards your users or potential customers more efficiently.
Being vocal on social media sites and conversing with your customers requires a lot of time and effort. But if you want satisfied customers, you have to get involved and interact with the users, ask them about what they want and invest your time to satisfy them. In the long run, a satisfied customer becomes a loyal customer who can contribute to your business growth.
Management of online reputation
Just as one good review can bring you many new customers or users, one bad review can also hurt your company’s reputation.
To build or to maintain your business in the digital market, you have to get involved with your users and provide them with the best customer service possible. Resolve their problems and build a long relationship with them.
Actively interacting on social media with your users, answering their queries and acknowledging their comments are the right ways to handle reputation management.
The remarkable channels digital technology has provided today to reach potential consumers are unlimited. These are some of the areas where markets have been transformed by technology. This digital transformation of the marketing industry is going to benefit businesses across the world and in an order of magnitude greater.
There are four types of digital transformation: business process, business model, domain, and cultural/organizational. We often see corporations focused solely on process or organizational transformation. Failure to address all four types leaves significant value on the table.
Digital transformation provides a valuable opportunity for core business functions, such as finance and HR, to move away from manual processes and automate key areas like payroll, enabling leaders to focus on wider business opportunities.
Top three ways to streamline and accelerate digital transformation:
1] Boost resilience and agility via automation. There are several instances when organizations run out of money before achieving their goals.
2] Bring clarity to the company’s vision. The entire organization needs to collaborate with individual teams and projects to achieve.
3] Pay off technical debt.