There are numerous reasons why companies are digitally transforming the way they operate; most businesses are forced to sink or swim therefore they have to adapt to the ever-evolving market environment. Technology has forced companies to re-think the way they deliver their products or services to their customers and to survive they must understand how to merge technology with strategy.
Businesses might be hesitant to change or simply don’t know how to prioritize digital transformation and modernization with other priorities in their limited budgets. Research suggests that by 2020, 30% of companies will have allocated capital budgets equal to at least 10% of revenue to fund their digital strategies.
Masses of Data
By integrating modern technologies into your company allows your marketing team to gain a tremendous amount of knowledge on your customers. However, companies need to know How and When to utilize this data and some of the best ways to achieve this is by:
Knowing which metrics are most important to achieve success
The key to getting results from data is to be very specific about what the business objectives are and integrate it into how data is measured and how it impacts the wider aspects of your business.
Knowing which customer channels are going to take off
Brands need to focus on the channels that their customers engage within a meaningful way. Engagement is what matters the most when it comes to building a relationship between a customer and a brand, not likes and comments.
Having human capital resources to process analytical data
Without the in-house skills to process analytical data, data becomes useless if you don’t understand what to do with it. Insights from data collected are what drives businesses and help them understand the behaviour and pain points of a consumer.
Creating customer-focused content
Due to the vast amounts of data in the cyberspace realm, it’s become increasingly more difficult for brands to create a real impact. By knowing who the specific target audience is, companies could create tailored content specifically for them that grabs their attention and encourages consumer engagement.
Customers want to know about the companies they interact with and purchase from. Brands create loyalty by being transparent and by demonstrating their Brand personality online.
A study done by Label insight indicates that only 12% of consumers trust the information written on the packaging and 67% of people believe that it’s the brand’s responsibility to supply them with accurate information regarding the products they consume.
The study also indicates that the loyalty rate is 94% for businesses that are transparent and who communicate openly with their customers. 73% of consumers said that they would be willing to pay more for a product that’s sold by a transparent company.
Traditional businesses who want to be successful now and in the foreseeable future will have to adapt to stay in the race. Keep an eye on what the market offering is and what your competitors are doing to align your business with that of the market.
The transition from traditional to digital can be done smoothly without a considerable amount of effort and without changing all your systems.
Many companies have already embarked on their digital transformation process, What’s stopping you? Contact Best Web Design so that we can accompany you step by step to ensure you stay ahead of your competitors. Contact us today to discuss your organization’s digital needs.