The best time to plan digital transformation initiatives.
With digital transformation, businesses are using technology not only to conduct business, but also to offer products and services.
What is digital transformation?
Through digital transformation, businesses are using digital technologies not only to create new ways of doing business, but also new ways to offer core products and services through digital platforms. Every growing business needs to rethink its processes from time to time. You don’t want to be left behind while your competitors are pushing ahead. It’s important to pause and think about how to stay relevant to current and future consumer needs.
Digital transformation is not just a function of sales or marketing. This is the core business function that management should address. You need to think about where your customers spend most of their time. Then think about what you can do to get your message across to them at the right time. It all culminates in thinking and putting together the right set of digital tools to attract, engage and convert your prospect with the least friction and the best experience.
For start-up companies, digital transformation will be a key element of their business plan. Every business these days needs a digital strategy to engage and convert their target audience. Building a 21st century business with Microsoft Office on paper is not sustainable or scalable. Thinking, planning and building a digital transformation strategy ensures business agility and growth.
Digital transformation in context with examples
Obsolete Business Case:
Netflix is a great example of how a legacy business has used digital transformation to stay relevant and become a tech giant. The Netflix disruption is legendary and has gone down in history. This is fantastic training for any business that has been around for a while. Today, it’s hard to imagine that Netflix started out as a mail-order service where you rented physical copies of movies through the mail. It competed with Blockbuster, a business that was practically extinct. At the time, digital innovations made it possible to stream video over a normal home internet connection. Today, Netflix is simultaneously taking over traditional TV and cable networks and production studios, offering a growing library of on-demand content at ultra-competitive prices.
On the other hand, a distributor of photographic equipment in the UAE: MK Trading. They had dealerships for the biggest photography accessory brands. Their main business was selling to stores and other online platforms, rarely directly to customers. Unless they enter their store. There is nothing more old school than this. The management realized the need for development and was looking for a digital transformation strategy.
1. Setting up your own online store is an easy task because the most difficult aspect of any ecommerce business is the inventory and logistics they already have in place.
2. Build a social media presence – you’ll need brand awareness in the marketplace and drive that traffic to your online store.
3. Develop a digital marketing and content strategy – it is very important to drive quality traffic to your online store and get conversions.
4. Marketing automation. Email marketing with automated workflows and website lead magnets will help increase your conversion rate.
Even with the relaxation of restrictions, the world on the other side of this will not be the same. Consumers will continue to look for solutions online. Even as you struggle to stay in business, you can’t ignore how to stay relevant in the future because the status quo will change dramatically. Digital transformation is prompting companies to abandon and rethink traditional marketing and revenue models. So fear not and take the first step towards figuring out how your business can digitally transform and increase revenue!