Digital Transformation, in its most basic sense, is the term used for organizations that are investing in technology to reinvent how companies engage with their customers. It allows all departments to enable better decision-making, game-changing efficiencies, better customer experience and more personalization. While Digital Transformation can impact a company’s entire ecosystem, we will be focusing on how it can be best applied for marketers.
Digital Transformation for marketing means technology enabled communication and media buying for better customer insight collection. Gone are the days of speaking at consumers, they now demand immediate two-way feedback, brand communities, and a commitment to service. Marketing must adapt to changing consumer demands and evolve their processes in order to increase and retain their consumer set or expect a loss in revenue.
Four ways marketing can benefit from Digital Transformation -
Business process - data, analytics, machine learning and other technologies offer corporations valuable new ways to reinvent processes
Business model - fundamental building blocks of how digital technologies can be used to transform traditional business models (e.g. Programmatic In-House)
Consumer engagement - the shift from labor-intensive communication services to a more diversified set of platform-based, technology-driven services (e.g. CRM)
Cultural/organizational - digital requires agile workflows, a bias toward testing and learning, decentralized decision-making, and a greater reliance on business ecosystems
But is it worth it? Can a greater importance on technology, engagement and consumer insight really move the needle? Innovating your marketing practice to take more control over your media dollars has proven to improve media engagement and customer satisfaction while increasing net revenue growth and profit margin. As brands evolve their in-house process, those with a more “digitally mature” model have already seen better financial performance and less churn.
Transforming your marketing efforts by in-housing your media enables five key improvements:
Efficiency - enables agile operations by accelerating startup partnerships
Revenue growth – consolidating omni-channel buying within select technology will streamline activation and manage cost
Consumer insight - Data mastery can help companies understand their consumer to improve products, messaging and engagement
Employee engagement - upskilling your workforce to make them more digitally savvy can increase the value of your current resource by up to 35%
Innovation – Using technology to engage with your consumer has a 27% impact on increasing customers’ lifetime value and reducing customer acquisition costs
Digital transformation encourages businesses to reconsider everything, including traditional ideas of teams and departments. That doesn’t necessarily mean tapping your service reps to run marketing campaigns, but it can mean knocking down walls between departments. Your omni-media strategy encompasses services and marketing, but they may not all be tied to a digital platform that captures customer information, creates personalized journeys, and routes customer queries to your service agents.
Tech Recipes, the fully transparent in-house experts, helps marketers succeed in their Digital Transformation and Programmatic In-Housing journey. We future-proof the business and define brand ambitions that give a competitive advantage through new, and custom, business models. We do all of this in a fully transparent way in order to provide the most efficient price point on the market.