Digital Transformation is no longer a buzzword – it’s the way of business today. Catalyzed by the pandemic, the hybrid workplace and the ever-increasing importance of delivering an exceptional and seamless customer experience, Digital Transformation is seen as the most critical growth driver by 60% of business leaders, according to PwC.
Over the past several years, Marketing has become increasingly digital in nature, and that trend continues to impact budgeting and hiring decisions for Marketing teams. With digital media and advertising replacing traditional forms of marketing such as direct mail, marketers were among the earliest adopters of digital technologies and tools.
To engage target audiences and customers with relevant content, information and offers, Marketing must leverage digital channels effectively, and personalize communications to earn attention and trust. It’s critical to meet customers where they are – and today, that’s on mobile phones and social media platforms. Digital transformation is also critical to helping marketers collect, analyze and act on the vast amounts of customer data available about target markets, consumers and customers, increase operational efficiency and meet their goals.
Let’s take a look at 4 ways digital transformation is helping marketers to meet their goals and grow revenue today:
1. Personalization
Most marketers understand that sending out generic messages to large groups of consumers is ineffective and yields paltry conversion rates. That’s because the modern consumer expects personalization. According to Accenture, 91% of consumers are more likely to shop with brands that personalize their recommendations and offers, and Epsilon reports that 80% of consumers are more willing to purchase products when their experiences are personalized.
Through the use of digital tools that help collect and analyze data, it’s easier than ever to personalize marketing outreach and offers, to get the right message to the right person at the best possible time, thereby increasing engagement and conversions. Hubspot reports that message personalization is the premier tactic email marketers use to increase engagement, and more than 20% say personalization works.
2. Automation
Without marketing automation (MA) tools, it would be impossible for Marketers to work with the speed and efficiency required to compete with other companies vying for consumers’ attention. Manual processes are inefficient, costly and error-prone, and a waste of time and resources. Over the past decade, usage of MA tools such as Marketo, Pardot (MCAE) and Eloqua has increased exponentially, with more than half of marketing teams today now using them.
MA tools are useful for nearly every marketing activity, including email marketing, social media advertising, prospecting, social post creation and scheduling, PR outreach and more. And they work – among marketing teams using automation, 80% saw an increase in lead volume and 77% reported increased conversions. The ROI of MA tools is significant, as well – Nucleus Research found that MA increases productivity by 14.5% and reduces marketing overhead by 12.2%.
3. Cost savings and efficiency:
Digital transformation done right not only provides ways to automate manual tasks and better manage and leverage company data, it helps to consolidate tools and eliminate silos, providing cost savings and efficiency.
Digital tools help to increase mobility and eliminate time-consuming work, so employees can be more productive and get more done in less time. This enables them to focus less on busy work and concentrate on strategic work that adds value. According to research from PTC, 40% of executives say that the top benefit of digital transformation is operational efficiency, and 36% said it accelerates time to market.
4. Competitive advantage:
This goes without saying – if you’re engaging with your target audience effectively and converting more leads while minimizing costs and accelerating time to market with personalized campaigns and content, you’ll gain competitive advantage.
Ensuring Success with Digital Initiatives
Despite the many advantages of digital transformation for marketers, it’s important to keep in mind that 70% of digital transformation initiatives fail. Why? Lack of alignment among stakeholders, a failure to clearly define goals, cultural resistance and lack of user adoption, and other factors can thwart your best efforts. What’s more, there are thousands of digital tools available, and deciding on which tools best fit the needs of your organization can be an overwhelming endeavor.
Whether you’re just beginning or in the midst of digital transformation, seeking the help of the professionals can streamline and simplify the process, while ensuring you maximize your investments. BDO Digital’s D3 Methodology was designed to help organizations navigate the murky waters of digital transformation, and create a sustainable, always-on revenue engine to drive revenue and operational efficiencies.
Learn more about the D3 Methodology here, or reach out to us directly today to see how our team can help you.
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