There are many ways companies die. The saddest way is obsolescence.
Why? Because it is completely avoidable if only the organization is willing to adapt. The stubborn horseman in the age of the steam engine is a poignant example. While it may seem like a rebellion against the polluting engine, it is an unwinnable rebellion against inevitable technological advances. In the marketing field, companies are facing such a transformation. It requires us to get out of our comfort zone, adapt and become familiar with digital ways at a rapid pace.
The key difference between analog and digital media is the inability of traditional media to provide accurate viewership/reader/listener statistics compared to the accurate data streams of digital media. So, at the root of digital transformation is the ability of marketers to know exactly where the prospect is in the sales funnel. This knowledge translates into the ability to step in and guide the prospect to purchase.
Few trends can turn the work of traditional media upside down:
Digital Skills Personalize News:
For example, knowing the prospect’s color, cut, and style preferences allows a fashion website to tailor product presentation to individual tastes. It will also help the marketeer push the prospect down the sales funnel with special offers and timely interventions.
Data flows greatly improve accuracy when targeting prospects
Sending an advertising letter with special offers by post to a “relatively unknown” database always involves an estimate of the result. However, if you receive opt-ins in your database and know their preferences, your targeting will be more accurate and can provide predictable results.
Interactivity in the digital reveals what traditional media can only dream of
Interactivity turns reading/viewing/listening into an active disclosure of preferences and choices.
Reading an ad or offer in traditional media is a passive activity that leaves no trace. However, when an online prospect clicks on a CTA, it creates a data trail that allows the marketer to take precise and customized action.
Automation enables proactive outreach
With data flows that identify prospects who are sitting on the fence, marketers can take timely action to make them make a purchase decision. In addition, automated CRM and chatbots enable customer communication without human intervention, making it possible to guide the prospect down the sales funnel and ultimately to purchase.
With YouTube unboxing videos and reviews, there’s no need for the seller. Most prospects research online before making a purchase. Marketers can reach such prospects through unboxing reviews, influencer communications, and brand comparison videos. Consumers now have a voice in your marketing whether they like it or not. Understanding and capitalizing on this trend is critical to growing your brands.
Customer self-service has transformed travel booking and insurance purchasing. You used to need people to serve customers. Automation reigns today. The trend towards customer self-service when buying insurance and travel tickets will continue. These digital trends include automation. Digital online portals such as Flipkart and Amazon successfully use data and proactive marketing to increase sales.
It is important to understand that messaging changes dramatically as the medium and method of communication change. Digital adaptation aside, this is a massive problem for businesses. According to a study by Boston Digital, only 9% of companies surveyed said they had no trouble refocusing their messages in the wake of the pandemic.
Notice the lack of traditional channels?
Here’s a list of things you’ll need for your digital outreach:
1. Website SEO with the 3Vs – Speech, Video and Slang
2. SEM with the 3Vs
3. Data-driven automation platforms like CRM
4. KYC Data and Analytics
5. Content intelligence to evaluate the effectiveness of your marketing message
6. A/B testing to increase your online messaging efficiency
7. Intelligent dynamic pricing
8. Positive customer experience through chatbots and augmented reality
9. Build your brand community to encourage customer retention and loyalty
In conclusion – in Alvin Toffler’s words – “The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn and relearn.”