August 10, 2019

How can Businesses Survive Digitalization?

No doubt, the internet has become one of the necessary tools needed for a profitable business in this 21st century – who doesn’t know that? Regardless of the industry or size of your business, one constant thing is that the business environment has become a severely competitive terrain, every brand seems to be fighting for the attention of the same customer.

Assuming a customer needs to buy a product in a particular industry, what becomes the deciding factor? Just think about this for a second – if you need to get a product, different companies are offering almost the same features of the product with minimal variations, what influences your buying decision? For some, it can be the littlest of things like not having to search more of the same product since most companies offer the same features, for others, it’s loyalty!

These days marketing has become a tough job, a competitive and challenging one at that. How successful your marketing turns out is dependent on several factors, this is mainly as a result of numerous technological innovations and advancements that has forced businesses to be more open-ended. The 21st-century customer is more informed and has access to a lot of digital resources. If you need a service, the internet avails me a myriad of information on that the specifics it covers, the first-hand user experience of people who have used it and also reviews from consumers who have purchased, used or are still using the service. Isn’t it obvious companies have little or no control over the information consumers receive about their businesses.

The word “classified data” is no more and with the use of several digital analytical tools, digital marketing companies can determine key business data and pinpoint the main business parameters of your competitors and create an optimized structure campaign for your brand or business that guarantees ROI.

The rules of competition are being rewritten by digitalization, with complacent companies most at risk of being left behind. Most industries have continued to evolve with the digital pace while trying to think out the best ways to stand out of the competition. One of the goals of every business is to improve customer experience and leave a lasting impression but having to do it the right way is what matters most. The market has become “the survival of the fittest,” and if your business must survive, you must be ready to adapt to the ever-changing and demanding space quickly. To move with the demands of digitalization, organizations, and people must also take the route of constant learning and development. Self or staff improvement is a never-ending cycle as what is true for a business is also true for people.

Much as the internet has several advantages, it didn’t come without challenges. Doing business in this digital age has led to a lot of dependence on technology. The business world is fast becoming very stressful due to pressure from the use of Information and Communication Technology systems leading to Technostress. Digital and marketing technology, also known as “martech” is not just changing the business terrain; it is also impacting our work relationships and condition. The downside to this is the rise in the number of people suffering from technostress.

The word technostress is a growing phenomenon that implies the persuasive use or psychological response arising from rapid technological advancements, and the negative experiences as a result of spending so much time trying to keep abreast with technology – all of this makeup technostress. As the business world continues to evolve, the scope behind digitalization and marketing technology– “Martech” – across various industries and businesses continues to expand and consume the physical world.

So how does a business survive this challenging phase? How does the marketing team or digital marketer ensure that the business thrives instead of dying?  As a digital marketer, you must have a deep understanding of the industry, customers, prospects,  their motivations and the technology required to achieve the expected ROI or marketing goal. With more consumers getting more informed about product purchase, there’s little or no need for physical contact or interactions with consumers. Businesses can reach their target audience digitally, educating them on why they should purchase a specific product or service. It is critical that businesses are updated with digital resources and various channels through which consumers regularly interact. Some key methods by which businesses can survive this digital transformation is:

Build/Empower your Team

Technology is great, but it is as good as useless in the wrong hands. Ensure you have a team of knowledgeable people in charge of your business. One of the problems plaguing organizations is their workforce have little or no knowledge about digitalization. Companies should instill a digital culture that fosters learning, development, and communication as this is the key to the transformation process.

Track Trends and Digital development

Keeping abreast of the latest digital development or having to track Trends in technology is none of a task as this can cause a person to suffer from technostress, but it is also very key to survival. Companies who keep their ears to the ground are those who take charge of the future. Wouldn’t you want your organization to be in charge?

Innovation requires thinking outside the box, for an organization looking to go digital and also embrace martech, tracing trends cannot be over emphasized.

Machine Learning and big data

Every business revolves around data. Data analysis shouldn’t be undermined. With data, you can make a proper analysis of market trends, customer engagement, customer behaviour and many more. This helps you to narrow down where you need to focus more, how best to manage and serve your customers amongst others. Through targeted marketing, real-time analytics and growth hacking, companies find it easier to build meaningful connections that foster brand loyalty and retention.

Be ready to explore

Digitalization has provided consumers with several ways to research and verify products, make online purchases and interact with brands or consumers. Companies must strive to explore all channels to reach out to their target audiences, as the digital age has made it possible to reach buyers in through platforms. Reports show that a good percentage of customers go through several channels before making a purchase.

Brand Awareness

Every business must have a brand as your brand is yours alone and no amount of competition can replace it. Work towards having your logo and name brings instant recognition amongst people or brand regarding your product. Execute brand strategies where you have an exclusive market niche that can only be served by you. You also need a unique selling value proposition for your brand.  It could be your delivery time, pricing, or the nature of your product. Promote yourself, create content about your product or services and SEO services too. If you can integrate these factors into the core of your business and brand, you are surely going to survive the competition.

Know your Competitors

Who are your competitors? What are they doing? Who is their target audience? Knowing what your competitors are doing doesn’t mean stealing their ideas, the knowledge helps you know what you are up against. Understand that business competitors vary. Online competitors are different from offline competitors. Just because the shop next to you is dominating the market offline doesn’t mean they are doing same online – they might just have a really poor online presence while someone you have barely heard of is dominating the search results. Never assume your competitors are the same in every realm. Your competitor on the website can be different from that on the streets, and also in social media. Never assume, do your research!

Invest Smartly

So you are keeping up with digitalization, but you are easily swayed by talks of unrealistic ROI in software and other relevant packages that impact your bottom line, but you are yet to get what works for you successfully. Make smart investments; more spending does not imply more ROI, choose your campaigns, software, ERPs and even your staff wisely. Choosing wisely will save you money and will eventually turn out to be a profitable decision for your business in the future.

Don’t Procrastinate or delay

Part of digitalization is the ability to quickly adapt to trends or changes in the digital space and possibly try out new things so that you quickly know what works for you or your company. Don’t be scared that a particular technology or process or product might fail, and even if it does, it is one of the many that might not work. Failing is also a learning process.

Adopting some or all of these strategies in your business is one step in the right direction to surviving the harsh digital reality in the competitive business environment. However, molding an approach regarding your industry in the environment you are located is paramount to achieving success.