Regardless of your industry or sector, your business needs to embrace the emerging technologies and digital channels to succeed in today’s commercial battlefield. Investing time and money into digital marketing is important if you want to secure a sustainable future for your business. It will help you improve operational efficiency, engage with customers, drive innovation, and reduce the time it takes to get your products to the market. Investing in digital transformation allows organizations to pursue a holistic digital strategy for processes, people, data, technology, and governance. Below are five reasons why every business should embrace digital transformation.
Consumer Culture
A recent report revealed that 92% of global internet users prefer watching digital media to print media. This includes music videos, tutorials, and gaming. Even if print media is still relevant, it is not as powerful as it once was. In today’s world, people have a hunger for digital visual content. For example, consider the phenomenal popularity of the use of TikTok. Digital channels are the best avenues to connect with your target audience. In the current era of digital transformation, organizations that still rely on analog approaches to marketing and communication will struggle to generate leads and drive revenue.
A report by Reviews.org reveals that 3.62% of Americans admit that they sleep with their phones, and 80% of them check their mobile phone within the first 10 minutes of waking up. This gives a picture of how addicted people are to digital technology. You should optimize your website, blog, emails, etc., to ensure a pleasant customer experience on mobile devices. Embrace social media marketing to engage your customers and enable purchases.
Many Companies Have Embraced Digital Transformation
The Covid-19 pandemic left many companies with no option but to embrace digital transformation. According to McKinsey and Company, the pandemic caused a leap of 10 years in digital transformation. More and more companies are focusing on digital products and services to remain relevant in the ever-changing marketplace and provide customers with what they need. While this digital advancement may have been unexpected, every business must embrace it to continue thriving.
Digitally Savvy Companies Outperform their Peers
Companies that embrace digital transformation outperform their peers by up to 48 percent, according to a study covered in Sloan Management Review. The same study revealed that out of 2000 sampled companies, 7 percent had digitally competent leaders. It’s not enough for employees to be digitally savvy; the executive team must also have the right knowledge and skills to drive digital transformation.
Digital Transformation Enhances Financial Performance
A report by Valior shows that there is a clear correlation between digital transformation and financial performance. Companies that are far ahead in digital transformation generate almost twice the revenue growth of their peers who haven’t embraced digital marketing services.
Technology is Changing the Way Businesses Make Money
It’s undeniable that technology has changed the way businesses make money and generate leads. For example, Amazon is expected to grow its eCommerce sales up to $729 billion in 2022. This shows the power and influence of digital transformation and its impact on companies’ performance.
Find a Reliable Digital Marketing Agency
Every business needs a digital marketing strategy to help it remain relevant and competitive in the current marketplace. If you need a reliable digital marketing agency in Denver, CO, Triple Threat Success Marketing can help. Contact us today to begin your journey to digital transformation.