The most talked about movement in 2019 is digital transformation, but what does this transformation mean for your business? If this transformation just means more technology for you then you don’t quite get it yet. The real power behind this movement is that, given the correct data, the possibilities are infinite. In a global market known for impossible odds, you get the freedom as well as the capacity to make your own odds.
The Value of a Healthy Marketing Budget
Organizations that integrate digital technologies strategically, and not just resort into one solution, into central business processes and use them in time are going to have the means to drive innovation on demand, have imaginative business models and provide close-to-perfect customer experiences. But, without a real investment in marketing, all of the possibilities would not come to be. Here are some reasons why:
- Innovative products which are genuine are not self-proclaimed are known to customers by heart.
You need to be insightful and agile enough not just to innovate but to innovate based on demand. The trick is to know every nuance of your industry along with your customers even if both of these elements change quickly.
- A business model is a cycle which companies utilize to get value for customers as well as themselves. Since the behaviors, wants and needs of customers change, their perceptions of value change as well. Companies that are most competitive enliven and create new business models in order to sustain values. Doing this with no customer insight is like going blind and hitting your target.
- The customer experience is part of a step-by-step cycle that a buyer goes through to become a purchaser. In the years past, the process was almost beyond the reach of marketers, however, today, every step can be re-engineered with great accuracy to make sales cycles shorter and deliver an almost frictionless customer experience. So, if you have hindsight as well as foresight to know beforehand the customer’s next move, you should be able to engineer the process.
The bottom line is, your understanding of the customer is the backbone which could drive you to success by unlocking the capabilities of digital transformation. This is where your marketing team is very important.
The lack of knowledge about exactly where to begin is what prevents most companies from transforming digitally. As per Gartner, companies at present, spend around 29 percent of their entire budgets for marketing on technology. Let’s say you already have your budget ready, what’s next? You need to prepare that you can achieve significant ROI. This can be done by optimizing across marketing channels. Valuations have to be done through channels in connection with other channels. The main point is that you consider all possible connections and scenarios.
You also need to invest in a DMP or Data Management Platform. All the touchpoints you can think of with your brand and the customer is a learning opportunity and a chance to leverage. DMP works in parallel with CRM to gather, store, organize and interpret the information that you get from all your marketing channels. Although it is great to digitize, optimize and analyze data annually, change is a constant part of the marketing process. Your data should be compared with every decision that you make even though the annual cycle is not yet complete. By 2020, marketers can expect a waterfall of digital trends that are going to disrupt their routines in the industries. These trends are the internet of things, wearable technology, real-time mobile personalized transactions and virtual reality. Deloitte predicts that these trends will cause a massive spike in technology spending within the next three years.