Digital transformation strategy for corporate growth: the most recommended planning frameworks for a prosperous digital transformation.
More marketers than ever before are driving growth via digital transformation.
But, given the fact that we care about your company growth, we want to ensure that you get your digital transformation plan right the first time. That is why we are here to help you.
Learn about the success criteria for developing a digital transformation plan to help your organization expand, as well as the implementation method for your next steps in digital transformation.
Digital Transformation: What is it?
Digital transformation opens significant chances to employ technology to improve efficiency in both sell-side customer contacts and buy-side supplier relationships.
In Marketing, Digital transformation is defined as: "A tiered program of organizational enhancements to business models, people, processes, and technologies utilized for integrated digital and multichannel marketing in order to optimize digital technology and media's potential commercial value.”
To meet changing business and market requirements, digital transformation is the process of employing digital technology to build new — or adapt current — business processes, culture, and consumer experiences. Digital transformation is the redesigning of business in the digital era.
It extends beyond typical jobs like as sales, marketing, and customer support. Instead, digital transformation begins and ends with how you perceive and interact with consumers.”
Digital Transformation: What are its scopes?
The scope of transformation should include controlling and leveraging these '5Ds of Digital, in other words, the many ways in which consumers may connect with brands and businesses can reach and learn from their audiences:
- Digital Websites: Audiences interact with businesses using smartphones, tablets, desktop computers, TVs, and gaming devices when interacting with corporate websites and mobile applications.
- Digital Platforms: Most interactions on these devices take place through a browser or applications from the major platforms or services, which include Facebook, Instagram, Google, YouTube, Twitter, and LinkedIn.
- Digital Media: Advertising, email and message, search engines, and social networks are all examples of paid, owned, and earned communications channels for reaching and engaging audiences.
- Digital data: The information that companies acquire about their audience demographics and interactions with enterprises.
- Digital technology: The marketing technology stack, or martech stack, that firms employ to create interactive experiences ranging from websites and mobile applications to in-store kiosks and email campaigns.
Digital Transformation Strategy: A wat to grow your business.
According to recent studies, many organizations nowadays are in need of digital transformation; in order to compete in digital marketing data and technology.
It has been almost 25 years since the first pioneers began to utilize the Internet for marketing. We were assured that new strategies like online and email marketing would provide inexpensive, rapid, and simple ways to reach new customers. Now we know that this is not the case, and that proactive digital marketing management is required.
Here are 6 common problems if you don't have a structured transformation plan:
- Competitors with a strong online presence gain market share by focusing on and mastering difficult digital marketing methods.
- Weak improvement process due to lack of specified SMART targets and a lack of appropriate digital marketing dashboards and testing platforms to apply a data-driven method for improvement.
- Unconsidered research opportunities include assessing new consumer purchase behavior, competitive benchmarking, and desire for new business models.
- Because of the weak internal communications, there will be a lack of vision and employee comprehension of the program.
- Inadequate investment in digital skills across the organization.
- No long-term priority list for enhancing the usage of always-on marketing and marketing technologies.
Digital Transformation Strategy: What are the steps?
Stage 1: Situation assessment and performance evaluation
This study should evaluate potential for using digital marketing and technology in your firm as well as the limits involved. This should include a comparison of your digital activities to that of your rivals. At this level, the following activities should be included:
- SWOT Analysis: What are your company’s strengths, weaknesses, opportunities, and threats?
- Your current digital customers: What types of audience personas interact with you?
- Competitor Analysis: What is the online competition across the 5Ds of digital?
- Digital channel performance: What is the effectiveness of various channels such as search, social media, and email marketing in boosting acquisition?
Stage 2: Objective(s)
The objective(s) of your transformation strategy should be defined in stage 2 of your digital transformation plan. Consider the 5 Ss goals as SMART objectives: Sell, Serve, Speak, Save, and Sizzle.
We propose that your objectives be clearly matched with your tactics for achieving your objectives. These objectives are driven by corporate goals and market research insights. Key performance indicators (KPIs) should also be described in depth.
Stage 3: Strategy and Governance:
The strategy explains how you intend to achieve the goals of customer acquisition, conversion, and retention.
To attain your goals, you must choose strategic initiatives for transformation projects. Investment, resources, and governance decisions are also mentioned in the action section.
There are four different kinds of change to consider:
- Business process: Improving the efficiency of selling and buying procedures and communications
- Business model: Digital sales opportunities
- Domain: This pertains to new product development and market development prospects.
- Cultural/organizational: Emphasizing the need of change management, skill development, and restructuring.
The Governance is a critical success element for digital transformation initiatives, since it addresses concerns like resourcing, talent development, team structure, performance evaluation, and improvement. Marketing technology is being used to assist these efforts in digital government.
Stage 4: Tactics:
Tactics are the precise instruments of the digital mix that you utilize to achieve the goals of your strategy. In reality, these strategies are implemented as 'always-on' digital communications throughout the client lifetime. Planning in these integrated digital and traditional communications that go beyond marketing campaign communications is required to make the most of digital marketing possibilities, but they are frequently overlooked if a planned transformation strategy is not followed.
The six pillars of success for digital marketing tactics:
- Planning and Governance: A specialized or integrated strategy for boosting a company's commercial contribution through digital media.
- Goals and Measurements: Customizing Google Analytics objectives and combining data from many sources into a reporting dashboard system for quarterly, monthly, weekly, or daily viewing.
- Media: Using always-on sponsored, owned, and earned digital advertising to build brand recognition and drive targeted first and repeat website visits.
- Content Marketing: A well-defined content marketing strategy engages and converts prospects when material is presented across the website experience via explicit customer journeys.
- Digital Experience / Website: Company websites are at the core of marketing because they position your brand to assist online and offline lead generation and sales.
- Conversational messaging: Personalization in email marketing, mobile messaging (push notifications and SMS), website personalization, and live chats.
Stage 5: Action:
Stage 5 is all about putting your strategy into action. The action section describes what has to be done for each technique.
Stage 6: Control:
The final stage is to outline how you intend to monitor and measure your performance in relation to the objectives established in stage 2.
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