Why digital-first companies are more likely to have exceeded business goals?
64% of digital-first companies are more likely to outperform their peers in achieving their digital marketing goals as reported by Abode’s ninth annual Digital Trends Report. Surveying nearly 13,000 creatives, marketers, and IT professionals it also concluded that organizations with advanced CX or customer experience strategies were 3x more likely to outperform their business goals. Let’s understand how you can get the most of digital strategy, marketing, and data in the dynamic digital environment.
The benefits of digital transformation require personalized customer experience through marketing integrations and a data-driven approach. The process of understanding the dynamic digital landscape empowers you to grow with digital transformation market strategies. Digital transformation starts with customer experience above anything else. To build the best CX requires you to increase business presence, especially digitally, where your customers are. Being digitally proactive requires an uninterrupted focus on customers which can be achieved through a digital strategy, marketing, and data.
What forms the Digital First approach?
Speed is an important factor for B2B in marketing products and services digitally. It forms an integral part of the CX. The various trends of B2B in marketing products and services include being active and updated across different platforms to achieve digital marketing goals. Organizations are changing the way they see and utilize digital marketing for customer acquisition, operations, and revenue generation. A digital marketing strategy example to ensure rapid business growth is ensuring consistency across all your marketing channels included in your strategy. The foundation to understanding the benefits of digital transformation includes the following points:
- Customer Focus Approach
- Prioritize Customer Experience
- Data-driven Strategies
- Enhance Customer Journey
- Creative Marketing Campaigns
- Amplify Data Governance
Customer Focus Approach
Ensuring a digital presence requires an agile, responsive approach that matches the expectations of your existing target group. A customer-focused digital strategy supports and allows the following for everyone from Gen Z to Baby Boomers:
- Seamless customer experience through mobile phone compatibility, omnichannel service, email chat, and chatbot messaging apps
- Identify both market trends and potential prospects through social listening to stay updated about current market trends
- Customize offerings by utilizing Big Data and AI to personalize the in-app, website, and business communication
- Ensure real-time engagement, customer care, and spanning marketing for consistency across multiple digital platforms
With a better understanding of the core benefits of digital transformation, you can empower your organization, customers, and employees to move closer to achieving their goals.
Prioritize customer experience
Investing in a credible CX technology is a leading driving force behind industry leader’s B2B digital marketing strategy. 65% of the leaders say that they have somewhat integrated or a highly integrated cloud-based technology stack, compared to 33% of other companies.
CX technology enables IT, professionals and marketers, to deliver highly optimized, personalized experiences for customers. A quarter of respondents ranked investing in new technology deployment as their top priority in their job role, followed by 22% of respondents ranking optimization of existing technology as their top priority. Other top priorities of the respondents included delivering improved employee experiences by optimizing existing technology (20%) and improving data unification and collection processes (19%).
A digital marketing strategy example that prioritizes customer experience will be ensuring a strong digital presence with multi-channel marketing. Personalizing customer interactions through emails, quick turnaround time to resolve customer queries, and creating awareness of your products or services can form your B2B digital marketing plan of action.
Factors influencing customer experience
- Business Operations
- Customer Interaction
- Technology Upgrades
- Data Collection
- Performance Analysis
Data-driven marketing is the Holy Grail for bigger companies, with 24% considering it as the single most exciting opportunity to improve customer experience. The focus on delivering improved personalized marketing experiences and investing in the CX technology is driven by the need for highly integrated, unified data.
Adobe in their Digital Trends Report asked companies what they considered to be the most exciting opportunities associated with successful data integration. While the responses were somewhat different for B2B versus B2C companies, but the top opportunities included;
- creating compelling content
- personalized marketing
- delivering optimized customer experience
- increasing efficiency through marketing automation
55% of marketers said that investing in technology that makes their data more effectively is one of their top three priorities. Followed by 42% of them saying improving customer insights and intelligence, and 42% of them saying the integration of marketing tools to help improve workflow. Meanwhile, there are some critical challenges to streamlining data, however, with 44% of companies saying that they have difficulty getting a holistic view of customers across all interactions and 41% expressing difficulty with tracking the total effectiveness of media and marketing spend.
Enhance Customer Journey
Understanding the customer journey is a key aspect of delivering personalized content through digital marketing campaigns. 33% of the marketers have pointed out customer journey management as a top priority for their company in 2019. This was the top priority, followed by personalization and targeting (28%), content marketing (21%), customer data management (21%), and e-commerce (21%).
37% of bigger companies with annual revenue above 195 million have found that delivering personalized experiences in real-time was the most exciting prospect when looking ahead over the next three years.
On the other hand, smaller organizations also listed real-time personalized experiences as their top future prospect for digital transformation market strategies. Other new technologies that organizations are excited about including the following:
- Block-chain based functionality
- Internet of Things (IoT)
- Utilizing AI/bots to drive experiences and campaigns
- Voice interfaces such as Google Home and Amazon Echo
- Engaging audiences via virtual reality
- Enhanced payment technologies/mobile wallets/e-receipts
All of the technologies mentioned above can work in collaboration and independently with each other to help companies better understand the customer journey. Many organizations have already started integrating some of these technologies into their business.
Marketing Enhancements in B2B & B2C Marketing
- 39% Personalized Experiences
- 25% IoT technology
- 18% Enhanced payment technologies
- 18% Personalized Experiences
- 18% IoT technology
- 25% Enhanced payment technologies
Creative marketing campaigns
Technologies can only go so far when it comes to delivering a successful marketing campaign- the other pieces of the puzzle are design and creativity. 51% of designers, marketers and other creative representatives have said that developing a standout campaign and content is their company’s top priority. Other top priorities included the following:
- 37% for maintaining consistency of brand
- 37% for ensuring high-quality experiences across channels and devices
- 34% for scaling or speeding-up content development
- 24% for team collaboration.
Obviously, CX technologies and data integration can help with all of the above; most successful organizations are able to integrate all of these tools to build the most effective campaigns. Since optimization and testing can’t be manual in a digital environment, automation is important for result-driven digital marketing campaigns. AI or ML have taken automation a level above to constantly test progress, learn and make informed decisions for future campaigns.
On-site personalization is the mix of customer information and contextual data that empowers AI or ML systems to provide a unique experience. Most companies use technology to improve fundamental customer interactions with product recommendations, dynamic pricing, and retention marketing. Creatively leveraging effective marketing campaigns, communication, and technology is important to enhance the overall customer experience
Amplify data governance
One of the key challenges that organizations deal with leveraging customer data in real-time to deliver personalized, relevant messaging is gaining control of all their data. Data that stays in a closed system like Google Ads or Facebook is challenging for organizations that want to unify all customer data. These platforms usually offer a lower level of data transparency and control. This makes it hard for organizations to integrate their data across channels and personalize CX without any privacy violations.
The importance of data governance as it relates to regulatory compliance in an environment of increased customer data protection. 52% of CX leaders said that the increased focus on customer data protection like GDPR has had a positive impact on their company, compared to only 32% of non-industry leaders. On the other hand, 16% of non-industry leaders said that customer data protection increases have negatively impacted their organization, against just 8% of CX leaders.
The Power of Digitized Data
A digital-first organization is also a data-first organization.
The power of big data is inextricably linked to the success of digital transformation. Data should inform every process within an organization to help drive CX:
- Sales and marketing campaigns
Micro segmented data allows customer profiles to be matched directly with offerings, and the customer needs can be anticipated and fulfilled in real-time. Data from mobile and social can be leveraged to enable predictive next best actions and geo-targeting deployed to maintain a pattern of anticipating your customer’s next need and meeting it in real-time.
- Data collection and analysis
All the data about a customer can easily flow from multiple platforms and channels to a centralized database, giving opportunities for a seamless experience even when shifts are made between formats and communication mediums.
- Product and service development
Feedback and other information can be easily collected from social feeds, mobile surveys, and other digital channels, minimizing costs linked with market research and delivering highly accurate pictures of customer pain points and desires.
- Customer Service
Post-sale and pre-sale customer outreach occurs in an Omni-channel reality, which means that your digital assets need to be flexible, thorough, and deployable across platforms in real-time. The customer data must be kept both secure and accessible, delivering a seamless CX while building a relationship initiated on trust.
- Increased ROI
Providing the customers with quality digital experiences guides them to share positive feedback via the same channels, leading to high value “word of mouth” referrals that increase customer lifetime value (CLV) and also drove company revenue and growth.
The data found that the ultimate differentiator between the organizations is a personalized experience, mostly driven by customer data. Digital-first organizations are more likely that their leaders have exceeded their goal of improving customer experience. Yet, two-thirds of respondents admit they have a fragmented approach to CX and marketing technology. And just one out of ten companies see themselves as “very advanced” regarding CX- a two percentage point improvement since 2015. As for what prevents them from advancing digital plans, 38% of marketers mentioned a lack of internal resources. A major theme emerging is an importance of leveraging data for commercial benefit.
- 55% of marketers are prioritizing better use of data and effective audience targeting and segmentation
- 42% of respondents considering it as their second priority- improving customer intelligence insights for a holistic customer view
- 24% of the mm biggest companies surveyed regarding data-driven marketing that focus on the individual the most exciting opportunity for their company
While the marketers are very keen on leveraging data, but at the same time protecting the privacy of their customers is a top concern for them. 28% of marketers said that personalizing CX without violating customer privacy keeps them awake at night. However, 52% of CX leaders reported a positive impact from an increased focus on customer data protection versus just 8% who see it as a negative impact.
AI has gained considerable momentum, with a 50% increase since last year in the proportion of bigger companies stating they already use AI. There are still obstacles preventing the advertisers from reaping AI’s full benefits, as 37% concede that a lack of knowledge on how they can use AI is holding them from including it into their business. The report also reflects the magnitude of the task before the advertisers when it comes to doubling down data. If organizations want to attract and keep customers in a market filled with choices, they must use insights to inform all aspects of the customer journey and province a more personalized experience. Creating flexible digital experiences involves making all data accessible for reading/write via secure and robust APIs, and deploying both business logic and data analysis at all levels of your company to support customer-centric digital transformation and culture.
Critical Factors for Digital Transformation Success
Digital transformation needs a clear vision, a firm, organization-wide commitment, and the capability to embrace a culture that encourages customer-centricity. The driving factors in the journey of digital transformation include the following;
- Launching Digital First
- A high-caliber committed launch team should be appointed and empowered.
- Begin with lighthouse projects to show rapid achievement and boost profits and morale.
- A Digital, customer-centric culture must be nurtured and embraced across all departments.
- New, agile ways of working will be introduced and fostered.
- Defining Value
- From stakeholders to the C-suite, senior staff must all be firmly on board.
- Transparent, ambitious goals should be clarified and set.
- The investment will be secured to attain the goals set, and funds earmarked for ongoing efforts.
- Rapid Scaling
- Initiatives should be sequenced for maintained energy and quick returns.
- A new operating model must be adopted by new hires and existing team members alike.
- Capabilities will be built out rapidly across all departments for optimal results.
The driving force behind a digital-first business model is data that enables your company to build and maintain CX that stands out from the competition. How your customers feel about your organization depends more on their interactions than your pricing model. Infotanks Media is one of the best data-driven content marketing agencies that can help you be digital-first. With a data-driven approach, every interaction can create a positive brand identity, and also encourage them to become advocates for your brand. Content marketing agencies that are data-driven like Infotanks Media can help you engage customers, build your brand, and generate higher revenue for your business. For a detailed understanding of your target audience and get the best digital marketing solutions, write to us at [email protected].