Why Should Your Business Invest in Digital Transformation
In today’s digital era, everyone turns to the Internet for answers, whether it’s to find out where the hottest restaurant is located or to compare hotel reviews and rates. To achieve traction in any market, your company needs a good marketing plan; thus, why not invest in the place where your consumers spend the most time, the online space?
According to IDC analysts, global investment in digital transformation initiatives will reach $2.8 trillion by 2025, more than double the amount in 2020. This funding will assist firms in developing a comprehensive digital strategy that addresses people, processes, technology, and data.
In this article, we’ve further curated 5 different reasons why your business should invest in Digital Transformation:
According to the Digital 2022, April Worldwide Statshot Report, about 92% of global Internet users view digital videos at least once a week. This encompasses anything from music videos to tutorials and influencers. The power of print media has diminished with time, despite its continued relevance. Today's thirst for visual material is fundamentally digital. For example, take a look at TikTok's meteoric development. The ideal approach to reach your target audience is via digital channels and touchpoints.
Speaking of data, according to Reviews.org, 62% of Americans confess to going to bed with their phones and 80% check their phone within the first 10 minutes of waking up. This simply demonstrates how obsessed and dependent people are on their cell phones and digital technologies.
The Internet has transformed how customers connect with businesses, and in this age of instant gratification, they expect to search, explore, buy and engage whenever and wherever they are.
Your consumer today is always on the go, and by targeting them where they spend the most time, you greatly increase your chances of creating an impression.
Another reason companies are investing in digital marketing is that it is less costly than traditional marketing. Traditional marketing strategies, such as print advertising and television advertisements, require firms to pay for the space or time that their ad is seen or heard. However, with digital marketing, companies only have to pay when a customer clicks on their advertisement. Additionally, digital marketing is typically more successful than conventional marketing, allowing firms to maximize their investment.
Specific Target Audience
Traditional marketing approaches are frequently difficult to assess. They often require organizations to cast a wide net and only hope that their target audience comes across their ad. However, firms can more successfully reach their intended demographic when they have a digital marketing strategy in place and are employing precise targeting techniques. Businesses, for instance, can use demographic targeting to target consumers based on their location, hobbies, gender, and age.
The algorithms developed by digital platforms like Google and Facebook are renowned for providing users with the greatest and most individualized online experiences. By doing this, they offer a platform that marketers can use to focus digital marketing initiatives on the right customers.
Another advantage of digital marketing over conventional marketing is its flexibility. Traditional marketing strategies require organizations to commit to a set amount of time or space up ahead. Businesses, on the other hand, may simply change their strategies depending on outcomes using digital marketing. For example, if a company notices that its marketing campaign is underperforming, its team can make modifications immediately to increase performance. This adaptability enables firms to be more nimble and respond to trends/changes more rapidly.
Data analysis allows you to change and redirect your digital effort depending on the information you obtain from your campaigns in real-time.
Monitor Live Campaign Performance In Detail
Additionally, digital marketing offers organizations more accurate data than traditional marketing does. Businesses can monitor how many people are coming across their advertisements, how long they are being viewed, and whether or not they are engaging them. This data is vital because it helps businesses to determine what works and what does not. Additionally, by optimizing their efforts, firms may maximize their return on investment(ROI).
Every online campaign you execute, whether through social media, AdWords, or retargeting, leaves a digital imprint that can be analyzed. With technologies like Google Analytics at your disposal, you can reliably track where your customers are coming from, what they are interacting with, and when they disengage.
According to a study conducted by Valior, there is a significant association between the extent of digital transformation and financial performance. Companies that are well along in their digital journey grew their revenue at about twice the rate of those that are just getting started. With revenue creation as the primary aim of corporate development and acceleration, there is a strong argument to be made for investing in digital transformation.
SO, WHERE DO YOU FIND THIS PARTNER?
Well, aren’t we glad you asked! We at DigiCom are obsessive data-driven marketers pulling from multi-disciplinary strategies to unlock scale. We buy media across all platforms and placements and provide creative solutions alongside content creation, and conversion rate optimizations. We pride ourselves on your successes and will stop at nothing to help you grow.