Most board agendas have digital marketing transformation as one of the important recurring talking points. Marketing leaders are gradually being critiqued on their own digital marketing transformation progress. However, without a clear starting point, a proper plan as well as a good idea of what success looks like, many organisations will abandon their implementations or end up blowing budgets on technology which they don’t know how to use.
At the outset, it’s very important to keep in mind that successful digital marketing transformation is about improving how marketing is championed, structured as well as implemented. Thus, a brand can respond to rising consumer expectations and deliver relevant, useful and assistive experiences.
This process should be anchored in creating a digital-first mindset, supported by technology in order to develop customer-centric marketing strategies.
Digital Marketing Transformation Is More Than Just A Buzzword
We see its tangible effects on statistics as well as income lists. Fortune 500 companies spend 20 years before achieving a billion-dollar worth. Start-ups get to the destination in not more than four years, expanding the “unicorn” crowd.
Digital technologies established revenue opportunities for what seemed to be thin air, and now online businesses are at the top of the business food chain.
The main economic transformation has taken place in less than a decade. The most exciting, however also frightening thing is that this pace doesn’t get any slower. All businesses which haven’t crossed over to the online environment yet have to consider getting on board.
Developing New Digital Marketing Transformation Competencies
The development of new digital marketing transformation competencies revolves around the capacities to be increasingly more agile, people-oriented, ground-breaking, customer-centric, efficient, well-organised.
These competencies are able to induce/leverage opportunities to alter the status quo and tap into big data as well as new, increasingly unstructured data sources in addition to service-driven revenues. The Internet of Things as a crucial enabler. Digital marketing transformation efforts and strategies are often more urgent and present in markets with a high degree of commoditisation.
Present and future shifts and changes, which lead to the necessity of a faster deployment of a digital marketing transformation strategy, can be induced by several causes, frequently at the same time, on the levels of customer behaviour and expectations, new economic realities, societal shifts (e.g. ageing populations), ecosystem/industry disruption and (the quickening adoption as well as innovation regarding) emerging or current digital technologies.
In practice, end-to-end customer experience optimisation, operational flexibility and innovation are key drivers as well as goals of digital marketing transformation, along with the development of new revenue sources and information-powered ecosystems of value that lead to business model transformations and new forms of digital processes. However, prior to getting there it’s key to solve internal challenges as well, among others on the level of legacy systems and disconnects in processes, whereby internal goals are inevitable for the next steps.
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