Businesses are facing increasingly tough times as digitization reshapes the landscape. Industries are experiencing moderate to massive digital disruption. Digital transformation is being seen as an opportunity to rebuild market standing, re-creating processes, and offerings for customers. Research shows presently that most industry CXOs consider it to be one of their top priorities. Digital transformation is changing the way businesses operate. Brands can connect the dots on the customer journey in a way that was not possible before.
Let’s take a look at the top five benefits arising out of digital transformation :
1. Enhanced customer data collection and data-driven insights
Most businesses are collecting mountains of data on customers but the real benefit is optimizing this data for analysis that can drive the business forward. Digital transformation builds a system for gathering the appropriate data and incorporating it fully for business intelligence. It creates a way businesses can translate raw customer data into insights across various touchpoints. Data is viewed as the key to unlocking customer insights. Popular digital marketing tools like Marketo, moLotus, Hubspot, etc. are assisting brands in the crucial data management function & run targeted campaigns. moLotus stands out with advanced data curating and analytics features, making data management, and analysis relatively easier for brands. The campaign data can be compiled into crisp and comprehensive reports, enabling quick decision-making and strategizing. By better understanding customers and their needs, brands can create a business strategy that is even more customer-centric.
2. Increased revenues & profits
Studies show that brands undergoing a digital transformation, improve efficiency and profitability. Around 80% of organizations that have undergone a digital transformation & increased profits - 85% of them have increased their market share. On average, leaders expect 23% higher revenue growth than competitors. (Source: SAP Center for Business Insights and Oxford Economics). The advent of digital marketing platforms like moLotus has led to the creation of new revenue streams for brands along with high margin growth. moLotus platform is providing a unique way to tap into the global direct marketing spend. It assists in brand exposure & awareness, customer acquisition, retention, rewards & loyalty, upselling, cross-selling, lead generation, direct sales, and more leading to better marketing ROI for advertisers.
3. Cost minimization
Digital transformation has resulted in cost minimization opportunities by automating the “low touch” business processes. For instance, businesses now can cut costs by reducing headcounts of call centers, cold calling, printing, and other dispatch processes. They have an opportunity to use advanced tools for the purpose. Brands are now unleashing the cost-cutting potential of moLotus and bringing down headcounts & training costs significantly while reducing printing & stationery costs by automating the processes.
4. Enhanced customer support & feedback
If trends are considered, convenience and speed are topping the consumer agenda. A digitally transformed support system can engage this convenience and speed-driven consumer. Customers prefer digital service, with 76 percent of customers satisfied with digital-only journeys, compared with 57 percent for traditional channels. (Source: McKinsey Report). Brands are preparing for more live chat and co-browsing that support customers during the buying process and post buying support. Live chat platforms like ZenDesk Chat, LiveChat, and acquire.io are convenient for web-browsing customers. Interestingly, moLotus platform has revolutionized the way brands can serve their customers. ‘Rate-it’ capability of moLotus guarantees real-time customer ratings and feedback for different service issues enabling them to analyze and improve upon.
5. Enhanced ad performance
Digital transformation has enhanced advertising significantly. Brands are focussing on reaching out to customers directly using digital advertising platforms. Mobile advertising platforms LIKE moLotus, TubeMogul, InMobi, Airpush, etc. have become the focus area for them with aggressive smartphone penetration. With its powerful capabilities of running highly personalized, customized, and targeted rich media ads, moLotus tops the list. Interestingly, the ads are delivered directly to the mobile inbox of the customer in the case of moLotus. Unlike other ad platforms, it is spam-free and the ads have a longer shelf life as they remain in the inbox until manually deleted. Businesses are capable of real-time data of individual customers for executing personalized promo campaigns along the entire customer journey. Ultimately, moLotus is capable of scaling revenue and performance for advertisers through easy ad campaign creation and management, response management, data reports & analytics, and automation API.
Conclusion
The present and future of digital transformation is no longer a dot on the horizon. The pressing need to implement it can no longer be ignored - certainly not if the brand is craving for success or profits. The digital age isn’t new and is evolving fast with platforms like moLotus driving breakthrough transformation and innovation even amidst pandemic. Choosing to remain outside was a liberty that many businesses had over the past decade. But no longer! Businesses that have transformed themselves digitally, will certainly thrive.