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Digital Business Strategies



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The Ultimate guide to driving result
Esseen arvioitu lukuaika on 14 minuuttia.

 

INTRODUCTION 

In today’s digital age, businesses of all sizes and industries must have a strong online presence to remain competitive. Digital marketing has become an essential component of any comprehensive marketing strategy, but navigating the complex world of digital marketing can be daunting. In his book “Digital Marketing Strategies: The Ultimate Guide to Driving Results,” marketing expert Eric Greenberg provides a comprehensive guide to creating and implementing effective digital marketing strategies. From search engine optimization and social media marketing to email campaigns and content marketing, Greenberg offers actionable insights and practical tips to help businesses of all sizes succeed in the digital world. 

A digital marketing platform is a solution that supports a variety of functions within the realm of marketing over the internet. An efficient and effective digital marketing strategy is a vital component of the overall marketing mix of a business, regardless of its size and whether or not the business is in-store or online. Marketing strategies for local businesses can include many offline local advertising methods. However, in today’s economy, a business needs to embrace digital marketing concepts and digital strategies to maximize sales and make more profits. A small business that operates all activities online needs to leverage a digital transformation strategy that helps attract potential customers. There are many areas of online marketing that are beneficial to small businesses. Some of them are more important to offline and local businesses, while others are more effective for multinational and online businesses. Today, many businesses engage in multiple areas of digital business concepts and strategies to maximize marketing results and business growth. 

Digital business strategy is about using developments in technology to improve how companies bring value to their customers. Digital business strategy guides the innovation of new products and new capabilities that were previously impossible. It highlights areas for growth, like new customer segments, creating efficiencies and competitive advantages. A complete digital business strategy describes the specific steps a company will take to evolve its business model and value proposition to best leverage new technology. 

As small businesses restructure to adapt to the realities of the digital age, demand is placed on the need to understand digital business strategy & concepts for more growth and success. Digital business will help you learn how to transform your business from offline to online. Adopting digital business concepts and digital strategies can help improve customer experience, boost productivity, and leverage business intelligence.  

THE IMPORTANCE OF DIGITAL MARKETING 

Digital marketing is on the rise – since 2015, marketing professionals report spending steadily more of their budgets on digital marketing methods, while at the same time, reducing spending on traditional marketing outlets.  This is because consumers are increasingly present on online channels, giving businesses more opportunities to reach their ideal customers, all day, every day. With this increased use of technology, digital marketing platforms have become essential to the digital marketing world.  

Technological advancements such as machine learning make marketers better equipped with the marketing technology, they need to reach consumers on digital devices at just the right moment, as opposed to traditional marketing methods, which must be planned and placed well in advance. Platforms such as Facebook, Instagram, Tik Tok, and blogs have now taken over the digital marketing space. 

Digital marketing allows for personalized exchanges between consumers and producers. These personalized exchanges make customers feel heard and understood by a business which ultimately increases online revenue.  

An online presence, particularly across social media platforms, increases appeal for consumers and establishes trust between buyers and sellers. 

The use of APIs allows a 3rd party to facilitate the exchange for users. 

By employing digital marketing initiatives, your organization can create a more cohesive, customer-oriented program that maximizes benefits for your clients.  

Digital marketing platforms can also be beneficial for easy measurement and adjustment of company goals and bring you a better return on investment.  

HOW TO BUILD A SUCCESSFUL DIGITAL BUSINESS 

In today’s digital era, it feels as though everyone is running a digital business. But the fact is that top business leaders have different opinions on what it means to go digital. Hence priorities vary when it comes to digital business strategy, Digital transformation, and technology adoption. How to build a successful digital transformation strategy whether you’re taking your small business into the digital world or you’re starting your business from scratch, the following steps will help you build a successful digital business. 

AUTOMATE 

One common characteristic of all digital businesses is that they automate almost everything. Why waste time doing common tasks that artificial intelligence and machine learning can do for you? It’s better to spend that time brainstorming ideas that can move your business to a greater height. Examine your business processes and start automating areas where possible. 

INVEST IN DIGITAL MARKETING 

We can’t overemphasize this enough. There can be no successful digital transformation without digital marketing. Therefore, you need to invest in digital marketing strategies for your business. Having the most efficient organization in the world is impossible without having a good customer base. Train your marketing team on the best digital marketing strategies for today’s world, such as SEO optimization, social media management, and others. 

 TRAIN YOUR TEAM 

Behind every thriving business is a great team working tirelessly behind the scenes to shift the business to a greater and more enviable height. You need a great team for your business; therefore, invest time, energy, and resources in training your team. Invest in upskilling your team so that they can be more confident in using new technologies. This way, they will help you find better ways to position your business for better results. 

DIGITAL MARKETING STRATEGIES FOR YOUR SMALL BUSINESS 

1- Search Engine Marketing 

Search engine marketing (SEM) is crucial for every small business. It gives you a better chance to stand out when competing with bigger brands and companies by being more visible in search engines. Since most people use a search engine to find products and services, both locally and online, it is essential that your business ranks high in search engines for words that relate you your products and services. Professional digital marketing agencies offer search engine marketing services through search engine optimization (SEO) and paid advertisement. SEO is a free marketing tool that helps your website rank higher on search engine results pages (SERPs). 

2- Content Marketing 

Content marketing gives prospective customers information about your products and services through blog posts, articles, and product reviews. In this digital age, everyone is trying to sell something, but those who inform well are more likely to get more sales. Therefore, the more information you share with people, the more people will appreciate your expertise, thereby instilling confidence in your potential customers. In the past, content marketing was carried out through guidebooks, printed brochures, and user manuals. However, in today’s world, the strategy relies solely on delivering valuable, relevant information and articles on your company’s website to attract your target audience and serve as a call-to-action. 

3- Local Search Marketing 

Local search marketing integrates a search engine’s maps function into a business’ website optimization and marketing strategies to maximize the business’ local search results performance. Local search marketing is also called location-based marketing. This is especially the case for Google My Business (GMB), where your small business can be listed with address information and mapping, giving potential customers all the necessary details, they need to contact you for your products and services. You can also include your phone number and website address. An efficient customer service system will also be available to attend to all inquiries. 

4- Email Marketing 

Email Marketing is a highly effective marketing channel, which is a type of direct marketing, as and digital marketing which makes use of email to advertise the products or services of your business. It is a great way to keep your customers informed of the latest products or services you offer by including them in your marketing automation strategies. It could also play an essential part in the plan of marketing by generating leads, branding, increasing brand awareness, establishing relationships, or keeping customers interested throughout their purchase with different kinds of email marketing. 

5- Social Media Marketing 

Social media marketing (SMM) is one of the most effective marketing strategies today. However, it can be very tricky. Every digital marketer talks about social media marketing, but it can be difficult for small businesses to integrate social media into their marketing channels. The type of social media platform you use depends on the kind of business you run. A small business that stays in touch with its customers by giving them motivational quotes, timely industry-relevant information, and customer-centric tips might find it easier to call its customers to action when the need arises. Indeed, businesses, such as local restaurants, have recorded remarkable success using social media platforms by keeping their customers aware of the latest additions to their menu. The essential component of social media is to use it to strengthen your customer base to achieve repeat sales. 

Trying to gain visibility across all social media platforms can be difficult for your small business, especially if you have limited resources. Therefore, you should figure out which social media platform makes more sense for your business and the target audience you are trying to reach. Are you targeting young people. Then Facebook, Instagram, or WhatsApp should be your priority. If you are targeting corporate clients, then you should invest more in LinkedIn marketing. If your business depends on a strong visual strategy, then you should invest heavily in Instagram and YouTube. 

6- Mobile Marketing 

Nowadays, a customer’s experience is largely driven through mobile devices- whether they are searching for a company or product, making a comparison, or actually buying a product. Mobile marketing is targeted at reaching prospective customers through their mobile devices by using mediums such as targeted ads, mobile applications, email marketing, responsive websites, social media, and text messaging. In addition, small businesses can leverage technologies and strategies that can target customers based on time, location, keywords, and other specific attributes. 

  

  

7- PPC Marketing 

Pay-Per-Click (PPC) is an online marketing strategy where businesses pay and make money when their ads are clicked. There are different types of online ads. They include ads featured at the top and sides of search engine results pages, ads that show up in mobile apps or while you’re browsing, and promotional ads that pop up when watching videos on YouTube. 

One advantage of PPC marketing is that your business only pays when your ads are clicked. Moreover, you’re able to target your ads toward specific locations and people. 

  

HOW DO YOU CREATE A DIGITAL BUSINESS STRATEGY 

Here’s a Digital Marketing Strategy Framework: 

  1. Explore the Landscape, Market Research & Analyse your Findings.
  2. Plan your strategy.
  3. Define your target audience & understand their unmet Needs.
  4. Content Strategy Mapping.
  5. Establish benchmarks and KPIs.
  6. Use best practices.
  7. Analyse and optimize.

BENEFITS OF IMPLEMENTING DIGITAL BUSINESS STRATEGIES 

  1. Real-Time Transactions Can Be Achieved with Digital Business Strategies

Digital technology and digital strategy make the 24/7 concept a reality. This cutting-edge technology has made data analysis & storage easier and more accessible to businesses. Making purchases and using services can be achieved easily and conveniently online with just a few clicks. Mobile phones transactions have become a popular trend because of convenience. Nearly 80% of companies have confirmed that they are enabling real-time transactions according to the report of Economist Intelligence Unit in 2020. With new digital technologies such as Blockchain, transaction speed can be enhanced dramatically. Implementing this digital strategy greatly improves customer experience as a 3-day long transaction can be accomplished instantly with the real-time data processing capability of Blockchain technology. Costs are minimized, and so are chances of fraud. The opportunity to reach more people with reduced costs and faster turnaround time is a reality. 

IoT (Internet of Things), Artificial Intelligence, and automation allow business data to be analyzed immediately. They create a substantial difference in your marketing strategy and can process data far more efficiently than before. 25% of the world’s business firms make use of powerful technologies in providing point-and-click analytics with conversational user interfaces. Soon for 20% of firms, Artificial Intelligence will be the process through which real-time directions for handlers are given out, according to Forrester Predictions 2018 Report. 

Actionable Steps: 

Step 1. Evaluate repetitive tasks 

List all the administrative tasks that are being repeated on a daily, weekly and monthly basis. Track down the time spent by every employee in the business organization on these administrative tasks. 

Step 2. Assess opportunities to gather data 

Evaluate opportunities where Artificial Intelligence can bring in data that is impossible to gather with only human intervention. Assess whether preliminary data is available and evaluate whether it is structured or unstructured. Moreover, assess what story lines can be formed with the data available. 

Step 3. Explore AI capabilities and advanced solutions 

Explore Artificial Intelligence capabilities such as marketing automation through various AI tools. You can also use customer relationship management software with an integrated AI capability. 

  1. Accelerated Product Development

25% of business executives noted the great impact of digital transformation in accelerating product development, according to a report published by Economist Intelligence Unit in 2015. With large volumes of data being stored in the cloud, this can be a primary source of further improvements on products and services the organization is offering. 

Such data is advantageous in analytics and decision-making processes. The more data the business has, the better placed it is to capitalize on it and create steppingstones towards product excellence. 

Business Intelligence tools can process vast amounts of data and insights in an instant. They allow the whole business to act in response to changes in supply and demand in a shorter period of time compared to firms without the capability of gaining these insights immediately. Product reviews through online feedback and competitor analysis, along with accurate market segmentation provide a deeper understanding of the product. Thus, they encourage revisions to suit their customers’ best interests. 

For Artificial Intelligence as well as Business Intelligence to function efficiently, an operational digital business strategy is required. Implementing digital strategies speeds up product improvement, capturing a large market share, and eliciting a positive customer response. 

  1. Creating & Discovering New Sales Channels

The digital world is so vast that infinite possibilities are promised to both information providers and receivers with digital technology. It is definitely a very advantageous place to connect with people, places and things. It is certainly the best venue for building networks and discovering new ones. Taking advantage of the wide space and mobile connections is an opportunity not to be missed for any organization. 

33% of global firms have intensively accelerated their progression in creating new sales channels, according to a report published by Economist Intelligence Unit in 2015. Thanks to digital technology, a common customer experience exists which has connected various enterprises around the world. Devices are not limited to personal computers, but also extended to affordable mobile phones. This means that most of the global population is now a prospect for business and sales. 

The benefits of social media marketing can be incorporated in the company’s digital platform. With hundreds of millions of users on Facebook alone, the social media channel for your trade has become established, improving the reach of your business. 

Create your fully integrated Facebook Store and start selling from within apps. Launch an ad campaign targeting your potential customers and support it with the new content. It will increase awareness and help you turn visitors into buyers.  Additionally, you will be able to offer discounts and promos, encourage social sharing and optimize the layout of your store. 

  1. Better Management Decisions Through Artificial Intelligence

There are many useful functions that Artificial Intelligence brings to the corporate world. It can analyze data as well as providing quick, instant responses to customers, and even automate administrative tasks. Artificial Intelligence may threaten parts of the human workforce, but it makes the managerial and business processes easier and faster. It can provide larger amounts of accurate information that are necessary to improve decision-making for all levels of managers. 

With most supervisors spending the majority of their time in control-based tasks and ensuring administrative coordination, Artificial Intelligence can greatly support them in this aspect by automating activities. More than 90% percent of managers would allow AI to monitor and report certain transactions and information for them, according to Accenture’s Intelligent Automation Report in 2016. 

If large storage of data within the system is always accessible, decision- making can be more comprehensive and critically strategized. In fact, AI could support the management with simulations, data search, discovery and recovery tasks. It could also assist in assessing possible consequences of certain actions and strategies. A survey included in Accenture’s report shows that 78% of managers say they would trust the judgment of Artificial Intelligence. It shortens the amount of time spent by managers on control-based tasks and allows them to focus more on their judgment work. AI is also a trustworthy adviser that is available around the clock. Become a digital disruptor with IMD’s Digital Transformation Programs 💻 

Upskill today to stay ahead of the game in the digital age. Acquire the key digital skills to transform your business and accelerate growth. Explore digital transformation programs 

  1. Easy Acquisition of the Right Talent & Highly Skilled Workforce

Technology has not only provided a fast-paced workplace and efficient operating systems, but also supplied insights on potential employees through improved digital vision. For companies that have prospered within the digital world, 71% have attracted new workers and skills through digital innovation, according to MIT Sloan Management Review & Deloitte University Press in 2016. Job-matching sites such as LinkedIn and Monster allow the change and expansion of the individual’s perspectives when looking for a job and when looking for employees.  Not only are customers drawn into the business, but so are talents that suit the company’s needs for its workforce. Employment and hiring may have become unconventional because of this technological breakthrough, but they are also faster and better. 

These digital talent platforms deliver transparency and efficiency within the labor market. Surveys reveal how working from home is increasingly possible with flexible hours. Technology creates opportunities for stay-at-home mothers and students to work for even just a few hours in a week. This allows firms to fully maximize the skills of the population and positively contribute to the economy. 

The problem of job disparity is less likely to happen because of online analytical screening procedures, thus assuring the acquisition of desired skillful workers for the company. Another benefit of digital business strategy to be considered is how it helps its employees to match suitable jobs easily. Thus, it enhances their individual work productivity and increases satisfaction. According to a report by Altimeter Group in 2016, 37% of digitally innovated companies perceive an increase in their employee morale as an indirect benefit to their company. 

  1. Increased Market Share

According to the report of Altimeter Group in 2016, the biggest benefit of digital transformation, as perceived by more than 40% of executives, is the increased market share it can deliver to the business’ products and services in the long run. Advertising companies are investing more in mobile platforms as businesses continue to innovate on their customer relationships and eventually grow their brands. 

From investing in digital transformation, advertising experts have observed a sustained return on investment because of the increased efficiency in delivering customer needs and ensuring satisfaction.  The market has become fast, convenient and simple, which is what customers want. For example, certain markets such as communications, automotive and finance have strong shares in category searches over the web, as well as website traffic. This is possibly due to the increased use of digital devices around the globe. 

According to independent studies on advertisements by Zenith, it was revealed how a number of elements correlate with brand growth. These include financial performance, media activity, digital activity, and owned and earned content performance, all of which of course require digital transformation. With dominance, or just a boost in market share as a goal, developing digital business strategies effectively contributes to the successful attainment of the goal. 

  1. Better Customer Interaction Through Web & Mobile Channels

Simplicity and real-time services are what customers love about businesses undergoing digital transformation. The countless possibilities for improving customer relationships through the accessible channels of web and mobile are one of the many benefits cited by 32% of global executives after witnessing effects of digitalization, in a report published by Altimeter Group in 2016. This technological advancement has its main goal set on improving customer experience, which was made possible through shifting focus onto customer needs, analyzing data from all customer interactions, and using the results to make meaningful changes. 

It was found that data-driven businesses and organizations are 21 times more likely to acquire customers, six times more likely to retain them, and 19 times more likely to be profitable, according to McKinsey Global Institute. Digitalization also makes assisting customers easier. Even before a customer makes a complaint about a product, they are prompted to do so independently and instantly in the system. Having a hands-on services workforce to respond to these concerns allows customers to make appointments which suit them best, thus enhancing customer satisfaction. Artificial intelligence, automation, applications, machine learning and user interface let customers effortlessly receive what they demand. They also connect businesses and customers more easily. Undeniably, companies adapting to the digital environment are more likely to dominate the market as they offer personalization, immediacy and accessibility. 

  1. Higher Revenues for Your Business

With all the benefits, chances are limitless for a business to profit more when investing in digitalization. Indeed, with efficient workers and systems, better decision-making and judgment, improved products and channels, and interactive relationships with customers, the entire business is transformed. 

Ask an executive and they will likely agree that there is a direct correlation between effective digital business strategies and an increase in business revenues. This particular observation was ranked fifth in terms of benefits that executives deem evident after seeing the effect of this technological change. Customer databases can be readily found with digital means, and these bases can be converted into revenues. 

There may be some industries that have fewer digital strengths compared to retail, for instance marketing and media businesses. However, it is likely that these industries will sooner or later be influenced by digital business and will witness greater and faster growth in revenues in the future. 

CONCLUSION 

Digital marketing platforms are powerful resources for businesses attempting to be present across a multitude of online channels and ensuring this presence is driving value and sales. Tools like Marketing Evolution’s single closed-loop platform enable marketers to measure and optimize marketing performance, sales, and engagement by providing a holistic view into the success of a campaign at every touchpoint. With the ability to track granular data like media exposures, sales, and geolocation, you can derive actionable insights that can inform decisions and guide marketing efforts in the future.  

Social media marketing is about building and maintaining a mutually beneficial relationship with your customer base. It involves a system of keeping in touch with them and constantly showing that you care about them, instead of trying to constantly sell to them. Therefore, use social media platforms to listen and engage with your target audience and prospective buyers 

  

REFERENCES 

 

Greenberg, Eric. Digital Marketing Strategies: The Ultimate Guide to Driving Results. John Wiley & Sons, 2016. 

Chaffey, Dave, and Fiona Ellis-Chadwick. Digital Marketing: Strategy, Implementation and Practice. Pearson, 2019. 

Ryan, Damian, and Calvin Jones. Understanding Digital Marketing: Marketing Strategies for Engaging the Digital Generation. Kogan Page, 2019. 

https://www.imd.org/reflections/digital-business-strategies-part-1/ 

www.marketingevolution.com/marketing-essentials/what-is-a-digital-marketing-platform-marketing-evolution 

https://www.simplilearn.com/digital-business-model-article 

https://blog.axway.com/learning-center/digital-strategy/digital-transformation/digital-strategies 

https://hbr.org/2017/07/6-digital-strategies-and-why-some-work-better-than-others 

https://digitalleadership.com/blog/digital-business-strategy/amp/ 

https://www.imd.org/reflections/digital-business-strategies-part-1/ 

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