Marketing strategies have progressively evolved after going through various stages since the end of the 19th century. The advancement in marketing strategies has given rise to the concept of business development. Gone are the days when people used to advertise in newspapers and billboards for their brands. From 2010 and beyond, the internet seems to make up more than 25% of the world’s population and mobile communication has become so dependent that 70% of the world’s population now owns a mobile. When the internet was first introduced, people used to wait in long queues to use it in cyber cafes. But, with the new devices constantly hitting the market, and innovation sparking the interest of consumers, bridging the gap between the internet and mobile devices are getting easier now.
Digital revolution is a term that we are hearing more often in today’s business world. The term refers to the rapid advancement of information technology from analog to digital. It presents a narrative of change; shifting from papers and human-driven labor to bytes and computer-driven labor. This revolution is a result of many mini and micro-revolutions some of them mentioned above like the rise of mobile devices, usage of internet and predictive analytics over the past few years.
In today’s world, technology is the greatest asset for a business. The new digital era has not only changed the tools that companies work but also the way they work and most importantly the customers’ expectations and demands. You can now directly hear the voice and thoughts of your customers through the power of social media. You can change your organizational structure, business model and customer offerings at a faster pace through digital means than ever before. You can forecast better, make precise decisions in critical areas through the huge amount of data you could collect online.
The rise of Facebook, Twitter, LinkedIn, Instagram and other platforms full of user-generated content shows how the web has transformed itself into a democratized content market. You no longer have to own technologies like servers, operating systems with the rising of cloud computing. You can let your employees be more productive than ever through mobile computing.
With the technology getting bigger every passing day, “going digital” now is not limited to the major giants anymore. Small to medium-sized enterprises should also grab this opportunity to utilize the digital transformation to boost competitiveness in the market. But still, there are SME(s) who continue to put most of their money into local newspapers and billboards because of the lack of awareness about the power of digital marketing.
SME(s) should adapt the logical means of capturing new clients through digital ads. Digital ads are focused on users based mostly upon their searches and pages viewed, therefore delivered directly to likely buyers. It is one of the most cost-effective methods of marketing in the current digital environment.
Secondly, with the arrival of smartphones, the internet is within the reach of millions which has also changed the ways people live and work. Customers have found their way to online services. They demand easy access, the immediate response around the clock. So, the SME(s) should move to mobile apps to meet the increasingly demanding expectations of customers and partners. Online shopping, e-banking, and electronic payments have all become established concepts and it is important for SME(s) to invest in above that allow them to respond faster and create a better customer experience.
In today’s era of digitization, it’s just not about investing money but to invest time to take advantage of modern technology as an investment in innovation is the key to business growth irrespective of the size of the organization. You need to consider the impact digital marketing can have on other aspects of your business such as collaboration, team structure, deliverables and product, and service development. Digital resources are more and more readily available and are the weapon to identify collaboration and team structure. Social media platforms like Instagram, LinkedIn, Twitter and Facebook are the platforms that will take your organization’s workflow to the next level.
With the digital revolution in full swing with enterprise applications, social networks, smartphones, sensors and with consumers fully engaged in it, it is one of the wonderful opportunities for entrepreneurs to adopt, adapt and grow. It can be adapted easily due to its low up-front and variable costs. The digital eruption combined with innovations has changed the way businesses work, the cost involved and the relationship between people and machines.