All industries today are embracing digital transformation and unlocking innovation. Customer experience is more important than ever. So, how can companies unlock the opportunity to drive growth? And, how can organisations leverage digital marketing as a channel?
Here’s What’s Going On
There are three key trends driving change: digital natives; connected devices; consumer business-driven models.
Digital natives are an important trend that is driving change. By 2020, most of our customer audience will be digital natives. This means our communication and engagement needs to be aligned not only on what we say, but how we show up. Expectations are higher, and immediacy is expected.
Connected devices are impacting customers, employees, and products. The data made available from these devices gives organisations an enriched view of the customer. The data alone will start to change how we live, work and buy in a way we never imagined.
New business models: Barriers to entry into any industry now are so much lower. New inventive business models are born every day, advancing how we live our lives. For example, Dollar Shave Club, such a significant disrupter to FMCG and Retail, Unilever bought the business for $1bn. Eyes are now on healthcare, finance, manufacturing, and education, where we already see new models emerging, such as digital health, pure play banks.
Tech driven organisations; if you examine the top five publicly traded companies over the last few years there is a significant shift from blue chip companies (that build physical products) to tech businesses like Amazon, Apple, and Microsoft. Amazon is now worth more than all the physical brick and mortar retailers in the US alone.
There is one constant at the centre of everything: the end customer. However, the way we market to customers has changed. The traditional linear path to purchase is extinct. Customers are at the centre of all channels and touchpoints; always on.
"Eyes are now on healthcare, finance, manufacturing, and education, where we already see new models emerging, such as digital health, pure play banks"
What is the Opportunity?
Digital advances and big data bring an enormous opportunity in the world of digital marketing. In time, with new business models, we will have more ways to connect with customers. The Internet of Things brings with it a wealth of data available for organisations to mine with artificial intelligence. These new resources will allow organisations to be faster and more relevant. Customer needs will be delivered quickly and efficiently. What was once unstructured data on social platforms will now provide insight into what and where customers are sharing, buying and conversing. The consumer footprint will build exponentially.
Digital marketing today gives us the opportunity to deliver hyper-personalisation. We are now able to deliver tailored, relevant experiences to individual customers. Organisations now have the ability to know where customers are and how they live their lives. This is important for two main reasons; first, allowing us to market to an individual level…Perhaps, there’s more than just B2B, B2C with a new term emerging B2I (Business to the individual). With digital natives being our main audience, this is key.
How can You Apply this to Your Organisation?
Organisations can use digital technologies to create stronger customer engagement. Driving adoption of technology across your organisation, from marketing automation platforms to CRM. Digital integration enables organisations to deliver more engaging customer experiences that are personalised and relevant to individual level. Building a digital ecosystem that incorporates digital technology like never before will create business impact via innovative platforms, product strategies, and customer-centric marketing.