How to Increase your market share with Digital Business Strategies
Digital business strategies ensure that businesses keep up with the industry yet some people still doubt its efficacy. When considering the benefits of implementing a digital business strategy, it’s important to look at all aspects.
Despite these definitions, some questions still remain.
- What do you achieve by implementing digital business strategies?
- How can you increase your market share using an advanced digital strategy?
This article provides detailed information on how increasing your company’s use of technology can positively impact everything from customer experience to lead generation rates.
Here is the plan to increase your market share:
1. Implement a Digital Marketing Campaign
A digital marketing strategy achieves many positive things for your company and brand by creating increased awareness of your products and services. Marketing campaigns reach out to customers in simple yet efficient and accessible paths. One of the reasons why an increasing number of companies shift their efforts to developing digital business strategies is because of the improved chances of reaching a greater number of prospects and customers and increasing awareness of the entire business. Even advertisers believe in the higher return on investment when investing in digitalization.
With companies adapting to the digital business transformation environment, the competitive advantage becomes harder to attain. Making certain a powerful digital marketing campaign is part of your tactics can benefit you greatly, increasing your touchpoints around the world.
Executives who have been successful in implementing digital transformations report that having a website and app running is already an advantage, but that it is almost never enough. Efforts placed on mobile and web marketing and advertising are a long-term investment with greater revenues expected. And indeed, they need strategizing before achieving desired outcomes.
Tip 1. Use Search Engine Optimization (SEO)
Contact content marketing specialists that will help you use search engine optimization processes to increase traffic and awareness for your company’s official website. You have to put strategy into action months in advance as the process may take time before making an impact in search engines such as Google.
Tip 2. Develop Brand Awareness
Avoid sending lots of promotional messages in your official social media channels. This will just put off your potential clients and customers. Focus on delivering more value to the audience instead. Give them more meaningful content, provide tips or highlight some benefits of using a product or subscribing to a service.
Tip 3. Compute your ROI on digital marketing
Continuously measure the sales you generate from using digital marketing processes and search engine optimization. Use Google Analytics to track how many people have visited your site. In addition, measure the sales and how much net profit has been generated. Sales conversion is far more important than website traffic.
2. Provide Better Customer Experience
Digital business strategies that are not properly planned may generate longwinded results. The digital space offers endless openings for customer interaction and product development, but in the absence of appropriate planning and implementation of well-defined and well thought out decisions, the benefits may not come through, or be minimal.
The ultimate goal of digital transformation is delivering a better customer experience by making real-time transactions easy to access, speedier to complete, and more affordable than traditional means. Instigating these technological plans may require employees’ greater understanding of how digitalization works, in which case training may be of help.
Taking advantage of automation and Artificial Intelligence and what they can do for the firm and its customers is something that an executive must never fail to realize. With AI and creative user interfaces freely offering automated and instant responses to customers, they may well be the most effective front liners when interacting with customers. They provide support, checking and simulating several options for clients.
Digitalization does not only stop with creating a website and an application. It needs deliberate planning and practical application. The customers expect a lot from businesses that have gone down the digitalization route.
Tip 1. Define what you want to output
Create a specific set of statements that will guide you to achieve an ideal customer experience. Focus on the benefits the customers can get from buying your products or subscribing to your services.
Tip 2. Define a unique twist
Assess whether your products or services are entirely new or are reinventions of products and services that already exist. If they are entirely new, state the reasons why you would be successful in satisfying customers. If they are reinventions, state the reasons why you address customers’ needs. Additionally, state the differences between your offerings and those of your competitors.
Tip 3. Apply some high-level quantification
Write down the customer experience vision for your business with some high-level quantification. It shouldn’t be too broad, or so grand that it can’t be achieved. Equally, it shouldn’t be so narrow that it cannot easily be achieved without exerting effort.
Tip 4. Add human, “real world” aspects
Add a real-life aspect into your vision that everyone can relate to. In this manner, it becomes more memorable for you, for your employees, and for the customers and clients as well.
3. Use Artificial Intelligence to Learn More about Customers’ Needs
Because of its multiple uses and advantages, Artificial Intelligence is a definite must-have. AI can interact with a customer online, accumulate accounts, and analyze data from records in history. It often provides advice or suggests ideas on how to make efficient decisions. Many managers at all levels rely and trust the system’s judgment.
The primary function of Artificial Intelligence is data analytics. It means that information does not just stay stagnant in the cloud; AI makes sense of it and uses the information in the development of products. It can even be more helpful in ensuring the accuracy of market segmentation and knowledge of what the customers really do or, indeed, do not want. This is essential when creating strongly-founded customer bases. The better the business serves its customers, the better the products, the more satisfied the customers are and the more beneficial the outcomes.
Artificial Intelligence can do a lot more than just digitalizing formerly human tasks. With this technology within your reach, it is possible to utilize it to gain knowledge about the population and market it is serving, and make use of this information to deliver excellence above expectation.
4. Seek Advice
Having effective digital strategies for industries such as marketing, media and retail has been proven to generate seamless results effortlessly. Communications, automotive and finance industries also continue to advance with more traffic within websites and share amounts in category searches. On the other hand, some industries score low in their digital strength such as real estate and utilities. This means that they are likely to be impacted but perhaps not as immediately. As long as digital business strategies are properly decided and actually practised, the trends of bigger user base and better channels are intact. Some industries simply have a stronger consumer discretionary base than others.
It is necessary to understand that digital transformation performs differently from one industry to another. In rare cases where the company questions which business strategies to use, and how to implement them strategically, it is better to heed recommendations from related industries. Digitalizing indeed ascertains ROI and other benefits for all commerce. Approaches to customers may differ, thereby needing professional help from experienced individuals to design a perfectly suitable digital business strategy. As part of their digital strategy, many organizations are now online and on mobiles, so it would not be a strenuous task to observe or even ask for more ways and better techniques to impact their industry through digital transformation.
5. Use Big Data and Analytics to Find Business Opportunities
Digital transformation has guaranteed us big data and analytics and these certainly have a positive impact on the entire business. With the cloud’s capability to store staggeringly large amounts of data, and AI as well as other features are able to analyze these inputs, companies can deliver significantly improved services and provide better products and customer experience than ever before.
Machines may have been considered a threat to the workforce, but human intelligence is still very much needed within the corporate world. Huge data storing and analytics are where digitalization could help. However, decision-making and judgment as well as advertising ideas are stimulated and created within the human brain. There is also the responsibility to look for the company’s business opportunities. Data and analytics are useless if marketing executives do not take advantage of them properly.
The vast amount of data, information and analytics can achieve so much; from segmenting markets to assessing consumers’ needs, as well as assisting top-level managers in making large-impact decisions.
Tip 1. Utilize RapidMiner software
Utilize RapidMiner software as a powerful data analytics tool. It will give you a cohesive environment for text mining, data preparation and analysis, predictive analytics, machine learning as well as deep learning.
Tip 2. Utilize SAS software
Utilize SAS software to make better business decisions. It can also simulate all possible outcomes of a particular decision. With this data analytics tool, you can easily perform customer profiling and predict customers’ spending habits and behaviours.
Digital Business Strategies & What It Means For Your Business
Digital transformation requires a well-organized and active digital business strategy for firms to fully reap the benefits and take advantage of advances in the market. It is both taking advantage of an opportunity and ensuring survival as companies increasingly invest in digital technology and digital strategy.
It is essential to see what technology can do for you, for your company’s workforce and operations and critically, for your customers. To understand more and be able to develop better digital business strategies, it is necessary for you to get background knowledge. Enrolling in prestigious and competent business schools such as IMD will be of great help.
With IMD, learning digital and strategic management has been made more learner-friendly and effective. The courses foster relationships between business people from around the world, enabling students of various nationalities to interact with different business cultures through classroom discussions and personal conversations.