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How has digital marketing changed companies?

 

The amount of pressure on companies concerning customer satisfaction is enormous. Many efforts have been made to boost the levels of satisfaction up. Bringing up Digital Marketing is one such attempt to revolutionise the perspective of a company towards its customers.

Typically, Digital Marketing refers to marketing campaigns that appear on a computer, phone, tablet, or other devices. The practice of shifting from a traditional method of marketing to a digital one is referred to as ‘Digital Transformation’.

It is false to assume that this transformation was immediate and occurred in the blink of an eye. Companies have spent large sums of money and time researching the right technology and introducing the most effective tech-savvy methods to uplift their businesses.

The approach towards a customer is the deciding factor of the success of an organization. Primitive approaches to treating a customer like a nobody have become irrelevant. The ‘Customer is King’ approach was introduced even when traditional methods of marketing were in practice.

The role of the digital marketing method was to intensify this approach further. Having access to a mobile phone or a tablet is not something that is ‘unattainable’ in the present times. There are places with a shortage of drinking water but the people living there are as digital as people living elsewhere.

According to Mckinsey, by undergoing digital transformation in the customer experience process, B2B companies have experienced revenue growth of 10 to 15% and cost reduction of 10 to 20%.

The ‘why’ behind this digital transformation has been answered.

The main question is, How did it take place?

This calls for a detailed analysis of a funnel. Funnels were traditionally used by marketers to formulate a roadmap to convert a potential lead into a customer. The funnels are designed in the digital space as well. A digital funnel includes:

  • Awareness: This is the first stage where the customer realises that a brand exists. This can be done by popping ads
  • Interest: This occurs when the shopper decides to surf more about the brand and its relevance for their
  • Consideration: This is an indication of a serious interest shown by the
  • Intent: This happens when the customer intends to purchase the product/service thoughtfully.
  • Decision: Finally, the lead is converted into a customer if the purchase takes

With the aid of the digital world, tracking customer behaviour has become possible. Earlier, marketers would design the funnel and rely on the game of guesses to identify a potential lead. This process has been simplified with the introduction of a digitally conscious society.

When a company has access to a large amount of data of a customer, it is inclined towards extracting meaningful information from the data and use it to tackle the pain points of a customer.

This also changes the attitude of the company towards their customers. Prioritising a customer provides a twin benefit of a significant increase in sales and customer retention.

Companies have used this tactic in several ways to inculcate a better customer-driven environment digitally:

  1. Providing a personalised journey to a customer- A customer tends to be attracted to a company if it gives a ‘human like’ feeling. Many companies in the corporate world have followed this practice and have seen their engagement rates shoot up by whopping rates. Apple is known to conduct live streams even before the launch of a product. This keeps the customer connected to the brand and develops an interest in any future activities. A personalised journey can begin simply by engaging with the customers by handling their grievances online.
  1. Cultivating Intimacy- It is possible to have access to customers’ data online. While some may consider this statement as a useless piece of information, some organizations use it to their potential. Myntra is one such organization. You may notice that you receive notifications like ‘Your cart is waiting for you ‘ if you add something in your bag and do not complete the payment process. This is an effective method used by shopping and retail companies to increase their
  2. Tackling Nano-Influencers- Initially, macro-influencers who had a large audience on their respective social media platforms were used to promote a product/service. However, this approach has changed. Nano-influencers with fewer followers but more credibility are used. This is a witty technique as people are more likely to get converted if they see someone similar to a customer. Companies like Pepsi are using this approach in the present
  3. Putting up relevant content- It has become crucial for any organization to put up content in the form of blogs, vlogs, quizzes, etc. Even so, it is important to note that the content must not feel like a pressure to engage with. Humans are in direct contact with an infinite amount of content. This term has been coined as a content shock.
  4. Engaging with the audience regularly: It is important to engage with the audience and let them know that they are valued. Zomato is doing a commendable job by engaging with its audience like a friend. It has used all sorts of platforms to interact with potential people in the form of stories, memes, posts, live streams,

It may occur to companies that the space of digital marketing should be used in all the ways to approach potential customers. On the contrary, a critically designed approach towards the customer shall be taken into consideration. The world of all things digital is evolving. It changes frequently and it becomes difficult to keep a track of all of the changes. Thus, a wise digital strategy shall be used. A company selling home furnishing products may not have the need to advertise their product on LinkedIn. If they do so, it may actually serve as the factor that pushes a lead away from the company.

Additionally, internal harmony must be maintained. In present times, there is a gap between people in terms of tech-savviness. The employees should be provided with proper training with respect to digital marketing. In case of any internal conflicts, the customers shall not suffer.

The Number One thing that has made us successful by far is obsessive-compulsive focus on the customer.”

-Jeff Bezos

This customer-oriented transformation of a company has been supported by evolving technology and a set of experts in using the technology to the best of a company’s interests. If one aims to stay relevant in the industry in the long run, one should invest in a world where strategic marketing takes place online.

 

References:

https://digitalmarketinginstitute.com/blog/9-ways-digital-has-changed-business- forever

https://digitalmarketinginstitute.com/blog/how-is-digital-transformation-changing-marketing

https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/how-digital- marketing-operations-can-transform- business#download/%2F~%2Fmedia%2Fmckinsey%2Fbusiness%20functions%2Fmarketing

%20and%20sales%2Four%20insights%2Fhow%20digital%20marketing%20operations%20c an%20transform%20business%2Fmck_how_digital_marketing_operations_can_transform_b usiness.pdf%3FshouldIndex%3Dfalse

https://www.tcs.com/perspectives/infographics/digital-transformation-should-start-with-the- customer-experience- report#:~:text=Focusing%20digital%20transformations%20on%20the,humans%20or%20digi tal%20assistants%20such

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