As a data conversion service, we know that digitization has changed the way companies interact with customers, employees and business partners. It helps businesses improve their workflow and explore more opportunities to grow and expand. Digital transformation is the integration of digital technology into all business areas that results in fundamental changes of business operations and delivers value to customers. Customer experience is one of the main factors that influences businesses to implement a digital transformation strategy.
Today, customers are spoilt for choice and have good control over their purchasing decision. Customers can compare products and also get reviews and recommendations with their social connections. Due to the new advancements in technology, customer expectations have increased drastically and it can easily turn into disappointment with just one click. This makes customer experience more complex. At present, most of the companies have realized that true competitive advantage depends on creating an engaging customer experience. Since customers have become more and more demanding, it is important for companies to keep track of customer preference and taste.Companies must collect and analyze customer data to provide them with better and customized services.
According to research from IDC, two-thirds of the CEOs of Global 2,000 companies are planning to shift their focus from traditional, offline strategies to modern digital strategies for better customer experience before the end of 2019, and 34 percent of companies believe that they will fully undergo digital transformation within 12 months or less than that. But according to the State of Digital Business Report, 47% of companies haven’t started their digital transformation and 59% are worried that it might already be too late for them to be fully digital. moreover, 55% of businesses believe that they have less than a year before they start facing financial problems and also lose market share.
Digital transformation creates highly engaged customers who are:
- Four times more likely to refer your brand to their friends, family and connections
- Six times more likely to try a new product or service from their preferred brand
- Two times more likely to make a purchase with their preferred brand, even when a competitor has a better product or price
90 percent of customers are more likely to buy more i.e. spend 60 more per purchase, and have 3x the annual value. According to a study at MIT companies that have adopted digital transformation fully have 26 percent more profit. This shows that digital transformation of businesses generate more revenue.
The New Digitally Conscious Customer
In the world of new technology like mobile devices, apps, machine learning, automation allow customers to have what they want. This has also changed customer experience. Due to the opportunities that rise from using modern technology, customers often rate. The digital change first wants you to rethink how your want to interact with your customers:
- B2B sales team: For B2B sales team, digitization means replacing cold calling with social selling. Your team should be active in social media and instead of waiting for customers to approach you, contact them, build a relationship with them and educate them. You can share relevant content to do so.
- Marketing teams:Digitization for marketing team means minimizing spending on offline marketing strategies. Our customers want (and expect) highly targeted messages, which can only be achieved through a data-driven marketing strategy. Digitization now provides search engine marketing,account-based marketing, email marketing and so on.
- Customer service teams: Customers no longer have to wait for calls or fax now. With digitization, there are proactive ways of helping customers with social media, websites, forums etc.
Tips for Easy Digital Transformation
In the year 2018, out of $1.3 trillion, $900 billion was wasted due to the improper steps take companies to undergo digitization. Here are some tips to transform your company to a completely digital system.
- Using the right technology is the key for businesses to shift to a digital age. Around 45% of executives believe their companies lack the necessary technology to plan a digital transformation strategy. Today, organizations realize the significance of implementing the right tools for digitization and 86 percent of businesses believe that cloud technology is important for digital transformation. The cloud system helps companies to be fast, dynamic and flexible and acquire the ability to test new projects that are cost-effective and low risk. Connecting SaaS applications like customer data base, big data analytics, mobile apps, web apps etc will help you have a 360 degree view of your customers and also provide a better customer experience.
- Today’s customers want unique, customized customer treatment. According to Accenture, 75% of customers admit that they are more likely to buy from a company that recognizes them by their name, knows their purchase history, and recommends products based on their past purchases. The customers are happy for organizations that improve their experience. So make sure to invest in a good CRM system. It helps to analyze and study customer-related data based on a customers’ previous interactions with your company. By evaluating general requests, product quotes and support enquiries it enables you to get a good understanding of your customers and also lets you create highly targeted messages to match customers’ individual preferences and needs and provide a more personalized experience.
- Customers expect excellent customer service system. Typically, a customer making a complaint, expect a response within one hour. The instant need for customers to get a reply is another factor persuading businesses to be digitized so that all data are easily accessible throughout the day. Today, customers browse various channels and interact through social media, reviews and so on.
- Understand your customers.Find out what your customers want. Using the data available, find new insights into your customers’ purchasing preference and habits and then develop a more effective marketing campaign. Don’t hide the fact that you are collecting their data from customers. Today’s consumers know that their personal data is being collected and 87% believe it’s important to be able to control and review it.
- Provide value. Always remember to focus on providing value. If the goal is to create a better customer experience, make sure that each step you take towards digitization helps you in some manner. Look for areas in which the experience you provide could improve,and figure out how technology could help you solve those issues.
This is a competitive world and peers continue to raise the bar of customer experience. Businesses are always looking for methods to deepen engagements with their target audience. This is possible by collecting valuable customer data, analyzing it and identifying their needs and delivering customized service to each customer. All data can be streamlined with the efficient support of data conversion company. For optimal customer experience the company should use both active and passive data to understand the customer’s needs. Companies must collect customer data and analyze it to provide a better customer experience. Digital transformation provides organizations an opportunity to engage modern buyers and meet their expectations of a seamless customer experience.