Digital disruption has left businesses vulnerable to the threats of survival due to the increase in new technologies, is your business equipped to endure the pressures of the digital evolution?
The MIT Sloan Management Review along with Deloitte revealed that only 44% of business managers and company executives had confidence that -their businesses were prepared for an age of digital disruption. The study found that as much as 50% of company employees felt that the companies they worked for lagged behind in digital innovation.
In the midst of social and digital innovation in business and marketing, companies are seemingly pumping out more digital content than ever before. This strategy, however, is failing to increase a Return on Investment (ROI).
Coupled with a high rate of businesses who feel they are ill-prepared for a digital era, this means trouble. While social media and a healthy online presence are essential for any company in the digital age, posting amass of content and garnering larger follower numbers is just not enough. Business owners have failed to utilised digital platforms, while not possessing a clear realisation of the potential these platforms can afford a business, in an age where social media is rife.
Social media has spawned an age where communication has become instantaneous, with the immediacy of offering people around the world a means to connect seamlessly. Finding its purpose as a tool for communication with loved-ones, establishing acquaintances or even finding a job – social media and the internet have been highly under-utilised as a means of business growth and continuity. Despite this, numerous business which does make use of social media have since been lead to believe the misconception that the higher the following they possess on social platforms, the higher the opportunity to generate revenue.
To this end, globally, a secular consumer trend is showing an increasingly advanced technology creating a demand for businesses to offer a personalised service that is more proactive. The rise of software-based companies like Netflix and Amazon shows that customers are placing more trust in software, which is providing them with a better experience than ever offered before.
While consumer behaviour is undergoing constant change and evolving at a faster pace, tradition firms in all sectors are failing to deliver what customers want and need in a digital era. With more people becoming empowered customers through software, it is imperative for businesses to avoid failure by switching capital from what does not work on what strategies have a proven track record.
Dennis Kirwan, CEO of Dymic Digital, wrote in Forbes CommunityVoice, that “social media platforms like Facebook and Twitter hit the marketing industry like an asteroid slamming into Earth; they kicked up so much dust that it left everyone temporarily blinded and confused as to what to do next. At this point, the dust has settled, and the tremendous value that social media brings to even the most modest of digital marketing campaigns is evident.”
The 2018 Global Digital Report has revealed that the number of internet users worldwide in 2018 is 4.021 billion, up 7% from 2017. Meanwhile, the number of social media users worldwide in 2018 is 3.196 billion, up 13% from the year prior. With the ever-growing figures of social media and the internet, it is evident that the target audience every business is trying to attract is already active on the internet.
There are scores of benefits to a business with a digital strategy, which include engagement which is critical to trust, and conversation generation and offering a business its voice. Traditional marketing strategies have also shifted toward social media even in the cases of B2B. Numerous business now using Twitter, Facebook and LinkedIn to engage with their audiences and some even use it as their primary use of communication with their audience.
Social media platforms have the potential to bring significant value to businesses in the form of lead acquisitions, in a more cost-efficient and effective way. Firms who have cottoned on to social media marketing has effectively managed to reduce costs for 45% of companies, according to the SproutSocial. The company also revealed that revenue increased to 24% of businesses when they utilised social media for lead generation.
While the digital space present business owners with new avenues of revenue and engagement with their audience, the downside of not adopting a formidable approach to digital, can leave a business stagnant or worse, their existence vulnerable. Without leveraging a company online and through user-friendly social sites, business risk losing a majority of customers as they transition to digital or mobile ads for their primary source of information.
It can be deduced that that for business success and continuity, adopting a strategic digital approach is of paramount significance. The absence of a digital presence in the digital era has in some cases has been described as the death of a business, and this is not industry-confined. Social media and digital presence have become a less of a novelty for companies but rather a necessity, while also being pivotal to success.
The digital era may still hold many surprises for business but at the same time could create new business opportunities and ways to connect better with the consumer, than ever before. However, now a safe assumption is that the business will not survive very long is they fail to adapt, in an age which already caused the death of well-established companies which were unable to innovate and adapt.