Digital transformation a must for all business to stay competitive

January 26, 2017

 

Digital transformation is imperative for all businesses, from the smallest to largest the enterprise. That message comes through loud and clear from seemingly every keynote, panel discussion, article, or study related to how businesses can remain competitive and relevant as the world becomes increasingly digital.

Transforming Customer Experience with digital approach

The three major building blocks with which companies are digitally transforming customer experience are customer understanding, top-line growth and customer touch points.

  • Customer Understanding

Exploring social media to understand what makes customers happy — and what leads to customer dissatisfaction. In addition, companies are promoting their brands more effectively through digital media. Companies are also building new online communities to advise and build loyalty with clients. Building analytics capability to understand customers in more details is also an important element to understand the customers’ need. Some insurance companies, for example, are improving their portfolios and cost structures through analytics-based underwriting and pricing.

  • Top-Line Growth

Companies are using technology to enhance in-person sales conversations. For example, financial services companies are using tablet-based presentations instead of paper-based slide decks to make sales pitches. Insurance firms are introducing mobile tools to help sales people and customers engage in analytics-based planning. A medical device sales force is replacing personal interactions with digital interactions. When visiting a doctor’s office, a salesperson leaves an iPad with video and other information on new products. The aim is to get the doctor’s attention — without interrupting the physician or impacting busy office schedules — in order to obtain a 10-minute conversation when the salesperson returns to retrieve the iPad.

  • Customer Touch Points

Customer service can be enhanced significantly through digital initiatives. For example, a bank established a Twitter account to answer client complaints quickly, helping customers avoid going physically to a branch. This digital initiative also leveraged an expert community, allowing crowd sourcing with several employees and other customers.

The benefits of adopting digital ways of working:

  1. A better customer experience

32,000 retail bank customers globally found that key to winning, growing and retaining customers in an increasingly competitive banking environment was a great customer experience. (EY Survey)

A positive customer experience starts with every internal team within your business understanding their role in delivering that experience. Instill place processes and tools to educate staff about your organisation’s most valuable marketing asset – your unique brand promise, enabling them to deliver a consistent and positive brand experience through your entire customer journey.

  1. An enhanced brand reputation

Today, 81% of executives are placing the highest priority in actively managing their bank’s brand or reputation compared with 68% in 2011. (Accenture)

  1. Streamlined operations

58% of organizations have failed to adapt their internal processes for digital. Streamlining operations saves time, money and allows your teams to be more efficient with their time PA Consulting, Digital Barometer).

  1. Increase in sales

Companies that have embraced digital transformation are 26% more profitable than their average industry competitors and enjoy a 12% higher market valuation. (MIT Center for Digital Business)

  1. Retention of customers

A top priority for marketers in the financial service industry is retention and growth of their customer base. (Econsultancy and Adobe)

 

  1. Extending the reach of your organization

 

Technology allows you to manage, use and exploit all the different digital channels and touch points available in this era of digital marketing. (Brandworkz)

 

 

 

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