Digital transformation involves integrating digital technology into all facets of a business, changing how you operate and deliver value to customers. Furthermore, it is a cultural shift that requires organizations to experiment, learn, and get comfortable with failure.
All businesses, no matter how small or large, must embrace digital transformation. As the world becomes increasingly digital, that message is loud and clear from every keynote, panel discussion, article, and study addressing how businesses can remain relevant and competitive. Many business leaders don’t understand what digital transformation is. Do you think it’s just a catchy way of saying move to the cloud? Are there any specific steps we need to take? Is it better to hire a consulting company or design new jobs to help us create a framework for digital transformation? Do we need to make changes to our business strategy? Is it really worth the effort? Let’s deep dive and answer all these questions today.
The Most Common Pain Points in a Digital World
65% of CMOs and marketing leaders cannot quantify the business impact of their marketing efforts.
Let that sink in for a moment. According to the semi-annual CMO Survey, only 35% of companies can quantitatively measure the sales and revenue generated by their marketing efforts.
These are marketing professionals with the teams and resources needed to measure their marketing efforts. Yet they still struggle to measure the ROI of their marketing budgets.
If the seasoned professionals struggle with digital transformation and marketing measurement, how are small and medium sized businesses supposed to compete?
Our clients describe these pain points most frequently when they first contact us. Rather than a lack of knowledge or capability, their root issues are usually caused by asking the wrong questions or making incorrect assumptions.
1. There is no way to tell if our marketing is effective
Upgrade your analytics capabilities to track conversions online and offline, and measure ROI. To get a full picture of your performance, integrate your digital marketing metrics, website analytics, phone call tracking, and CRM systems.
2. Our market share is being taken away by competitors
Understand how your positioning, digital footprint, budgets, and content differ from your competitors’. Decide whether you want to attack them head on or exploit their weaknesses.
3. There is a need for more data
Examine your data collection tools and methodologies to determine whether you really need more data or if you can make better use of the data, you already have.
4. Our agency or team turnover is high
Build strong partnerships based on trust by setting clear expectations. The best results are achieved when teams rally around shared goals.
5. Our approach is reactive rather than proactive
Clearly define your business objectives and success metrics. To accomplish your goals, develop strategies, tactics, and timelines. Identify the person(s) responsible for each and schedule regular progress checks.
How can we measure ROI on digital transformation?
Leadership must quantify the return on investment of digital transformation efforts. With cross-functional and business-boundary projects, changing how a company goes to market, and reshaping customer and employee interactions, that’s easier said than done.
Some projects have short-term payoffs, such as revamping a mobile application, but others are aiming for long-term benefits.
Further, the Enterprisers Project, a community of CIO and IT leaders, has reported that “digital transformation efforts are ongoing and evolving, which can impair traditional business value calculations and financial governance approaches.”
It is still crucial to quantify success to continue investing. Technology alone isn’t enough – it must be linked to monitoring key performance indicators on customer insights and business process effectiveness.
1. Create a list of initiatives
Businesses must adapt to the ever-changing landscape in order to succeed. Identifying opportunities to improve the business means continuously evaluating the market. It’s easier said than done, of course. It can be difficult to even know where to begin when there are so many factors to consider. The process can be simplified, however, by following a few steps.
- Take a close look at your target market first. Are there any needs that are not being met? Are there any emerging trends?
- Consult with experts in your field. It is possible that they have insights that you haven’t considered.
- Last but not least, don’t be afraid to think outside the box. There are times when the best opportunities are those that no one has thought of.
These steps can help you position your business for success in an ever-changing market.
2. Analyze the business objectives
It is crucial for businesses to focus on a few key goals in order to be successful. When you try to do too many things at once, you may end up with subpar results.
Customer satisfaction may be sacrificed if a company’s primary goal is to increase revenue. They may not be as productive if customer satisfaction is their top priority. For a company to be successful, it is crucial to find the right balance between goals.
3. Identify your investment goals
The definition of investment goals is a detailed process that requires careful planning and execution. Identifying the type of investment needed is the first step. Investing in technology, infrastructure, or staffing, for example? In order to determine the amount of money required for an investment, the type of investment must first be determined.
It will depend on several factors, including how large the business is and how fast it is expected to grow. After determining the amount of money needed for investment, it is possible to develop a plan for achieving it.
4. Measuring value
Establishing clear metrics for success is a crucial step in launching a digital transformation initiative. In order to track the progress of the project, these metrics should be closely linked to value creation and delivery. This will enable organizations to maximize their digital transformation investments and meet their desired outcomes. In order to succeed in a digital transformation project, organizations must establish clear success metrics.
5. Establish a timeline
A business owner knows the importance of return on investment (ROI). It’s important to remember, however, that ROI isn’t a vacuum. Setting a strict time frame for measuring digital transformation ROI is essential to getting an accurate picture. In this way, the numbers will not be skewed by factors outside the scope of the study. It’s also important to look at the baseline metrics so you know where you stand. The next step is to set incremental goals within the timeframe that can be monitored. These steps make it possible to paint an accurate picture of ROI.
Ask yourself if you’re taking enough risks.
“When analyzing digital transformation investments, it’s best to take a portfolio view rather than a project-level view,” says Cecilia Edwards, partner at digital transformation consultancy Everest Group. An organization’s digital transformation efforts must be viewed holistically, just as a mutual fund manager or venture capital firm would do.
A project’s underperformance shouldn’t reflect negatively on IT’s overall efforts, so this is especially important. Furthermore, it builds tolerance for the necessary risks that must be taken to achieve a true digital transformation.
Consider the following best practices regarding digital transformation metrics:
- Establish initial metrics in advance
- Developing micrometrics for agile experiments: Learning and adjusting are the goals.
- Analyze business outcomes: Revenue growth, lifetime customer value, time to market, operational outcomes, productivity improvements, scale, operational efficiencies, and cost impacts.
Here’s How ClinkIT Can Save the Day!
Working with the right partner can make or break your company’s digital transformation.
ClinkIT Solutions is an IT & Business Solutions Company founded in 2015. They are an 8x Microsoft Gold Partner that creates proven business solutions by providing software, hardware, and services to over 100 startups and multinational clients worldwide. Focused on delivering world-class solutions, ClinkIT helps businesses transform, thrive, and excel.
Are you looking to digitally transform your business? ClinkIT Tech provides bespoke software that meets the needs and wants of your customers as well as your company’s brand. As technology advances and users evolve, bespoke software is in greater demand. Having great software, hardware and tech services are all time-tested and proven business solutions that make your business even better.
ClinkIT Tech offers a wide range of products, training and services to meet your needs. These include Microsoft Solutions, App and Software Development, Cloud Engineering, Managed Services, E-Learning and more.
Were you hit hard when we listed the most common digital pain points above? (No it wasn’t a personal attack!) ClinkIT Digital can help you connect with your audience, increase visibility, drive traffic and sustain profitability.
ClinkIT Digital is a team of passionate problem-solvers and out-of-the-box technical thinkers. Working with them pays off because it takes complexity off your plate and makes your website and social media assets perform for your business.
From website development and support to creative design, content development, public relations, paid advertising, and campaign development – ClinkIT Digital will help make sure you never experience those pain points again.
One of the most challenging parts of digital transformation is the amount of support you need to provide your customers 24/7. This is where SaaS steps in.
SaaS customer support involves assisting customers before, during, and after the sale. Your support team helps customers with problems and questions.
ClinkIT SaaS Support offers an omni-channel platform, technical savvy and fluent English speaking professionals, and 24/7 support to provide 5-star service for your customers anytime, anywhere.
ClinkIT gives you a clear edge when it comes to digital transformation.
You can try and fail until you find the solution that works, or you can supercharge your digital transformation with a trusted partner that has a proven track record.
Whether you need Tech, Digital or SaaS Support – ClinkIT is an awesome choice that you won’t regret.
You can count on ClinkIT Digital to handle any size project or marketing campaign.
Get a free quote from us today!
