Recent digitalization has had a profound impact on all aspects of our lives. In fact, it’s been called the fourth industrial revolution – and with good reason. This shift is transforming how we live, work, and interact with the world around us at an unprecedented pace and scale. At Boston Digital, we frequently discuss the influence that digital transformation has had on the business processes, culture, and customer experiences of each of the different industries we work with. It can be difficult to nail down a precise term for “digital transformation”, broadly it refers to a series of patterns and behaviors where both consumers and businesses have increasingly conducted their existence in the digital realm. A digital transformation in marketing represents a larger shift from digital complacency to the active pursuit of digital excellence through the proper usage and optimization of your digital channels.
Today, marketers are being tasked to connect with digital natives who have come to expect a seamless, personalized, and convenient experience across all channels – and the technology industry is no exception. In today's digital era, customers need a more personalized and engaging connection with the brands they do business with. To meet these rising expectations, technology companies need to move from merely doing digital to being digital. By applying innovation and digital technology to existing or new business models in strategic, creative, and agile ways, technology companies will be able to deliver improved experiences for their patients and drive business impact.
How Has Digitalization Transformed the Tech Industry?
As most industries were forced to undergo digital transformation to survive, others are thriving because of it. The sector that is thriving under this rapid digital transformation the most - you guessed it, tech. With many industries, such as healthcare and higher education, suddenly needing new digital solutions, software companies have been rising to meet this increased demand. Many software companies are putting out digital solutions much faster than planned in order to be the first to market for a new digital need.
However, with an increase of products on the market, technology companies need to be able to differentiate themselves from their competitors and build stronger connections with current and prospective customers. Tech companies that have disregarded their marketing operations process and have failed to digitally evolve themselves, will face barriers communicating accurate messages to a widespread audience. Tech companies are now forced to rely more on digital demand generation in order to make up for the yearly influx of leads that large trade shows provided in the past. Not all tech companies are thriving under the current conditions - as such a large vertical has many complex and differentiating sub-sections. However, all of them are increasingly looking to their demand generation & marketing automation systems to function seamlessly under rapidly fluctuating circumstances.
Digital transformation is an ongoing process, and marketers can play a key role in maintaining the modernization within their organizations by identifying opportunities for innovation and change. By collaborating with other functions, such as IT and R&D, marketers can help to develop new digital tools and applications that can improve the user experience and deliver business value. In addition, marketers can use their understanding of customer needs and behaviors to drive the development of new customer-centric business models. A few things you can do as a marketer include:
- Research: Keep up with the latest industry news so you're always aware of new trends and technologies. This will help you make informed decisions about which new tools or platforms to adopt
- Create targeted content: Use data analytics to better understand your target customers such as their industry and job title, where they entered and left your site, how they got there, what they clicked on, and even discover the company’s internal pain points and/or project focus. Use these data points to create content that resonates with them and what they are searching for such as blog posts, eBooks, infographics, webinars, etc.
- Test new tactics: Be willing to experiment with new marketing tactics in order to find what works best for your business. This could include using AI-powered chatbots on your website or investing in programmatic advertising.
These tactics partnered with a strategic approach can help technology companies to improve their customer experience, drive business impact, and stay ahead of the competition.
What Are the Key Benefits of Digital Transformation
Improved User Experience
In a world where consumers have more choices than ever before, it is essential for technology companies to focus on delivering an excellent customer experience. Customer expectations have never been higher and digital technology can help create a more personalized, convenient, and engaging customer experience. Users want their search to be catered to their needs and interests, but they also expect it to be fast and convenient. By understanding the needs of consumers and using data to segment and target them more effectively, technology companies can create a tailored experience that meets each user’s specific needs.
Digital transformation can help technology companies to demonstrate their mastery of the digital age by not only delivering products but delivering experiences. The companies that are winning are those that enable effortless experiences that hinge on automation, AI, and self-service tools providing customers with a frictionless user experience.
Drives Data Based Insights
One of the most significant advantages of digital transformation is a business’s ability to collect and analyze data that can be turned into actionable, revenue-generating insights. The digital transformation shifted businesses to a software-centric approach and allowed tech companies to take advantage of software monetization. Previously, data was often dispersed across multiple disconnected platforms, making it time-consuming and confusing to use, or worse, causing it to go unused. Digital transformation allows for robust data collection, centralized data storage, and the development of tools for analyzing and translating data into information that supports strategic decision-making. The digital framework assists marketers in identifying new revenue streams, engaging with customers, and gaining access to revenue-generating insights.
Improves Business Impact
Digital transformation can help technology companies to drive business impact by improving operational efficiency and reducing costs. Overall decision-making can be faster and come with fewer ‘what ifs’ with advanced analytics, AI, and software monetization. By digitizing business processes and utilizing data more effectively, technology companies can improve their bottom line while also improving employee performance. For example, by automating manual processes, companies can improve efficiency and accuracy while freeing up employees to focus on more value-added tasks. Digital tools can also be used to engage customers more effectively in their own care, resulting in higher traffic to your website. In addition, by harnessing the power of data, tech companies can gain insights into trends and patterns that can help them make better decisions about product development, marketing, and sales.
Stay Ahead of the Competition
Businesses that get stuck in their ways, practice dated marketing tactics, and rely on out-of-date technology are quickly falling behind. To meet the needs of the Impulse Generation, businesses need to evolve. Tech companies have the opportunity to utilize digital transformation to their advantage to massively expand their customer base, operate more efficiently, and generate new business opportunities.
As technology continues to evolve, it is important for companies to stay ahead of the curve by embracing digital transformation. Digital transformation is not without its challenges, but for companies that are willing to embrace change and invest in the right technology, digital transformation can be a powerful driver of success.
If you would like to learn more about digital transformation and how it can benefit your life science company, please contact us. We would be happy to discuss this topic with you in further detail. Let’s talk