When the world turned upside-down in 2020 for many, the complete disruption of the daily routine forced people to re-evaluate their personal and professional lives. With restrictions in place to limit the spread of Covid, businesses had to see online as an option just to survive.
Covid led to significantly improved digital maturity and digital transformation in almost every business. But not only online became a critical success factor. Every business was disrupted and customers, as well as employers’ behaviors, changed rapidly.
The ones standing strong, not disrupted by these changes, were the organizations that had an agile culture and a truly customer-centric approach.
What Are the Customers now Expecting?
Due to permanent disruptions, there is an expectation of value in each interaction and transaction. When every purchase requires a careful accounting of where the money goes, fewer spontaneous or splurge expenditures occur.
It has been an uphill battle for the younger generations for over a decade. They see the odds of a comfortable life getting slimmer by the day.
This “budgeting perspective” has led to even more focus on customer experiences, accurate targeting, and relevancy in every single customer interaction. The next generation of customers excepts no less than a seamless and personal journey through all interactions, offline as well as online.
Do the 4 P’s of Marketing Still Apply?
In the 1960s, the primary methodology for marketing followed the principles of the four P’s:
Product
Price
Promotion
Placement
That worked 60 years ago because every local store was a destination. With the online environment in today’s world, an e-commerce platform can offer all product classifications on a single domain.
That means the guiding principles must change if businesses are to grow. The digital transformations right now should include these options instead:
Personalization
Customization
Value
Consistency
Authenticity
That’s why the evolution of marketing must account for more variable and more complex customer journeys.
Agility is What is Now Needed in Order To Complete the Digital Transformations of the Sales and Marketing Processes
The changes that evolved so quickly in the past couple of years are not new ideas. In the early 2000s, economists encouraged businesses to get online, focus on customer experiences, and work towards personalization of the sales and marketing processes.
Although many businesses recognized a need to be online and meet customers in every interaction, they didn’t fully embrace the concept. When the events of 2020 occurred some digital transformations were several years into the process already.
What then holds businesses back from completing their digital transformations within sales and marketing?
Here are a few explanations:
Steering models not focusing on the customers
Misaligned key performance indicators
Marketing and Advertising Technology platforms are not integrated and aligned
Loss of customer data through disparate digital solutions
Employees who feel unempowered or disengaged because steering models are not aligned
Siloed teams and processes that duplicate work across the organization and create “waste” and inefficiencies
Customers believe that the customer experience is as important as the products and services offered. People will pay more for outcomes that help them come away feeling like they had a positive interaction with the company – over time.
Modern engagement happens in real-time. When the online environment supports this process, a business can take a visitor from their landing page to a sale in less than three clicks. It is when digital or organizational obstacles get in the way that a poor customer experience occurs.
As businesses look toward the future, innovation will continue to fuel automation through data, artificial intelligence, natural language processing, machine learning, and new opportunities we don’t currently foresee. In 2020, the goal of digital transformation was to survive. Now and onwards, the digital transformations of the sales and marketing functions are a process that will let brands and businesses thrive and grow.
Author
Helena Nordman Stålnacke
Strategic Advisor
Recoordinate
Connect with me: Linked In
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