Doing Digital Right

In today’s world, staying competitive and innovative seems to be on the tongue of every leader and board room. The term ‘Digitization’ is sometimes loosely thrown around as the solution to falling profits and staying competitive in the market.

What digitization truly means is the ability to go from zero to 100 in a short time, with a small budget but a significant impact. Brands that thrive are not necessarily the strongest or the biggest, but those that can adapt to changes in customers’ needs and new technologies.

?The?companies that do digital right are?creating?highly engaged customers.

And these customers are:

• Six times more likely to try a new product or service from their preferred brand
• Four times?more likely to have referred your brand to their friends, family and connections
• Two times?more likely to make a purchase with their preferred brand, even when a competitor has a better product or price

Furthermore,?highly?engaged customers buy 90% more frequently, spend 60% more per purchase, and have 3x the annual value?(compared to the average customer).

In a recent?Deloitte report, companies with higher digital adaption reported 45% revenue growth. And 29% of highly digitized companies reported a positive impact on growth and innovation, while 41% emphasized a positive effect on sales and marketing functions.

What’s more, these new digital technologies have caused a shift in?customer expectations, resulting in a new kind of modern buyer. Today's consumers are constantly connected, app-native, and aware of what they can do with technology.

Because of the opportunities that arise from using modern technology, customers often rate organizations on their digital customer experience?first.

Get digital right because we are living in an age of digital disruption. And emerging technologies are here to stay.