Today, while digital marketing is a proven game-changer, companies still need a little push to see the big picture!
Decades post the advent of the Digital Revolution, a few industries still view digital marketing as not too applicable to their business, especially in industries where business owners are “too busy” because of “enough projects” coming from non-digital channels. However, in the long run, this thinking will only limit the revenue generation of such companies.
Below is a three-step method to help industries to achieve successful digital marketing strategies. These steps apply to all industries.
Step 1: Understanding the Business Drivers Explicitly
To make a compelling case, one must learn the industry’s micro and macro business drivers, challenges, opportunities, and threats to increase revenue.
Decision-makers need to answer the below questions:
- What are the primary factors driving demand generation? For example, identifying consumer confidence, market prices, and population growth as the key demand drivers.
- How do businesses look at demand generation? Firms haven’t turned to digital marketing yet, so they must have an existing mechanism for acquiring new business. Is it traditional marketing, partnerships, referrals? Is there a case that could justify why digital marketing would be more advantageous?
- What macro opportunities and threats the industry is facing? For example, raw material prices are going up due to tariffs change; the manufacturers can take advantage of this situation by raising rates. These inflationary pressures are sure to alter market demand.
Step 2: Digging Deep Into Industry Trends to Draw Predictions
The “busier” the business owner, more the chance of them missing on time to map the future growth. This is an opportunity for marketing agencies to comprehend the pivotal role that digital marketing plays in increasing revenue and profitability.
The easiest way to spot a trend is to draw and study the findings from Step 1 to understand the outlook for the respective demand drivers. So, in the case where the demand drivers, including consumer confidence, market prices, or population growth, owners need to question: What is the upcoming trend? Is consumer confidence strong enough to sustain the demand for existing products in the long term? If companies identify the right macro industry drivers, it becomes effortless to find information online to understand what the future holds.
Owners of traditional businesses mostly don’t see the bigger futuristic picture, as they are swamped -until they won’t feel the pinch of being left behind in the competition. They need to understand that they need to extract time to analyze the future and take precautionary steps to maintain or increase revenue before the storm of transformation hits.
Step 3: Use the Numbers to Comprehend the Growth Plan
It is essential to use specific numbers to compellingly present facts. Using typical conversion and closing rates, firms can show the return on investment (ROI) of adopting digitalization. If a firm even has one client in the industry it is prospecting; they can extract and use additional data to convert like rate of referrals, customer acquisition costs, overall digital marketing ROI, the potential for repeat orders from an existing client, and more.
This three-step method helps firms to achieve excellent results in converting traditionally operating companies to adopt digital marketing strategies for revenue growth. Firms can apply the same three-step methodology to any other industry to enhance chances to become an irreplaceable growth partner.