Digital marketing and online businesses are indispensable for the present-day world. Similarly, the digital transformation of traditional businesses has become a matter of life and death for enterprises. Today, hardly any company lacks online and digital presence.
In the future, there will be more business online and digital than offline. this makes the Digital Transformation a Key to Business Development
Clearly, the COVID-19 crisis is driving this transformation, or the need of it, to maximum levels. Companies and customers both want online shopping to be a trend. Consumers want products delivered at their doorstep so there is minimum human contact for this period.
Consequently, this will leave a footprint for the future and the digital world will take over the shops and shopping malls. Due to this, the importance of affiliate marketing will increase many fold and digital marketing will be a lucrative business.
Hence, businesses must plan for the future and embrace the digital marketing and online businesses with open hands. This might be the only option they have in the future, so why not start today to have a head start.
But before starting with digital transformation, we need to know what it means in digital parlance and why digital transformation is key to business development.
What is digital transformation?
“Digital transformation is the use of digital tools, technology and resources, and integrating them with the business to improve its performance”
In simple words, you need to use more technology and online resources to do the things that traditionally were done through other means. In the past, for example, you used hard drives for storage. Whereas today, we use cloud services for storing our valuable data.
This makes it more secure and accessible from everywhere around the globe. It also enhances the speed and efficiency of the operations.
Likewise, today the use of the internet for professional services has skyrocketed. People outsource a large chunk of their work instead of employing someone permanently.
Platforms like Fiverr offer amazing results with a variety of ideas. Employing freelancers also ensures novel ideas and creative contributions.
Overall, the companies are moving towards digital marketing from traditional advertisements. Digital and affiliate marketing are increasing day by day. Companies like Cj.com and Amazon offer a good commission if you get their affiliation.
Also, it is super easy for you to sign up and for companies love to work with affiliates.
Simply put, the digital world is transforming every second. Those who are on board will keep the benefits. Alternatively, those who miss this train will vanish into the oblivion of failure.
Thus, digital transformation is the key to business development.
Why digital transformation is necessary in business development?
Digital transformation is necessary. In fact, it is a necessity for today’s business life. It is a matter of survival for businesses. Some experts even go to the extent that if a business needs a special kind of digital transformation, then that’s a failure by that company.
What that means, is that a business should evolve a digital culture the day it came into being. It should not be a yearly exercise but a daily routine. Digital should be the new normal while manual should only be used as an unpalatable alternative.
This fact is clearly exhibited when we look at the number of people joining social media every day. With the arrival of 5-G, there will be an explosion of online activity and many things will go online. Even sensitive things like surgeries and medical checkups will become increasingly an online business.
Moreover, Artificial Intelligence is taking the world by storm. It’s all about data collection and deriving results from that data for future scenarios. With access to so much data, only the online companies will survive as they will know in advance what their customer wants.
Thus, only the businesses working online or having a strong online presence will survive in the post-pandemic, 5-G world laden with AI and data analytics. In short, digital transformation is the key to business development.
Digital transformation benefits for business development
Let’s now take a peek at the benefits of digital transformation. We have already established that digital transformation is not an option but a compulsion. Now we discuss whether it is worthwhile to pursue this path in terms of relative gains.
One of the most striking differences between a traditional business and an online business is the ratio of investment and return. With a traditional business, the investment is high and almost unaffordable for a single person. The return is low and investment takes a lot of time to mature.
On the contrary, a digital business needs a little investment and generates a disproportionately large return. Mostly, a single person with a laptop and an internet connection can start a business online and become a millionaire in a matter of months.
Proof of this is the field of digital marketing. In this arena, all you need is a creative mindset with online skills and an ability to use digital tools. All you need to do is start a website on SiteGround and create quality content and voilà, you’re rewarded from the online fairy within a matter of months.
With such a small investment, no traditional business will earn you that much amount of money. And with years of hard work, you won’t have a chance at earning insane amounts of money. In the digital world, your investment always equals out in the worst-case scenario. In the best case, however, you become super-rich.
That’s crazy, right? It’s not. We’ll give some success stories to elaborate on this point.
Digital business transformation success stories
There are many success stories. Both in digital startups and in digital transformation. The most famous ones you must have heard already. People like Bill Gates and Steve Jobs are the pioneer of this field who brought the internet, smartphones, and digital platforms into popular culture.
Similarly, the founder of Google, Larry Page also symbolizes success in this modern world. His work has transformed the world and changed our lifestyle and way of doing business within a decade. Likewise, the founders of YouTube have brought a digital revolution to the world.
In the same way, Mark Zuckerberg unimaginably benefitted from the digital world. He is now among the richest persons on the planet. He is worth more than people owning hundreds of factories around the world and working for generations in their field. In contrast, he is young, owns no factories, and does not need thousands of workers to run his enterprise.
The most amazing example is perhaps Jeff Bezos, the owner of Amazon. Bloomberg Billionaire Index projected him to become the first trillionaire by 2026 when the world was heading towards a recession due to COVID-19 in 2020.
Such is the power of the digital world. It rewards a good idea like no other field. That’s why it is inevitable to overtake the world of traditional businesses. So we are not wrong when we say that digital transformation is key to business development.
How to start the digital transformation of a business?
Now, we can safely assume that we have convinced you of the need for digital business development in today’s world. Let’s now discuss how to start the business transformation digitally.
Firstly, it is recommended for new startups that they start in the digital world. Or, at least, integrate digital technology into their business model if it is not related to the digital market. You’re gonna need digital marketing regardless of what type of business you want to start.
Secondly, if you’ve not done that at the startup then you need an expert to devise a digital marketing strategy. You need a website if you don’t have one already. If you’re working with products that can be easily shipped through online than go to ExpandCart and get an e-commerce website. It is super easy.
Thirdly, If you have good digital marketing skills and know-how to build and run a website then great. Otherwise, if you don’t know anything about the digital world than we recommend you take some courses from platforms like Fiverr Learn.
Finally, start a social media profile or page, establish a YouTube channel, and sign up on twitter to get your message across. This is just the beginning of the digital world. It is an ocean of wealth and you need to search for treasure in this field.
Final Thoughts on Digital Transformation
To sum it all up, there is no doubt that digital transformation is key to business development. Not just a key, it is the lifeline of a business in the technology-driven world. Soon, it will be considered a corporate taboo to not have a strong online presence.
The importance of digital transformation is also visible in the development of economies throughout the world. All the leading economies are digital and lead in digital businesses. US is the home of a tech-driven world and all the examples of people come to mind are from there.
This means that digital and online thinking should become a lifestyle instead of just a business opportunity. It is the perception of technology that needs to be changed. We need to think digitally if we want to improve our businesses in particular and our lifestyle in general.
In the next article, we’ll discuss the strategies you need to adapt to become a leader in digital business.