Four costly mistakes your company could be making if falling behind in digital transformation
As a small business owner, you probably think that digital transformation is not necessary. The truth is that digital marketing is costly, takes time and patience.
Nonetheless, could you be leaving money on the table? Could you be saving money and jumping into a costly affair?
You don’t have to worry about it anymore. This is why Charm Marketing exists. We are here to help your company adapt. With us, you reap huge rewards that come from digital marketing.
Can your company afford not to invest in digital marketing?
According to Digital Information World, the cost of marketing automation software is projected will hit $32 billion in 2018. On the other hand, in the same year $65.9 billion is expected from mobile ads. In addition, 86% of women look at social media before deciding to make a purchase.
Often, most small businesses are quick to blame the complexity of digital technology as the barrier to moving forward with investing in marketing. Which one is more costly? Investing in marketing or losing out on business?
Four examples of how your business can fail without implementing Digital Marketing
Lack of competitiveness
Gone are the days of physical window shopping. With the constant changes in digital technology, new companies spring up daily. It is important for small businesses to adapt to keep afloat. Lack of innovation can keep a business stuck to traditional marketing methods. An example is Toys R Us, a renown US toy retail chain, which filed for bankruptcy in 2018. The giant toy store lost to its new competitors such as Amazon, after failing to adapt the online business model.
To slow to adapt
Times are fast-changing and so is digital speed. According to the Boston Consulting Group, digital organizations move faster than traditional ones. Without an investment in digital marketing, it’s easy for your company to be lost in the fast-moving trends. Businesses should seize opportunities to remain relevant. An example is the Bon-Ton store, an American online retailer company, which closed down in 2018 after determining that the operational costs outweighed the benefits.
Poor revenue growth
Businesses need to embrace digital transformation in order to reap profits. Resistance to change leads to deterioration and eventual close of the business. An example is Kodak that was declared bankrupt after resisting to embrace digital transformation.
Poor Customer Experience
Digital technology has many learning opportunities. If your business embraces technology, you are able to get updated insights on different products and services and their trends. In addition, this helps you to stay ahead of your competition. The opposite is true. If your business resists change, you keep using traditional methods of operating the business. This slows down business, gives a poor customer experience, and could lead to a shutdown.
There are many other costs that your business can experience if you do not invest in digital marketing. This article has highlighted only four.
However, you don’t have to spend a fortune to get results. Here at Charm Marketing, we have a great team who are certified Digital Marketers who are ready to take your business to the next level.
Contact us today and let us transform your business.