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3 things you need to know about digital strategy [ 2020 ]

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If we ask a company what’s their digital strategy is 10 years ago, most would not have one. Well, we didn’t know that internet is going to be so big.

Today, most businesses don’t only have one, but they also have different back up plans in case any one of them didn’t work out.

In Malaysia, technology adoption rate amongst businesses have increased tremendously. Thanks to influences from foreign country as well as China, businesses are starting to realise how bad it can be for their business without adopting technology.

So you finally have been thinking about your digital strategy, about how you need to build a website and run advertisement on social media platforms.  But before you rush into one and spend a hefty sum of money, do read this article first.

Most traditional business owners would ask a question like this:

Hi there, we are in the oil & gas industry where we normally deal with distributors instead of end users. We don't need an e-commerce website for sure, so why do we need to establish social media presence as well as build a website?

It is a legitimate question that needs to be answered in detailed. Here’s why we think regardless of your industry, you have to digitalise your business and embrace digital strategy.

REASON #1: DIGITAL STRATEGY IS NOT ABOUT E-COMMERCE, IT'S ABOUT REMAINING RELEVANT FO THE FUTURE

A lot of business owners would often relate digitalisation to e-commerce. But actually, that’s a wrong perception. The purpose of a website is not just about selling goods or products online. It has more benefits than that.

While return of investment of embracing digital strategy includes direct sales on products, we urge all the business owners to look at the big picture.

Digitalisation is about ensuring your business remain relevant even in a digital age. In a digital age where more than half of world’s population is now online, you could not afford not to have any online presence. 

REASON #2: CUSTOMER CENTRIC APPROACH ENSURES YOUR BRAND SURVIVAL

Back in the older days,consumer would often purchase or opt for products that are cheaper or is more well known among the community. 

Things are no longer the same. Consumer nowadays prefer products/ services that are more consumer centric. That’s also why small/ newly established brands are able to capture small pieces of market shares from established brands.

Read: How brandless, an e-commerce company which manufactures their own product is able to raise funding of 290 million USD in funding in less than 2 years time

If you’re in the “business to business” business model, you would need to bridge the gap between conveying your corporate’s ideology to potential business owners anyways. Maybe you would want new retail shops to sell your products on their shelves and so on.

So regardless of your industry, business owners now have to focus on engaging with their consumers and putting them at the core of your business models. And not digitalizing your business is denying yourself a channel to engage with potential prospect. 

REASON #3: DIGITALISATION IS THE BEST WAY TO GAIN ACCESS TO NEW CUSTOMERS

Think of how businesses traditionally would acquire new clients. Normally, they would spend ten, hundred of thousands on TV commercial or newspaper to let people know about their brands. This is the case for a business that operates on a “business to consumer” model. 

For a “business to business” model, business owners best bet is through referrals. A friend of yours might introduce you to owner business owners in need of your service. But time will come when referrals are exhausted. And in the case of a “business to consumer” model, how do you ensure you successfully retain your customers’ loyalty? How do you get yourself in front of customers/business that are interested to engage in business with you? The answer is by creating awareness and publicity at its LOWEST cost. 

There’s not a single method that is cheaper than digital marketing now to gain new potential clients. EVERY TYPE OF BUSINESS can benefit from digital marketing. If you are a education technology company, tons of education centres and schools are on Facebook.  If you run a skincare product, all your consumers are on Facebook as well, segmented into age and gender as well as interest.

Read : Why Facebook is still one of the best social media platform for you to run your marketing campaign  

And similarly, if you’re a oil and gas company with your own engine lubricant products and you’re looking to supply to more mechanical workshops, Facebook will be able to assist you as well by pushing your content and message to them.

CONCLUSION

So even if it's an oil and gas company and your business model is "B2B", business to business. You should still digitalise your business in order to communicate and engage with your customers.

Coca-cola doesn't have an e-commerce website, but they spend tons of money on digital marketing as well as TV/ Billboard advertisement.

Often, it's not for direct monetary gain. But it's to make a presence in the life of a consumer, and make sure they stay relevant in their life.

If you want to love this content and would like to read more, do remember to subscribe to our newsletter.

If you love Catalyst Digital and would like to start a project with us, start by clicking here to get more information.

If you love to embrace digital strategy but are abit tight on the budget, hey no worries! Try it on yourself first using our FREE guide.

Read: 5 free best tools for small businesses to start their marketing campaign  

If you need any help, send a message in to us! All the best on planning your digital strategy!
Jin Chi

Jin Chi

The founder of Catalyst Digital. Born in year 1995, a huge fan of blue ocean strategy as well as lean startup. You can contact him by email at jinchi@catalystdigital.my

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