Change is constant- this sentence holds for market trends and the customer’s priorities. Therefore, businesses have to bring changes in the way of treating their customers and employees along with their workflow. This approach acts as a cradle for digital transformation roi across the corporate world. Though digital transformation is a necessity for modern businesses, it poses many challenges.
In this blog, we will discuss the checklist for implementing digital transformation strategy successfully. Let us start with some shockingly surprising facts that indicate the importance of the successful integration of digital transformation solutions.
A recent survey by Everest Group has revealed that 73% of enterprises have failed in generating any value from their digital transformation initiative. 78% of enterprises failed to meet business objectives.
Therefore, it is necessary for entrepreneurs to focus on enterprise digital transformation. Whether it is a startup or a mid-sized organization, a proper digital transformation strategy can take any enterprise to a new level. What’s more, digital transformation is an ongoing, long-term process, and therefore, if it does not go as per the plan, it can be hazardous for the company’s growth and productivity.
Here are some of the obvious outcomes of a haphazard digital transformation strategy.
– Expenses keep on increasing on digital transformation without having a positive impact on processes
– Inconsistency and lack of transparency can confuse customers and the lack of coordination across different departments of the organization remains visible
– The digital transformation solution ends up as just a product that fails to transform the entire business model
– There is no substantial change in the working environment and company’s culture
Let’s go through the top tips to follow for increasing the ROI of digital transformation solutions through successful implementation.
Tips to Maximize ROI from Digital Transformation Solutions
Return on Investment (ROI) is an important aspect to consider for every product or project. When it comes to digital transformation, you can keep these tips in mind to boost ROI.
1. Make a Roadmap
Like any other projects that require big investments, digital transformation needs a proper planning. Digital transformation ROI largely depends on simplifying core processes and bringing automation in the business. While making a digital transformation strategy, the following aspects should be considered-
– Market trends and customer expectations
– Conversion rate and attrition rate
– Patterns of transformation and industry needs
– User engagement and customer support
It is better to make a questionnaire that can include all these aspects so that the strategy becomes effective.
2. Ask and Answer Questions
Asking the right questions can drive the success of digital transformation solution. Digital transformation initiatives need focused approach and higher adoption levels to ensure success. You can find out whether your digital transformation initiative will achieve success by getting answers to these important questions-
– If your organization adopting the right digital capabilities at the right pace?
– your organization investing in the right technologies at the right time?
– organization getting the expected value from digital investments?
A reputed enterprise digital transforamtion company can assist you to find answers to these questions and make your digital transformation initiative successful.
3. Right Attribution
Data drives digital transformation process in any organization. With the right attribution, organizations can see the data effectively and marketers can test various marketing options with ease. It can increase conversions over the period while helping in measuring the ROI of digital transformation strategy.
Some of the important aspects for ensuring the right attribution are-
– Well-defined Purchase Journey
– Extensive Research on Ways that Bring More Traffic and Conversion
– Ensure seamless user journey before and after conversion
– Make sure that various touchpoints are covered
– These aspects can help you put the attribution model at the right place in your company.
4. DIY is NOT Possible
Digital transformation is not just a technological change, it involves a cultural change as well. It covers all the departments, and therefore, digital initiatives remain cross-functional. In such a scenario, representatives from all the departments need to be present in the team. It ensures the company’s commitment to the long-term success of digital transformation solutions.
However, this entire process needs the assistance of digitally experienced partners at every step. It is not possible to rely on DIY for a successful implementation of digital transformation.
5. Retain Customers
Customer retention is imperative for generating revenue steadily. Existing customers or users can help companies maximize the ROI. But here, the right marketing and digital transformation strategy are necessary to be implemented for effective upselling or cross-selling. Here are some of the handy tips to implement the customer retention strategy in the right way.
– Offer value-added personalized services to your customers
– Set the right goals and expectations while empowering customers
– Keep your existing customers engaging
– Provide a rich and pleasant experience to your customers
– Implement changes based on the customer’s feedback
Customer retention certainly contributes to maximizing the ROI of your digital transformation solution.
6. Test Your DT Solution
While measuring digital strategy, user-friendliness holds a key for increasing ROI. Your digital transformation (DT) solution should be friendly for mid-level purchase funnel users. It is better to explore the needs of customers for offering excellent experiences through digital transformation solutions. From A/B testing to adding personalized content, and from using the right algorithms to making informed decisions in the real-time- you need to put all efforts to exceed the customer’s expectations.
Digital transformation is a long journey that combines several activities, different departments, and various projects across the enterprise. It is necessary to pay proper attention to all things necessary for ensuring the success of digital transformation strategy. Hope these tips will remain useful for integrating digital transformation solutions successfully in your organization.