Digital Transformation in Sales and Marketing

4 Key Advantages of Digital Transformation for Any Enterprise are:

1. Efficient Processes with Reduced TATs

2. Enhanced Customer Experience

3. Improved Customer Acquisition and Retention Rates

4. Increased Sales and Overall Profitability

In basic sense, Digital Transformation is the use of an digital ecosystem to improve the performance and productivity of businesses. It generally involves using big data analytics, mobile apps, social media, smart embedded devices, ERP and CRM, etc to improve customer relationships, operational efficiency and business strategy.

In fact, startups have the biggest advantage over established leaders by using digital transformation to effectively resolve the customer needs and pain points, adopt new value proposition and imbibe customer driven culture and innovation in their venture, often to disrupt the target market and at times even displacing their stronger rivals.

Below digital initiative was implemented by me for an listed real estate firm, primarily for its sales and marketing divisions, primarly to boost their operational efficiency and enhance the customer acquisitions & retention rates.

First, let's assess how the above digital initiative really transformed the Marketing function:

• Using customer data, social media tools and analytics, we gained an in-depth understanding of our target audience i.e. customer segment/s, preferences and other key factors. This helped immensely to launch targeted marketing campaigns (rather than mass mailers) thereby improving its response rate, conversions and overall RoI.

• Lead Management System ensured that only filtered (or interested) leads are assigned to the sales team thus improving the conversions, all the while nurturing the prospects till they become qualified leads.

• Process automation led to improved operational efficiency, thus freeing up sales team/s to focus only on strategic tasks, instead of routine operational tasks.

• Predictive analytics enabled to accurately target the prospects, with the kind of properties they're looking to buy, e.g. wish-lists usually found in Amazon.

• Home buyers (specially millennials) prefer to visit websites carrying graphic visualization for a realistic view of a property, before physically visiting the projects site.

• Also, check out how we too used AI driven Chat bots to target both domestic and international buyers, thereby improving prospects as well as revenues!

Let's now assess how digital transformation transformed the Sales function:

• Augmented Reality (AR) enabled 3D walk-throughs or virtual tour to our customers for our existing inventory, which is now an key differentiation against competition.

• A dedicated cross platform mobile app carried real-time photos, videos (interactive maps and virtual tours) as well as detailed property information, altogether this truly improvised the home sales process.

• Wealthy clients preferred to have the broker or our sales rep visit their own premises, the virtual tour and complete details on the iPad played a critical role during closure.

• Finally, Big Data provided deeper insights into our products, processes and customers too, thus enabling the management to take strategic decisions based on real data and not mere assumptions.

All in all, digital initiatives will and shall continue to play a crucial role in improving the operational effectiveness as well as  customer acquisition & retention ratios, both key factors for a sustainable growth of any enterprise!

Contact, if you intend to automate your business functions, improve the customer satisfaction and enhance revenues as well as overall profitability!