Digital Marketing Services: 8 Key Metrics with Digital Marketing Services

Measuring the success of your digital marketing campaigns is essential to ensure that you are getting the most out of your investment. This infographic illustrates key metrics you can track to measure digital marketing services:

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The Gallup research revealed that restaurant takeout is now 44%, compared to 26% earlier. The curbside store pick up increased to 36% up by 17% & contactless services seem to be preferred by younger adults and professionals. Contactless services are being favoured by businesses compared to in-person activities. Management of a business is also a tricky proposition in these times of transition.

The way in which the world operates will be dominated by contactless services facilitated with digital technologies. Businesses of the future will be built on models which are adaptive to interactivity with the customers using digital technologies. Here’s a look at some of the digital business trends accelerated by the pandemic: 

1. Remote Accounting Services

The online tools and services have made remote accounting possible. Everything from preparing administrative to compliance reports for accounting can be handled remotely. The business management software tools can help with automated accounting from the banking data and its classification.

The filing can be done as per regulatory requirements. For e.g. some authorities mandate physical signatures and documents. Once the accounting reports are done, business management can sign and submit documents as per the requirements.

2. Online Support Services

Businesses can manage support services and communicate with their customers online. There are tools and technologies available for engaging with customers and providing them top class services. 

The online support services can be used for product and services support, FAQs, configuration support, help & tutorials etc.  Special consultancy services, for e.g. accounting can also be provided to companies.

SaaS products typically have integrated support portals for their customers. This approach is also adopted by other industries. For e.g. insurance companies are using integrated helpdesk software support services for enquiries, feedback and even insurance renewals.

3. Logistics Management Support 

The logistics management for an organization can be made contactless with online tools and third party services. The logistics management software can be used for routing the products to various customers, third party service providers for delivering products to the customers. 

The end to end delivery of products to customers can be handled with automation and third party support. The product tracking can be used for tracking the delivery to the end customers realtime.

Companies are using logistics management software with capabilities for delivering their products with an online distribution system and last minute tracking updates.

4. New Products for Old Services

Many businesses are building new products and services to cater to their business needs. Whether it is reaching new customers or serving existing ones, technology is playing a bigger role than ever. So, companies are building new products to innovate different aspects of their business, they are also experimenting with new business models and modernizing their business as per the needs of the customers. For e.g. media companies are building online streaming services and subscription based membership for their customers. 

However, product development is a complex task. Often businesses do not know how and where they should start. In such cases, they can opt for third party development support. The entire product development can be outsourced with a trusted partner. The business can focus on the core aspects of their business and leverage SaaS for delivering services to their customers.

Businesses are launching innovative products and services for their customers. They are adding more convenience, building rich user experience and making it easier for their customers to do business with them. 

5. Contactless Sales & Marketing 

Whether your product/service is for a consumer or a corporate, online sales and marketing services are becoming the standard way of reaching customers. The needs and wishes of your customers can be analysed with machine learning models and data analytics

The online tools are used for launching campaigns with data driven strategies. The data helps companies zone into their target customer profiles, reach them with relevant offerings, generate leads and even close deals online.

The product or service demos are done via webinars and videos for customers. Almost all aspects of sales and marketing services are now delivered with contactless services. Businesses are investing in their capability to reach their customers online with innovative campaigns and strategies.

6. Business Health Checks using AI 

All aspects of business are reassessed for better outcomes and viability in the long run. The data driven business and one that leverages technology to its advantage is outperforming its peers. Organizations are looking at architecting end to end customer experience using AI.

They are using technology for building better products/services, improving service and after sales support for their customers and proactively looking ahead to the future.

The business data and analytics services are helping companies to analyze the working of their operations, finances, logistics, supply chain management and just about all aspects of business.

7. Online Service for Contracts 

The agreements with vendors, customers and employees etc can be digitized using software products and technology. All renewals, contract breaches, payment reminders and notifications etc. can be done using software algorithms.

The digitization of documents can be done with respect to the compliance needs of the company. Documents can be archived, retained and protected as per the laws and organizational business rules. With many third party vendors, contractors, customers and other stakeholders, handling contracts & documentation is more important today. Online services for managing these contracts saves time for everyone involved. It also introduces checks and balances needed for effective administration of business.

8. Payment Integrations

Most businesses can conduct end to end manufacturing to delivery of their products online now. They can even integrate payments into their business management software to pay their vendors and receive payments from their customers. The accounting and reconciliation aspects can be handled with automation.

The businesses can integrate payments for invoicing, expenses & billing. It means businesses can receive payments for their invoices from customers online. All the accounting aspects of payments received, payments made etc. can be handled by the software.

The payment integration and automatic reconciliation support saves hours of efforts for teams. Businesses can tally accounts at any given time, get an accurate report on receivables and payments real-time. All outgoing and incoming payments can be handled with payment integrations with third party services like Stripe, Veem etc. Payment integration with an integrated business management software can help companies run each and every aspect of business with consummate ease.

Kreyon Systems is building innovative software products for companies to deliver contactless services for their customers. If you need any assistance or have queries for us, please contact us.

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The shared economy platforms and portals are changing the world. They are driving the future & how people consume products and services in their day to day lives.

The advent, growth and success of shared economy platforms for car, room sharing, personal services etc has spurred many innovations and experiments.

Some of the most prominent shared economy platforms are Airbnb, which lets you rent a spare room and earn money from it. The ridesharing apps like Uber, which means you don’t have to bother driving, parking & even buying a new car. Retailers like Alibaba, which provide a complete ecosystem for vendors and customers.

The shared economy platforms are used for renting or selling products and services. The digital platform connects the service providers and users in realtime. The smart phones have accelerated the shared economy.

The shared economy platforms provide a platform to connect the products/services with the users who need it. As per PWC, the global revenue of shared economy platforms will grow from $15 billion in 2018 to $335 billion in 2015.

There are a number of startups that are seizing the opportunities in the sharing economy, 17 of which are worth more than a billion dollars each.

In the growing sharing economy, there are many lucrative opportunities for starting and scaling businesses. Here we look at the reasons why shared economy platforms will drive the future:

1. Win-Win Opportunities

The sharing economy takes care of everyone. As a user you can benefit from conveniently finding what you’re looking for and at cheaper rates too. As a service provider you get customers without the additional marketing and advertising costs.

The shared economy platform provides the complete ecosystem for managing booking and customers for your business. The on demand economy connects users and service providers, promotes collaboration and creates a win-win situation for everyone.

2. New Business Model

Many traditional businesses are leveraging the shared economy platforms for running their traditional businesses. Car owners, fleet operators and service providers are looking at online platforms for getting business.

Many industries are getting disrupted with the shared economy platform. The finance industry is shifting towards modern peer to peer lending platforms for loans, the hotel rooms are now booked online and at discounted rates with platforms like booking.com

The shared economy platforms are creating an inclusive economy and even the traditional businesses are benefiting from it.

3. Earn & Save Money.

The shared economy platforms are aimed at minimising the transactional costs. For e.g. when you book a room through Airbnb, it is far cheaper than booking a hotel. Even the ridesharing apps like Uber, Ola, Lyft save you money. As a user it is easier to save money using sharing platforms.

As a service provider, you can earn more money and volume of customers using the shared economy platforms. For e.g. an online rental platform allows people to rent things, services and earn money.

Whether it is renting cars, spare items or even selling goods through online portals, the logistics and transactional costs are highly subsidised. The end result is service providers earn more money using the online platforms.

4. Promotes Barter Economy & Reduces Wastage.

Shared economy platforms can play a pivotal role in economic growth and environment sustainability. With ridesharing platforms, the transportation is changing rapidly. You don’t need to worry about car insurance, buying new cars and parking issues. The car pooling also reduces the carbon footprint on the environment.

The sharing economy promotes efficient and sustainable use of resources. It improves accessibility for customers, reach for businesses & shared prosperity for all.

5. Scale & Reach

Disruptive technologies are changing the face of the world. Take for e.g. the peer to peer accommodation platforms are shaking the hotel industry. People are now using room sharing platforms as their first preference for travelling and booking rooms.

The scale and reach that digital platforms offer for service providers and businesses is massive. For e.g. Airbnb in 2018 has over four million listings in 65,000 cities across 191 countries. Uber operates in over 65 countries and has completes 15 million trips every day.

The digital platforms are changing the way people travel. World Bank reports, there were 1.2 billion international travellers in 2017, and it is estimated that there will be 1.8 billion travellers by 2030. The digital tools and shared economy tools provide the scale and reach to connect with customers across the globe.

Conclusion

It’s quite apparent that the sharing economy and digital platforms will pave the future. The growing shared economy and its huge success indicates a more inclusive and collaborative world. Whether you want to book a taxi, hotel room, order food from your favorite restaurant, or find services near you, you can opt to do it online. The sharing economy is here to stay.

If you want to implement your shared economy platform, please get in touch with us & we can help you to implement your next big idea.

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The advent of internet and its widespread penetration means that the world has shrunk into an interconnected community.

As per international world stats, there are over 4.1 billion users active on internet and they are still growing. The rising digital users are increasingly shaping the economic activity on the planet.

The high levels of interconnectivity means that digital technologies are now playing pivotal role in trade and business. It is shaping the way businesses and society operate today.

Consequently, companies are looking at digital technologies for tapping into the internet users, tapping new opportunities for reaching mass scale and global impact.

Here we explore how digital buyers are impacting business:

1. Digital Marketing : 

No one likes interruptions. The top businesses are looking for the most effective ways to reach their customers.

Digital marketing has become one of the most important ways to connect with the customers today. The best brands are creating great content and helping their targeted audience.

Many of these digital marketing campaigns leverage locations, context, demographics of users to improve marketing campaigns and ensure top ROI for their business.

2. Mobile Applications : 

More than two-thirds of the world’s population has a mobile phone, with majority of them using a smartphone. There are more users who prefer mobiles for accessing internet than any other medium.

Businesses are looking at ways to create engaging mobile apps to woo the users. Companies are looking to launch core products and services that can be accessed on mobile phones for their customers.  

Digital businesses are bringing together physical and digital worlds using mobility solutions.

3. Social Media Channels :

There are 3.3 billion social media users as of 2018. Businesses are using the social media data for personalised products & services to users based on their preferences, demographics like gender, income, age and location etc.

By using the data from the social media channels, businesses are obtaining higher ROI for their marketing campaigns.

The social media is also providing a platform for businesses to interact with their target groups get their feedback and inputs.

Customer support & service channels are also becoming quite popular on social media due to interactive and instant feedback.

4. Instant Communication : 

With increase of digital users, businesses are looking at ways to communicate instantly. For e.g. service providers are now engaging with users on chat based messenger tools, they are also using these for orders and payments etc.

With the help of chatbots and other messenger based applications customer can easily connect with companies. These applications make interactions with customer instantaneous and interactive.

5. Comparison Engines : 

There are more than 1.79 billion digital buyers today. Most of the purchasing is initiated with an online search about the products, services, features, pricing and other criterion.

Comparison Engine is a vertical search engine that allows buyers to filter and compare products based on their needs.

Companies with good web presence are highly likely to attract more opportunities from buyers around the world. Comparison engines will also work along with leading suppliers and vendors to generate leads for them.

6. Custom E-Commerce Portals :

Digital buyers are looking for convenience. They want everything online.

As per statista, the 2017 retail e-commerce sales worldwide amounted to 2.3 trillion US dollars. The retail sales is expected to double within the next three years.

A customised ecommerce portal can help businesses to launch their products and services for the digital users.

Companies are looking at ways to optimise their inventory, organise business and scale up sales using demand driven ecommerce portals.

Even traditional businesses like car manufacturers, restaurants, travel companies are offering subscription based services for tapping into digital customers. Digitisation is helping companies to create subscription based models for their traditional products & services.

7. Location Based Searches : 

Google found that 76% of people who search on their smartphones for something nearby visit the business within a day.

The location based searches are on the rise with smartphones GPS and navigation based functionality. Businesses are doing their best to not only sell their products and services, but also build communities of followers using the digital world.

Kreyon Systems is helping businesses across the globe to create scalable digital products and services to reach wider audience for businesses. If you are looking for an offshore software company for building great software products, please get in touch with us.

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Whether you want to build a personal brand or a flourishing business, chances are that digital will play a key role in shaping it. The digital wave has changed the way people connect, communicate and work. A digital business combines the digital and the physical worlds to enable new business models.

As per Gartner, 21% of CEOs are now taking a digital first approach to business change. This means creating a digital version of a business process with a mobile or application software. Further, 56% CEOs said that their digital improvements have already improved profits. Here we explore how companies are using digital strategies; tools and technologies for improving business performance:

1. Building Partnerships in an Interconnected World :

Perhaps, internet is the most influential medium in the world today. Your business can tap into the power of internet using digital technologies. A corporate website is the starting point for a business to gain visibility. But, the best businesses are adapting fast and running their key operations on the internet.

With internet you get instant connectivity with your teams, customers and partners. It is a great way to attract, build and leverage partnerships with other companies for your business.  More visibility is more business.

2. Re-evaluating business in Digital context :

How businesses can serve their customers better in the digital age often needs constant evaluation. The products and services in the digital context may need compelling user experience, swift setup and continual enhancements.

The way products and services are marketed to the customers is also becoming more personalised. Simply put, the businesses need to analyse where they stand in the digital world. Businesses that are ignoring digital trends and innovations are getting left behind.

3. Real time Data driven decisions :

The best businesses are driven by data. The realtime data can be the difference between proactive and reactive organisations. When the decisions are driven by data, there is transparency and confidence in the organisation.

A Mckinsey study revealed, data-driven organizations are 23 times more likely to acquire customers, six times as likely to retain customers, and 19 times as likely to be profitable as a result.

A data driven culture helps companies take timely actions, create standardised processes, assist employees and management in decision making. Data driven culture can help companies uncover challenges, discover new opportunities and take decisions that improve revenue and growth.

4. Customer Acquisition, Service & Retention :

The way brands acquire customers is changing fast with digital technologies, mobile devices and all pervasive internet connectivity. Even the traditional businesses are looking at new avenues for attracting customers by content creation and personalised campaigns etc.

The service levels can be improved using digital tools and technologies resulting in higher customer satisfaction and retention.

5. Organise and Automate :

The digital technologies are one of the best ways to organise the oft repeated tasks for a business. The regular tasks can be automated using workflow software and business process automation solutions.

Activities like invoicing, proposals, quotations, document management, asset management, procurement etc can be automated using business process software solutions. It makes the business more efficient, leaving time for core activities and automating the routine tasks.

6. Agile business :

How quickly your business can respond to changes, challenges and adapt determines its longevity in many ways. The speed of business has increased a lot in the age of information and technology. The businesses are under immense pressure to deliver the results quickly. Even the large companies cannot afford to be slow, else they risk losing business opportunities.

Digital technologies make business operations agile, efficient and effective. For e.g. many retail businesses are now organising their warehouses using RFID solutions. It reduces the time for organising inventory, delivering orders and managing logistics.

7. Attract, engage and retain Workforce :

The disenchantment of employees at workplace is very common. A recent study from Gallup organisations shows that 70% of the employees are actively disengaged. Other global studies have shown that over 50% of the employees do not like their work. It’s a concern.

Digital technologies can be used in a meaningful way to create an environment where employees can contribute, stay engaged and do productive work. Companies that use online branding & communicate their message with clarity are often able to attract, engage and retain their core teams.

8. Offers great Scalability and growth Opportunities :

Technology can help your business reach more customers in less time. It can offer avenues to reach new customers, tap into global business opportunities and improve capacity to scale operations. The digital business gives an opportunity to expand locations, connect with customers remotely and even provide complete assistance to them using online tools.

An online business can run without any restrictions of time and place. A strong digital presence boosts both online and offline business opportunities for brands.

9. Leverage cloud technology for products & services :

Many businesses are able to remodel their product and services owing to cloud technology. The digital platforms can be used for offering business services on demand. The cloud technology ensures that companies don’t need to invest a lot in terms of IT infrastructure, but only pay for what they use.

The digital platforms offer instant access to products and services anytime anywhere and on any device. For e.g. almost all hotel accommodation is booked online through the digital platforms, Apple music, Netflix, cars and other products are offered on rental mode owing to online subscription models adopted by companies.

10. Transform culture, leadership and organisation :

The businesses that execute with speed, adapt to ongoing disruptions and build a culture of progressive developments are well equipped in the digital world. The consumers are looking for instant access, superior experience and great reliability.

Digital businesses are often able to build an entirely new strategy to compete in mutable situations. These businesses are able to use new technologies and changing consumer trends for driving new business models.

A trustworthy online brand is a great investment for businesses operating in the internet driven world. An integrated physical and digital experience is driving new business models today. Digital is about unlocking growth, tapping new opportunities, continuous evolution and transformation to deliver great value for the customers.

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According to a Forrester research report, by 2020 executives predict that 47% of their revenue will be influenced by digital channels. One third of the top 20 firms in industry segments will be disrupted by new competitors within five years as per an IDC report. The message is clear, businesses will need to go digital or risk their existence. Digital transformation is adapting the business according to changing consumer needs and constantly challenging status quo.

The rising competition and disruptions mean that all businesses need to be on their toes. Digital transformation is an opportunity for businesses to use digital technology to organise their operations, manage resources and deliver superior products and services to customers. Here we explore the best practices for digital transformation from a case study of clients who have successfully transformed their businesses:

1. Digital Journey starts with Customer :

Digital transformation is a process that maps customer journey, their interactions and touch points. It requires understanding the needs, objectives and motivation of your customers.

Digital innovations can be used to serve the customers, design and build better products and provide frictionless support to them. For e.g. McDonalds used digital screens for ordering food, dominos started using chatbots for delivering pizza and many companies use twitter for handling customer complaints.

2. It is all about your Business not technology :

The technology, tools and digital innovations are means to accomplish business objectives. The digital transformation encompasses all aspects of a business like creation of new revenue streams, improving customer satisfaction, marketing, enabling the workforce with more efficient systems and enabling an enterprise wide change etc. Reimagine how customers can buy and interact with your products and services with consummate ease.

3. Use design thinking for Implementation :

Design thinking is an important tool for getting everyone on the same page. It is a methodology that sets the expectations right. It is useful for defining the current state, the goal state and the ways to get there. Visualisation helps connect all the stakeholders and deliver compelling value proposition with customer at the heart of the solutions. The designs help in building solutions for business scenarios with specific context and feedback.

4. Decide Business Priorities :

Digital transformation needs to be planned in stages. It is best to do it one step at a time, map the business processes to digital space, iterate with feedback and then move to the next. The business needs to decide the priorities of implementation. The digitisation of products and services can make things more efficient and streamlined. But companies can break it down into steps. For e.g. helpdesk support can be done using social media channels, chatbots and web application, companies can use an integrated channel for customers.

5. New Digital Products and Services :

Companies are looking at new avenues to build better products and services for their customers. Digital transformation is an opportunity for companies to create new opportunities complementary to their existing core businesses too. For e.g. Starbucks has created an app to pay for coffee and food for its outlets. They use app data to track customer loyalty, and sell personalised offers through the app. Some of the hotel apps are offering food ordering services and facilities to book cabs/tours for sightseeing.

6. Rethink Business Model :

Many traditional businesses are using digital tools to remodel how they operate. For e.g. retail businesses are launching online stores, running digital campaigns and tracking customer loyalty. Netflix ran a successful DVD rental & distribution business. But with changing times, they had to rethink their business strategy and successfully launched online video streaming services for their consumers.

7. Leadership & employee engagement :

Digital is a key driver for new initiatives, pilot programs, customer experience and employee engagement. Digital tools are very effective in empowering teams to collaborate effectively especially for cross functional teams and get more done in less time. It also creates a feedback loop of usage, needs and opportunities. The digital technology also helps to align teams to a common goal and purpose.

8. An Integrated Experience :

The business capabilities and processes should seamlessly integrate with digital components for an integrated experience. Companies are looking to integrate their applications data, mobile apps, social media channels, CRM data etc. for operational efficiency, improved communications and customer experience. For e.g. Digital campaigns can run personalised offers to customers based on their past purchase history, location, or other demographics.

9. Measure the Impact with KPIs :

The impact of digital transformation can be measured with the right KPIs using BPA tool. These KPIs are important for establishing the right strategy, identify the critical success factors and offer roadmap for teams. The impact of the solution launch on the business value and growth can be determined using these KPIs. The effective digital transformation establishes ways to manage, monitor and track performance for an organisation.

10. Ongoing Process :

Digital transformation is an ongoing process. It is getting your organisation ready to adapt to the changes, competitions and disruptions. The businesses need to experiment, learn and keep refine things in an ongoing manner. Digital businesses are agile and ready to adapt in tune with market and consumer needs. The digital transformation is a step in creating a business that is ready for the future and always evolving with changing times.

According to MIT Center for Digital Business, “Companies that have embraced digital transformation are 26 percent more profitable than their average industry competitors and enjoy a 12 percent higher market valuation.” Companies are looking to create digital experiences for improved efficiency, rich interactions, customer convenience and business growth. Digital transformation is allowing companies to reinvent their business with the changing times and needs of the consumers today.

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There is no formula for measuring the success of a company. Most of the focus on measuring the success of a company deals with numbers related to the balance sheets, profits, shares and finances of a company. However, the impact of a company is often beyond these numbers.

The rise of the digital services has created a level playing field for companies. Companies are now able to achieve things that were inconceivable few years back. Today corporations like Apple, Google and Amazon etc are even more influential and powerful than many nations.

The measure of success is different for different companies, while for an early stage start-up, success is about survival. For an enterprise like Google, success is about changing the way people use information and make decisions. For Amazon, it is selling products cheaper at faster pace than ever.

The true measure of success for any organisation depends on its goals. However, there are certain benchmarks that the most successful organisations follow when it comes to success. The most remarkable companies on the planet transform the world into a better place. The other companies also make a positive contribution to the people around them.

The successful companies change the way people do things and create a huge impact by their presence. Consider booking a taxi before Uber & Ola, sending messages before whatsapp, and connecting with friends before Facebook, searching information before Google.

A company is an agent of change and transformation. A successful organisation creates employment, business opportunities, contributes to the growth and makes a positive contribution to the society. Digitization has made the world more interconnected and companies are using it to influence lives even in smaller cities and towns.

The success of a company can be measured in terms of what it is giving back to the society.  Success of a company is the social impact it creates. Company is a medium to change the lives of people around it.

The evaluation criteria and benchmarking of a company needs a thorough study of various factors. These include the list of parameters that are taken to gauge the performance of the company. Some of the questions that need to be addressed while devising measures of success are as follows:

What is the benchmark of success in the organisation?
How is the success of a company measured?
What are the key parameters of measurement for measuring success?
What is the brand perception and impact of the company?
How is the company performing for its stakeholders?
Has it been able to create employment?
What are the timelines for measuring the goals?
What are the targets for each of the parameters for measuring success?

Below are some of the factors that are used as a reference by boards to measure success of a company. While each company will have different yardsticks and timelines for gauging success, this list indicates some important factors that can be used for evaluating the results. The timelines used for measuring these parameters usually varies between 1-3 years and targets are set depending on the present situation and the projections by the board.

It is important for a company to set goals and benchmarks to measure its progress. The most successful companies develop a process for tracking and reporting their business performance using software. The review process examines the results for fine tuning & helps in the performance measurement for driving best organizational results.

A truly successful company is the one that leaves an indelible footprint in the history of time, inspiring generations to strive for a better tomorrow with great accomplishments.

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