Did you know that over 80% of consumers research products and services online and most of their buying journey is fully complete before they ever even get in touch with a sales rep? This tells us that digital marketing is an extremely powerful tool. From social media network applications to the top search engine strategies, each tool can be used to further educate your customers, convert your visitors, and increase your ROI.
In the past two years alone, marketing has changed more than in the last five decades. What this means for Singapore organisations is that it’s time to adapt to the digital age. It means that they should invest more of their time and resources into providing their staff with the proper digital skills. In this way, you will be able to more easily build brand awareness, save on costs, and drive revenue.
In spite of this, many Singapore businesses are not using digital tools and technologies. There are various barriers that tend to stand in their way. For instance, some businesses lack the resources and budget. Some owners fear that they will lose a certain degree of control. Others are simply sceptical that it will truly offer a return on their investment.
However, one of the top barriers is the lack of training and skills. Luckily, this particular barrier is easy to do away with. All it takes is an investment in digital skills training. It’s a short term investment towards a long term reward. Below are a few ways in which your organisation can benefit from digital skills training.
Despite the evolution of technology, there is a significant shortage in digital skills worldwide. And this has a huge impact on every industry. As companies do their best to recruit the most qualified and competent candidates, businesses must compete to win those with top skills. Inevitably, this means that the larger competition will always triumph because they can offer salaries and benefits that are more lucrative.
This scarcity has led to companies searching internationally for digital talent. However, it’s much easier and more cost effective to cultivate your current talent pool. The most successful organisations are those that plan for their digital maturity and train and develop the skills of their current workforce well in advance. They realise that what is most important for their employees is training and the opportunity for professional growth. Without these factors, employees tend to feel stagnated and unstimulated.
If you would like to empower and motivate your team, then giving them an education in digital marketing can go a long way. It’s a great tool in terms of retention and will help to increase productivity in entire organizations.
2. More Revenue
Digital advertising has had a phenomenal effect on the global economy. In fact, its revenue has already surpassed TV advertising. Also, it has been predicted that by 2020, digital advertising will reach over $260 billion.
As more organisations realise the benefits that a digital audience can bring, they are starting to increase their marketing budgets and digital ad spending by leaps and bounds. Research shows that companies that have a stronger digital presence are able to earn more revenue from their physical assets and are up to 26 percent more profitable than those without a digital presence.
When we consider the difference between traditional and digital marketing, it’s pretty astounding. Studies indicate that only 28 percent of prospects who are cold called will actually engage in a conversation. And only 1 percent of these calls convert into appointments. The more empowered consumers become by digital technologies, the less they tend to depend on the expertise of a sales rep. Instead, they do their own research.
It’s predicted that by 2020, the customer will manage over 80% of their buying process without ever having to engage a human. So if you’re interested in engaging your audience, then it’s important to revitalise your sales and marketing divisions. Digital skills will give your organisation the ability to better nurture customer relationships, establish your business as an industry thought-leader and convert more visitors.
3. Cost Efficient
What’s great about giving your team a digital skill set is that not only does it make you money, but it saves you money as well. After collecting training information from over 2,000 companies, The American Society for Training and Development found that organisations that provide comprehensive training have over 200 percent higher incomes per employee than the companies that offer less training. What this means is that simply by motivating your team through skills training, you can save a significant amount of money. Another key factor is that the cost of hiring and then training new employees can reach up to 200 percent of annual compensation.
Singapore business owners should also consider the principles that digital marketing is based on. They involve precise targeting options so that Cost-Per-Lead is reduced. Simple online interactions with the target audience can earn you more conversions for lower costs. Analytics tools can offer invaluable insight, help you to refine your marketing strategy, and avoid all unnecessary spending.
4. Competitive Edge
While a knowledge of digital marketing used to be a plus, it is now a necessity. This is especially the case for organisations that are apart of competitive industries. Research shows that 90 percent of all marketing roles currently require digital skills. You see, in comparison to traditional marketing, digital specialities are more targeted. And this is what helps to streamline the process. Precise insights translate into specific actions and make organisations more competitive.
Improve your customer retentions rates by using social media platforms. Develop a presence through mobile marketing. Nurture your relationships and provide valuable content with email marketing. Use analytics tools to optimise your campaign and measure your results.
Times are quickly changing. Not only are your competitors becoming more technologically advanced, but your customers are too. Before they ever make a purchase, they do an extensive amount of research online and you need to be able to provide the information that they are looking for. The more you interact with them, the greater the chances of their buying from you.
The key to successfully engaging your audience is making sure that your staff has the digital skills they need. It can be to your advantage to create a digital expertise in-house. All it takes is organisational commitment. Whether it’s SEO, social media marketing, or learning the ins and outs of SEM, your staff should be equipped with the digital marketing skills to get you to the top. They will be more motivated, your company will earn more revenue and save money, and you’ll also get the competitive edge that you need.