Dear Marketers, Prevent Businesses Getting Killed by Digital Disruption!

Disruption? You might initially think negatively about this word.

Disruption? You might initially think negatively about this word. Digital disruption is a development produced “by emerging digital technologies and business models” (Oxford College of Marketing Blog, 2017). This change impacts people in this decade to have a better living. Lifestyles and work have been changed by the new, potential technology. Besides, the advantages are the increasing of productivity, improved work, health, and safety and new products and services; all of which have been elevating our living standards through innovative business models. However, the most awareness thing to be considered by marketers is that “Digital will disrupt your industry”, because the emergence of these new digital business models is disrupting the existing markets (Freek V., 2017). In fact, this single word is warning us

Why should we be concerned?

Capgemini Consultants established that since 2000, 52% of Fortune 500 companies have gone bankrupt, been acquired or ceased trading, due, to some extent, to their inability to keep abreast of the speed of digital transformation (Heck D., 2016). Kodak is one such example; it had declined the opportunity in digital photography and subsequently this destroyed its film-based business model. Despite Kodak monopolized the photography markets in the 20th century, it unexpectedly declared bankruptcy in 2012. However, digital disruption provides directions for the business model in the future. This enabled ‘Sony and Canon to steal the hearts of the consumers with their new technologies’ in the photography field (Oxford College of Marketing Blog, 2017).

Failure & Success of Digital Disruption in Businesses

Businesses should welcome digital disruption and not oppose it or reject the forthcoming opportunity. The clear instances that can be seen are that many businesses have implemented e-commerce such as selling shoes online, or even offering services via provided applications such as Uber for taxis, Deliveroo for food delivery, Amazon for online shopping, etc. Being aware of the changing situation and recognizing the signs of digital disruption surfacing in your business field lets you be one step ahead and work with the trends rather than against them (Oxford College of Marketing Blog, 2017). So, do you feel afraid of digital disruption or see an opportunity through this?

For digital marketers, while it might be difficult to predict what the upcoming trends look like, instead of fighting against this digitalized change, digital marketers are preparing their strategic plan and then embracing it to drive their business forward. This might bring them both opportunities and anxieties.

Be Open to Digitalized Change

Get rid of your worrying! According to a study by Adobe in 2016, 44% of marketers in Europe are worrying about their ability to keep up with this change; furthermore, this figure has increased by 7% from 2015. Together with the following figure, from the previous study, as an ever evolving marketplace, 65% of marketers reported experiencing greater pressure to enhance their business revenue (Watton J., 2017). This suggests that marketers are concerned and challenged to opt for the best means, policies and strategies, including the correct metrics to drive marketing success. Hence, they must be open to forthcoming change. Marketers need to consider how to enhance the technologies, which will contribute to improvements and refresh the customer experience.

Know Your Powerful Weapon for Business

Next, in order to not get killed by digital disruption, marketers must know the DNA of their business for the modern advancing environment ‒ and digital media has already become one of the most powerful weapons. A study by Adobe in 2016 claimed that two-thirds of European marketers believe that the proliferation of channels is changing the nature of digital marketing; moreover, 45% and 41% of marketers consider the ‘big data’ and ‘internet of things’, respectively, to be the most critical forces in the next three years (Watton J., 2017). This suggests that data utilization and multichannel working ability are deemed the top influences of future achievement.

Moreover, digital marketers should note the most effective digital channels of the business by tracking developing digital models and checking whether social feedback loops are thwarting the business (Dr. Costel Iliuță N. and Ioan Matei P., 2015). This way, the marketer becomes a person who drives the business to success with many marketing tools which are now deemed a critical competitive advantage.

Certainly, marketers are highly challenged because digitization is gradually becoming the chief route for customer journeys. Digital disruption marks changes in consumer’s needs, obviously. Another factor you realize when reviewing case studies of improper feedbacks is that disruptive technologies don’t just occur but are developing all the time, so keep an eye on the ball then recognize the sign of change which could happen anytime. Many businesses which have the right mindset to enable the new era of the digital disruptive environment are becoming the powerful competitors in each industry. This is an exciting time for digital marketers to choose the right digital tool as a weapon. And, of course, do not forget the fundamentals of marketing ‒ maintain existing customers’ satisfaction and broaden the prospects for new ones to access their needs from your brand, not only through digital channels.

References

Dr. Costel Iliuță N. and Ioan Matei P. (2015). Digital Marketing, Digital Disruption, and the New Rules of Digitization. Holistic Marketing Management.

Freek V. (2017) What So Many Strategists Get Wrong About Digital Disruption. Harvard Business Review, pp.2-5

Heck D. (2016). Why Marketers Should Embrace Digital Disruption. [online] Digitalmarketingmagazine.co.uk. Available at: http://digitalmarketingmagazine.co.uk/digital-marketing-features/why-marketers-should-embrace-digital-disruption/3782 [Accessed on 24 Oct. 2017].

Oxford College of Marketing Blog. (2017). Digital Disruption: What Is It and How Does It Impact Businesses? - Oxford College of Marketing Blog. [online] Available at: https://blog.oxfordcollegeofmarketing.com/2016/02/22/what-is-digital-disruption/ [Accessed on 24 Oct. 2017].

Watton J. (2017). Adobe Digital Roadblock: Infographic | Digital Marketing Blog Europe. [online] Digital Marketing Blog Europe. Available at: https://blogs.adobe.com/digitaleurope/digital-marketing/adobe-digital-roadblock-infrographic/ [Accessed 24 on Oct. 2017].

Visual References are credited in themselves