Traditional marketing methods such as advertising on television or radios can be costly especially for new start-ups and small-medium enterprises in Singapore. One of the reasons small-medium enterprises choose to go digital is because they could not afford the common marketing methods by big enterprises like advertisement on the television or radio. A business going digital means that it is converting perhaps some aspects of manual labor to digital and that it will go paperless. Or that the platform used to communicate with the consumers will be switched to digital.
The benefits of doing so is that it helps these small-medium enterprises save cost and increase efficiency. The cost saved from the conversion can then allow the companies to invest on more promising projects for the company to grow. Also, going digital helps the business to have an increased percentage of data accuracy.
No one can guarantee that there will not be accidental human mistakes or leakage when data of the business is handled manually. By going digital, the data is well protected and does not suffer miscalculations. Also, companies can better allocate their manpower on more important business goals or projects that can bring in profit and development.
A company will be able to improve and be a professional in the field when it’s team members are exposed to works that promote growth and acquiring skills. It is therefore beneficial for a company to go digital when possible so that they can free up manpower for the team to be engaged in more challenging work.
Following The Trend
It used to be Facebook and Twitter a few years ago but nowadays, Instagram is going strong. We see numerous business owners making good use of social media platforms to introduce their branding or services. While making use of social media is useful in exposing your business, it is also important to note the trend that the community is going for.
Digital platforms are changing too and understanding how a platform works can help increase the productivity of communicating with the audience. Furthermore, using a platform with a higher number of community usage can speed up exposure and familiarity of the business.
Another important benefit of going digital is that business operators can fare better than their competitors because they are reaching out to more consumers and having a broader range of consumer data analysis compared to their competitors.
Many times, social media platforms allow consumers to provide comment, review or feedback that are visible to the public. Business owners can then obtain information on how well their competitors are faring and make the right adjustments to improve.
Welcoming Consumers from a New Channel
Business owners can welcome a new group of consumers by going digital. This is because in today’s technology, we can assume that a particular group of individuals choose digital platforms for ease of product comparison and purchasing that can help them with both cost and time saving.
With a wider range of consumer data for the business to do analysis on, it can benefit the company to plan and better promote their products or services based on consumer likes and dislikes.
Enhance Consumer’s Experience
The best part of going digital is that it has the ability to showcase specific products to consumers based on their search results and needs. A user friendly platform can enhance consumer’s experience and leave a good impression so that there is a higher chance of repeated purchases.
Another benefit of going digital is that business owners can use the platform to target specific users such as youngsters because they are the group with the highest social media knowledge and exposure. Business owners can further attract more lines of consumers through these youngsters. For example, an individual will get to enjoy special deals or promotions when he or she posts a picture of the product or service on another social media platform with hashtags on.
This will increase consumer satisfaction when they receive special deals and also draw in patronage from various digital platforms.
Opportunities of Expansion in Emerging Market
The market is opening up to multiple possibilities and businesses going digital will have the advantage because they already have the experience and knowledge on the conversion of data compared to enterprises that are still on manual labor.
Because of the data and niche analysis from going digital, companies can better identify possible market opportunities to provide services so that these needs from emerging markets can be taken care of. These new services will then be another growth and profit opportunity for the business to develop and expand.
The reason why companies are able to better target audiences based on their needs by going digital is because of the technology that we have in this era. By cleverly taking advantage of what is provided to us in today’s time, business owners can see the benefits brought to them by going digital.
In conclusion, when a business is able to reach more audience through different platforms and satisfy their needs, this will help them bring in revenue and do planning for further business strategies.