As the business of digital marketing becomes more and more important, it’s important to understand how to effectively manage the accelerated growth of your business.
In order to do this, you need to be able to track your business’ progress and develop effective strategies for accelerating its growth.
What is digital acceleration?
Digital business acceleration is a process that helps companies to stay ahead of their competitors by leveraging new technologies and processes. It can be as simple as creating a website for your company or as complicated as re-engineering the entire business model.
It is important to note that digital business acceleration is not limited to just technology. It also includes marketing, sales, customer service, finance – any and all areas of your company.
Digital business acceleration can be used to:
- Increase customer satisfaction
- Improve company efficiency
- Increase the speed of product development
- Improve customer experience
- Increase revenue
- Reduce company costs
Understanding your business’ digital growth
To track your digital business growth, you need to understand your business’ core services. This will help you determine which areas of your business are growing at a slower pace than others.
Consider:
- How many different digital channels do you use?
- Which channels are doing better than others?
- How many leads are coming through each channel?
- What percentage of each channel’s leads convert to sales?
- What is the average order value per lead?
- What is the average order value per conversion?
- What is your average lead to sale conversion rate?
- How many different landing pages do you have for each website or application used for marketing and sales efforts?
- Which landing page converts more leads?
Effective digital marketing strategies
One of the most important things you can do in order to accelerate your business’ growth is develop effective digital marketing strategies. By knowing how to track your business’ progress and develop strategies for accelerating its growth, you will be able to make the most informed decisions while maximising your results.
Developing a strategic business acceleration plan
A business acceleration plan is a long-term strategy for the growth of a company. It includes various activities like identifying new opportunities, creating new products and services, and taking on new clients.
The first step in developing the plan is to identify your goals and objectives for the next three to five years. This will provide direction for what needs to be done in order to achieve them.
Key steps:
- Identify your goals and objectives for the next three to five years.
- Determine what needs to be done in order to improve the company’s performance.
- Identify ways of improving current products and services, as well as developing new ones.
- Determine how you can take on new clients and increase your market share.
Managing and monitoring your business’ digital growth
You need to track your business’ progress in order to effectively manage your digital marketing efforts. This can be done by using a digital tracking system, or by using another digital analytics tool that’s specific to your business.
By doing this, you’ll be able to see how well your digital marketing is performing and make necessary adjustments. This data can be used to develop strategic marketing plans that will help accelerate your business growth.
Recognise and mitigate the risks
Digital business acceleration risks are not limited to cybersecurity or data privacy. The fact is that digitalisation is changing the way we work, interact with customers, and compete for market share.
One of the most important things you can do is recognise the risks and take steps to mitigate them. You need to track your business’ progress and identify where there are areas of concern.
These risks can include:
- Data privacy and security
- Disruption of existing business models
- Lack of accessible skillsets
- Inability to adapt to change
Stay ahead of the competition
One of the most important things you can do in order to successfully manage your digital business is to stay ahead of the competition. By tracking your progress and developing effective strategies for accelerated growth, you’ll be able to keep up with the competition and achieve the level of success you desire.
Strategies with the digital business experts
To effectively manage and accelerate your digital business, you need to understand your business’s digital growth and develop effective digital marketing strategies. You also need to be aware of the risks and be able to manage your business’s progress as it changes.
The digital strategists at INTELLIWORX can help you formulate a marketing scheme to manage the acceleration of your business and direct it where you want to go. Talk to them today and get started on your digital journey.
