Refusing to embrace digital forms of media is a dangerous way to continue one’s business in today’s modern era. Most customer buying behaviours rely heavily on a brand’s digital presence before they trust and engage with a service.
Adapting to the digital age
Adapting to modern business models can be challenging for businesses that started from the ground up with a brick-and-mortar store. Failure to adapt to advanced forms of technology, however, can cost you a loss in sales and maybe even the closure of your business.
In this article, we will share three disadvantages of refusing to adapt to digital marketing strategies:
1. A loss of relevance and customer appeal
The most significant disadvantage that your business will lose is its relevance. You could argue that you’re catering to local customers, but your company will eventually stop growing if your platforms do not adapt to the needs of the times. Modern consumers look for fast and agile results, not just on receiving their products but also in hearing about the latest news and updates that businesses offer.
Word of mouth and personal referrals can only get you so far, especially with online businesses popping up left and right. Keep in mind that your marketing’s success is only as effective as the number of mediums that you use. If you avoid digital marketing, you’ll end up slowly seeing your customers’ numbers dwindle over the next few years.
2. A missed opportunity for modernisation
Keeping up with your competitors is one of the critical aspects of keeping your business alive. A company that fails to adapt to modern business practices will eventually be forced out of the industry. A recent example of the battle between digital and brick and mortar type of business model is the Netflix and Blockbuster franchises.
Blockbuster’s failure to adapt to modern mediums made it an irrelevant company by the late 2010s. CEO of Blockbuster, John Antioco, refused to convert to an online streaming service as he was doubtful about the marketability of online platforms at the time. Netflix, on the other hand, is currently valued at over $130 billion, which puts it next to two of the largest corporations in the market, Disney and Comcast. Netflix’s success has become Blockbuster’s downfall as its manual method of a DVD mailing service has closed down its branches one by one.
3. A handicap when it comes to analytics
A recurring reason businesses move to the digital space is that it allows website owners to see the type of customers that view their website. Whenever they initiate a digital marketing strategy, different types of statistics are recorded and can be seen through their website’s analytics. The data allows them to see the types of people that view their site, from the locations to their age demographic.
Analytics are modern tools that businesses can use in improving not just their advertising strategies, but also their products and services. Since you can communicate with your users through the digital platform, it will be easier to record comments and suggestions that they may have on your company. The data you collect online is an effective way to gauge whether or not your brand or product is doing well enough in your target market.
You should never be afraid to try out new things, especially when it comes to improving your company’s service and customer impact. The best way to keep your business afloat today is by seeing what your competitors’ business practices are. By learning from your opponents in the industry, you’ll be able to apply organisational models that help your business grow over time.
If you need cPanel hosting in Australia to increase your company’s online presence, we’re an agency that can help you in managing your transition into the digital scene. Get in touch with us today!