Understanding the Importance of Business Transformation
Business transformation is a change management strategy which aims to align people, processes, and technology initiatives of a company to its business strategy and vision. Whether it is a tiny startup which launches with one concept and shifts to another after realizing that there is no market or second generation owners taking over the business from the parent with changes taking place on a large scale; are all business transformations.
As a marketing leader you may have achieved the KPIs but you need to transform the way your organization markets itself. Without transformation, you can risk becoming irrelevant in today’s fast changing landscape. Irrespective of the industry you are in, your organization needs to transform to survive in the evolving business environment.
Factors which trigger transformation
As a marketing leader you can help steer a large organization towards transformation. Both external and internal factors can trigger a business transformation. External changes can include new regulations, change in the company’s income stream or funding sources becoming unavailable. Internally, a business can outgrow the skills of the management, the founder may want to exit business without a successor, and the company may develop new products which require marketing.
Three “T”s of transformation
You can start the process of transformation by shaping the three “T”s:
- Team
- Tools
- Timelines
Points to bear in mind
You may have made the decision that your business needs to undergo a transformation, but you need to figure out what needs to change. Before you embark on a business strategy, take a look at the organization’s business model and take into account the needs of your customers. Ascertain whether your organization is meeting their needs. Without a well-thought out plan, a change in your marketing mix may only worsen the issues which are faced by the customers. If your post-service sales is not up to the mark and you launch a new series of digital campaigns, you may end up having a larger section of customers reporting an unsatisfactory experience.
Begin by asking yourself relevant questions
Begin by identifying your area of focus and make an estimation of the right marketing mix beforehand. Answering a series of questions will simplify the process for you. Find out how many microsites or landing pages will you need. What role will the traditional marketing channels play in your campaign? Evaluate how much time you will invest in search engine marketing, content marketing, and search engine optimization (SEO). Which partnerships from other parts of the organization will you require to support the transformation efforts?
Choose the right team
Transformation can be a challenging task. A strong core internal team with outside support and expertise will be in a position to drive your marketing strategy. The team that you choose will decide how successful you are in your business transformation efforts. The right team will define an achievable roadmap and will then execute the plan. It cannot be understated that that team which you choose is more important than the strategy. No strategy is perfect, but a strong team can easily adapt to the necessary changes. You may be inclined to hire a team of specialists. In marketing, with priorities fast changing, the specialists play a crucial role at the project level but success of your campaign will largely depend on the ability of the team to identify opportunities and adjust to changing conditions.
Concentrate on the core team
Start by mapping out the capabilities of the team members to the technology, your strategy, scale, and tactics. Fill the gaps carefully either internally or through partnerships with agents or consultants. Outsourcing too much of decision-making can go wrong. It is advisable that you concentrate on the core team who should not only be equipped with the knowledge of internal processes but should be aware of the relationship dynamics as well.
Timelines and tools
To a large extent, the success of digital marketing depends on the selection of the right set of tools. You can consider using tools such as the Unmetric Track, which provides missing pieces of brand-focused intelligence. Ask yourself which marketing technology tools you will need to execute your strategy. Ascertain in what order or timeline you will require the tools. Make sure that your expectations are realistic and achievable. In a study conducted on how long it takes marketers to integrate new technologies in their marketing efforts, it was discovered that 12% of respondents said one month, 26% admitted that it took them 2-3 months, 29% said that they needed close to 4-6 months whereas 21% of the respondents said it took them 7-12 months. Only 7% said that it took them 1-2 years to integrate new technologies in their marketing efforts and just 1% of the marketers said that it took them more than three years.
The concluding note
Each step of the business transformation process should be carried out with open communication, flexibility, and transparency. There is no one-size-fits-all map for success. Do not hesitate to resort to outside help but at the same time your internal team should be empowered and equipped to supervise the process as it evolves.
