September 30th, 2019
Having a digital presence is important for small medium enterprises (SMEs) to help expand their reach and grow their business. Having a digital presence means the business exists in the online world. It could include having a website, a social media presence and using online tools to make business processes easier. Find out why going digital is important for your business.
Why go digital?
According to Deloitte Access Economics, in 2017, about 50 per cent of SMEs in Australia have high to advanced levels of digital engagement. The study also projects that transactions will shift from in-person to online in five years. 50 per cent of sales will involve the use of digital tools and mobile sales are expected to grow by over 70 per cent.
So, why go digital? The question should be: why not? The world is continuously changing – consumers and businesses are going digital for convenience and many other benefits. It’s about time you catch up to gain competitive advantage and grow your business faster.
Here are some of the tons of benefits your business can receive from digital engagement.
The study of Deloitte Access Economics shows an increase in revenue of up to $160,000 when you add customer communication channels. Social media and other digital tools make it possible to do business 24/7 and reach a wider audience.
Almost half of Australians go on social media every week and 24 per cent of them uses social media to learn more about a business. 20 per cent also use social media to learn more about a product or service. Social media gives your customers more options to contact you. The study shows that it takes about seven hours for SMEs to respond to customers who enquired via social media, while it takes about 13 hours for SMEs that don’t provide customer service on social media.
Accessibility and better customer experience
In relation to the point above, a personalised and faster response increases customer retention and attracts new customers. There are people who prefer to get in touch via email or chat, while others like to call or visit your office – get all the bases covered to ensure customer satisfaction. There are also those who need to get in touch after business hours. There are digital tools, such as chatbots, that could give them the answers they need even when there is no actual personnel available at the moment.
Lower business costs
SMEs that already use digital tools to get leads have reported lower business costs. Many digital tools are packed with a lot of features at a reasonable cost. Social media also is great for obtaining new leads. Make the most out of your social media channels by using it not just for updates and replying to messages, but also for advertising and targeted offers. Creating a social media page is free. Although social media campaigns and targeted ads cost depending on your requirements, it can reach a lot more people and can be more specifically targeted than traditional advertising.
Digital tools and automation for faster business growth
Brokers deal with a lot of data. Data management and analytics tools could help you use these data in improving your products and services. Make the most out of the data available to you by using them to understand customer behaviour and personalise your offer. Using the cloud and automation could also help streamline operational business processes, allowing you to focus more on the more important aspects.
Improved employee collaboration and productivity
With streamlined processes in place, employees can work more efficiently. A single online software accessible to all relevant parties allows employees to access and use it whenever and wherever. All activities will also be tracked.
Get started with your digital transformation
Check out our Digital Marketing Hub which seamlessly integrates with Mercury for more powerful, intelligent, and scalable marketing strategies, all in one system.