Marketing
Oct 29, 2022

Marketing-led innovation to power digital transformation in mid-sized enterprises

How CMOs can prepare their organizations for the future in light of the digital change in healthcare, education, government, and technology.

Poonkuzhale K

Marketing-led innovation to power digital transformation in mid-sized enterprises

Performix Advisory for Chief Marketing Officer (CMO)

Companies that do exceptionally well execute digital transformation projects in efforts to stay one step ahead of the competition and more effectively engage customers across many channels. It is no longer a matter of whether the digital change will occur in healthcare, education, government, technology, or new marketing concepts for chief marketing officers; rather, the question is when and how digital change will occur.

People are more conscious of social concerns as a result of having seen the disastrous impacts of COVID-19 personally, and they are demanding justice for members of oppressed groups. Even businesses have progressed over time. A great number of businesses have been driven to initiate digital business initiatives as a means of combating the pandemic as a result of the expectations of their employees, customers, and other stakeholders.

You've been in charge for a while now, and throughout that time you've learned to adapt quickly to new situations and come up with creative solutions. When trying to restore equilibrium to the workplace after a pandemic, you and your team may be at their most exhausted. In finalizing your strategic goals for 2023 in light of the "digital era," this blog gives in-depth insights to assist you to focus on dialogues with your teams, colleagues, and other leaders on what is important.

So, how should chief marketing officers handle this change? What follows is a set of suggestions for a successful marketing campaign.

Time for marketing led innovation strategy' - Performix Advisory for CMOs

Many top executives have reported at Fortune 500 companies that the pandemic has taught them to "expect the unexpected." Therefore, to be more traceable in the market, it is necessary to upgrade marketing concepts in a more flexible and agile manner to have a low risk of losing dollars. A CMO with a comprehensive understanding of digital transformation and the appropriate tools for the transition can assist their company in weathering economic storms and retaining customers.

CMOs who want to come up with an innovation strategy need to have a firm grasp on the priorities and direction of innovation, the essential elements for execution, the gaps in innovation, and the clarity on integrating a complex innovation strategy.

Building a solid framework for a marketing-led innovation strategy requires paying attention to
  1. Priorities and direction: Carefully evaluate the significance of innovation, the expectations for marketing-led innovation, the role of marketing, the desired types of creation, and the level of product focus required for innovation initiatives.
  2. Elements for innovation execution: Define the appropriate mix of people, partners, processes, and tools.
  3. Recalibrate and evaluate existing or potential gaps in innovation.
  4. Integrating and developing a strategy for achieving organizational goals requires an appreciation of the organization's goals and how those goals can be achieved.

The need for CMOs to be flexible and agile is being felt increasingly acutely in light of the increased urgency in app launches. Their plans and budgets permeate a strong and expanding dedication to innovation. As a CMO of your organization, you have to prioritize future-forward capabilities even when you have to cut spending elsewhere, and as a result, more than 20% of the total marketing budget is allocated to innovation marketing. To create a practical marketing-led innovation strategy that aligns with the organization's business and innovation goals, you must pay close attention to the above factors.

Impact of Digital Transformation

The Digital Transformation market size would reach USD 1,548.9 billion by 2027 at a CAGR of 21.1%, whose current worth is estimated at $594.5 billion in 2022.

Given the breadth of the concept of "digital transformation," the following three factors influence how much of an impact digital transformation has on your organization.

Technology:

The impact of technology is determined by two factors: the advantages it could bring to your operations and how challenging it would be to implement.

Demand:

Customers' expectations for a straightforward experience directly result from demand.

Behavior:

Customers' expectations of your business's level of technological integration will affect your business's operations.

Now, let's delve deeper into the influence of digital transformation on four primary industries.

Education

Education sector is a the most popular industry to face alterations aimed to make education more exciting and available to more people by making it more dynamic and adaptable. Students, educators, and anyone else with a stake in the education process can all benefit from the widespread adoption of digital tools and methods. Because of this, online learning has become more accessible, affordable, and inclusive for more people.

Promising technologies

1. The IoT

The IoT has altered the traditional educational models significantly. This allows universities to build "smart campuses," automate numerous mundane jobs and provide all students with easy access to cutting-edge resources.

2. Blockchain

The first requirement for deploying blockchain technology is security, which is supported by its use. It's a practical choice for keeping track of people's individual information, such as employees and students. Furthermore, the authenticity checks made possible by the technology help to reduce instances of plagiarism and other forms of academic dishonesty.

3. Big Data

Big Data is a powerful method for managing and analyzing massive data sets. Tracking student growth and finding novel ways to improve education is possible with Big Data's help.

4. Smart classrooms

Digitalization enhances not just online but also offline education. Students can receive the information they need and look for additional resources in real time, thanks to smart boards, projectors, internet access, and computers.

5. Analytics

By centralizing student performance data (grades, tests, Etc.) in one place online, instructors can more easily assess students' progress (in terms of both attendance and the implementation of their study plans), as well as evaluate student papers in a more timely fashion and identify problem areas.

6. Artificial intelligence

Customized study schedules, an approximation of the student's GPA, increased performance, and expanded accessibility are all possible thanks to AI. Artificial intelligence can also help teachers be more efficient, which benefits students. Examples of AI's usefulness in the classroom include chatbots, frequently asked questions, databases, and automated processes.

Technology

The technology market provides numerous commodities and services to consumers and other companies. This sector comprises companies that make electronics, software, and computers or sell products and services related to information technology. Perpetually, these companies rely on technological advancements to develop enterprise software, oversee logistics networks, secure data and provide other essential services and data upon which to base crucial business decisions. Consumer goods like computers, cell phones, wearable tech, home appliances, TVs, and so on are getting better and sold with new features.

Promising technologies

1. Machine learning and Artificial Intelligence

Experts agree that AI will revolutionize the workforce shortly. Business organizations use AI to improve customer interactions by streamlining their communication, handling their digital orders, providing them with cognitive insight, and fixing any problems they may have. Systems with artificial intelligence can reason and learn on their own; thus, in the right hands, AI has the potential to improve productivity while cutting down on human error significantly.

2. Modern Languages for Coding

One of the most complex and crucial emerging trends influencing the IT industry's functioning is the use of advanced coding languages. With the help of these cutting-edge, high-performance programming languages, businesses set up professional-grade web presences, software applications, and mobile apps.

3. Big Data Analytics

"Big data" analytics sifts through massive amounts of data to uncover insights, hidden patterns, and correlations. Many of today's most innovative technology firms use big data analytics to facilitate cost reduction, improved decision-making, and the dissemination of new products and services. Better technical information processing, tighter data security, and more rapid digital response times are all feasible with the help of big data analytics solutions.

4. Tech for smart homes

Innovative home technology is one of the most advanced and fast-growing new digital trends in the IT industry. Innovative home technology lets people use their smartphones, tablets, and other networked devices to monitor, access, and control the devices in their homes. The best of today's intelligent home gadgets give you access to your home's connected lighting, heating, security, entertainment, and other systems from anywhere in the world. Innovative home technology has the potential to boost safety, convenience, and comfort when installed correctly.

5. Cloud Technology

Businesses increasingly turn to cloud computing to store and access their data and software to streamline their operations. Cloud computing offers a highly flexible and organized storage system that protects your most private information. Your data is safer and more productive in the digital realm when you use cloud computing.

Healthcare

If you work in the healthcare industry, you understand how challenging it can be to keep up with the constant digital innovations. A healthcare leader may find it challenging to choose which technologies are worth funding. To thrive in the modern digital economy, businesses must abandon antiquated methods of operation and have faith that the disruption brought about by new technologies will yield substantial gains.

Promising technologies

1. Telemedicine

Changes in telemedicine have been ranked as one of the most consequential in the American healthcare system. Ninety percent of healthcare CEOs said their company has begun work on a telemedicine system or has begun integrating one. Medical staff can monitor patients at high risk remotely using telehealth technology and Internet of Things (IoT)-based health monitoring and wearable devices.

2. Big data in medical care

Data-driven insights allow medical personnel to anticipate and prevent problems that can be used to foresee the onset of epidemics, save healthcare expenditures, improve patient outcomes, and minimize avoidable hospitalizations.

3. The Internet of Things

With the help of IoT-enabled remote monitoring, healthcare providers can keep their patients healthy and safe while also improving their quality of care. The Internet of Things has increased patient satisfaction and engagement by streamlining their contacts with providers.

4. Virtual Reality

Virtual reality (VR) simulations allow users to experience what it's like to live with a fatal condition. Those learning about the disease can gain a better grasp of what it's like to live with the symptoms by experiencing them firsthand using this method. Virtual reality engages users in a simulated environment rather than showing them on a screen, which contrasts with more conventional user interfaces.

5. Artificial Intelligence

Artificial intelligence has several benefits over human-made analytics and clinical judgement. Humans can learn previously difficult things about care delivery, treatment variation, patient outcomes, and diagnoses. AI helps doctors, patients, and hospital staff because it speeds up and reduces the cost of previously labor intensive tasks that once required human involvement.

Government

The pandemic has accelerated global digital innovation. Scaling these efforts will ensure governments remain trusted, agile, and resilient providers of citizen services and value to the public.

CIOs and technology executives are creating future-ready organizations that can deliver and scale digital transformation initiatives despite uncertainty, shifting mission priorities, and rapidly evolving challenges.

Government CIOs can use technology trends to guide enterprise-wide digital investments and anticipate disruption, despite sector-specific constraints like low digital maturity, unmet citizen expectations, insufficient resources, and difficulty scaling innovation.

Promising technologies

1. Adaptive Security

In the adaptive security model, cybersecurity systems work more like biological immune systems that work independently. Governments will integrate security measures for enterprise data, privacy, supply chain, operational technology, the Internet of Things, and cloud environments. Prediction, prevention, detection, and response mechanisms are all part of the adaptive security architecture, which rejects the idea of a fixed perimeter in favor of a fluid one.

2. Digital Identities

Digital identity's scope and needs are quickly expanding. Citizen digital identity covers eID and electronic signatures in government interactions. Governments use identity proofing, BYOI, identity wallets, organization and object identities, and identity ecosystems to ensure trusted and convenient service access.

Do you know?
One-third of all nations and half of the states in the United States will provide mobile-based identity wallets to their citizens by 2024.
Image Source: https://www.sketchbubble.com/
3. IoT

The concept of "Smart Cities" represents a significant government use case for the Internet of Things. Smart parking, I.T.S., smart grids, water & waste management, bright urban lighting, intelligent city maintenance, and digital signage are all examples of city services that can benefit from the analysis of data collected by IoT sensors and acted upon by a centralized system.

4. Cloud Computing and Virtualization

Cloud computing has dramatically changed how I.T. is used and managed. This has led to higher and better cost efficiencies, faster time-to-market, and better scalability of applications on demand. Even small-to-medium public sector organizations in local communities have driven innovation using cloud computing.

5. Surveillance and Location-Based Intelligence

In light of the widespread of the COVID-19 virus, governments and other public-sector organizations have begun using surveillance technologies to monitor their employees' whereabouts. Cellphones help fight the spread of coronavirus. It aids in establishing a figurative geographical boundary, signaling to authorities the departure of a specified mobile device from an allotted area, and the geofencing technology helps to isolate potentially infected individuals from others.

Having observed the excellent use of technology in these four industries, how can you, as the CMO of your organization, prepare for the upcoming challenges associated with digital transformation?

A CMO's guide to digital transformation

As industries and technology adapt to a digitized and connected world, CMOs face unique and challenging times. No business can thrive without technological adaptation, and no marketing executive can succeed without embracing the digital age. As CMOs take on more CX (Customer Experience) responsibilities and understand the impact on company growth, which will make you achieve DT along with powerful marketing.

Once you are ready for the transition, please take a look at these five guidelines.

1. Leverage new media forms

In the days of linear media, messaging was easy. Conventional wisdom limited what could be stated to consumers in their limited time. Twitter, Facebook, and other social media sites now permit constant business-to-client connections. Innovative brands are forsaking 30-second ads for round-the-clock identities. Innovative CMOs hunt for new areas to market to their target audience.

2. Value Flexibility

Businesses must change to pursue digital transformation. You must reinvent yourself and your organization to be a successful CMO. You can't rest on old processes and methods. Successful companies actively pursue the most effective change techniques rather than grudgingly accepting it. Make an effort to metamorphose! who can effectively lead change and achieve their goals, thus creating new opportunities for expansion.

3. Find and use the best tools

It can be difficult to determine which digital transformation crossover support is the finest. This involves a considerable amount of investigation. The message your company wants to convey may be made to resonate via apps, software, and reorganization.

4. Trust Your Expertise

Consumers will always be human, thus the basics of advertising and communication will remain the same. If given ten ideas, persons with intelligence, experience, and common sense can quickly identify the good ones and discard the poor ones. Don't doubt the helpful lessons you've learned and figure out how to implement the fundamental concepts you've studied into today's world. When you're sure of something, like the ineffectiveness of a particular method of transformation, you shouldn't second-guess that.

5. Use Delegation Wisely

In today's commercial environment, executives must be proficient in both business and technology. Similar to how it tracks changes in culture and communications, marketing will adapt when new technologies emerge. Determine the ideal team members to delegate to, as well as novel delegation strategies. 

Being a CMO is not for the faint of heart, but no other role has the potential to have such an impact. 

It is time for action!

As you know, rather than merely a trend, "digital transformation" has become the overarching innovation strategy for business executives across all sectors. For DT to be prosperous, it must be based on a vision created and carried out by those who know the customer best. 

Companies that desire to survive and thrive in today's digital economy are competent to take full advantage of their marketing departments to define the change management roadmap required for success. 

We at Performix believe that business success rewards those who go out of their way to develop innovative solutions that benefit numerous people. 

So, how can we assist you in accomplishing these goals? Partner with us to make DT for your business forever in the limelight.

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