We are living in the age of Disruption. The most common word used in 2019 among all the corporates and other small businesses is “Disruption”. So, what actually is disruption in technology and how can it affect business?
Disruptive technology is one that displaces an established and conventional technology and shakes up the industry or a groundbreaking service that creates a completely new industry.
“Transformation never ends. It’s like working out every day.
You’ve got to constantly improve”
Safra Catz, Chief Executive Officer, Oracle
Disruption of technology can be seen as a threat or an opportunity. It depends on the country and domain your business is in. Have a look at a survey done by one of the top leading consultancy firm, KPMG. The Survey states that India is leading in the graph as most of the businesses in India see Digital Disruption as an opportunity, which is carried by China and Germany.
No business regardless of industry, functionalities or size is immune to “digital disruption”. The main question which revolves around the decision makers of every business is “Be the disruptor or be defeated by others” While the journey is unique for every business, the aim is to success.
Have you ever wondered that there was a time when products and services were just sold in a physical sense and salespeople were seen as the go-to experts before any sale took place? Lately, due to a change in consumer habits and most importantly digital disruption of technology, Digital/Online selling has gained all attention of sales professionals looking to succeed in the altered customer purchasing landscape.
Marketing and Sales are two aspects of a business that have always been very people disposed of. While human interaction is still a major part of these industries, technology is changing the way things get done.
- Artificial Intelligence is making digital communication with customers more human-like
- Big data is giving salespeople more prospect information than they have ever had before
- Machine learning is predicting what clients will want before they ask for it
Digital Disruption In Sales Field:
Digital disruption is impacting leading businesses and startups every day and will continue to do so in the future. One area of opportunity organizations must not ignore is the Sales Department, where there is greater pressure than ever to maximize sales results and bring the Return of investment. Digital Transformation has the incongruous footprint of improving salesperson effectiveness and heightening job insecurity concerns. Companies can improve the technology-enabled multichannel capabilities of the firm by giving priority attention to human capital improvement, sales force control systems and communication of the digitization strategy.
The advent of search engine marketing, online marketing, social media marketing, mobile marketing, and ChatBot automation gives customers much more opportunities to interact with the company. As a repercussion, salespeople get more time available to perform added value activities. Through transforming a business from traditional to digital, the marketing and sales department can use various social media channels which help in selling products and providing services. The process becomes faster, smarter and helps in acquiring the customers easier.
Know the customers what they want:
Now, most of the customers are millennial and have used digital to change the rules about how we sell. The new customer says, “I don’t care who you are in the company, I expect the same level of service from everyone.” Customer is turning more dynamic and demands more because they have more access, more information, and more choice. Search engines are the most obvious example of digital disruption, giving the customer information fast is the key to success in this digital world and they are always ready to switch vendors based on choices and experiences. Therefore, businesses must be in-tune with customer expectations so the solution, service, or product lives up to those demands.
Focus on creating specific content for a specific audience in a specific territory, rather than marketing on a massive scale.
The Importance of Digital Selling:
- 75% of people using social media outsell their friends/family
- 78% of buyers expect sales to personalize interactions based on online activities
- Getting leads quickly: Sales representatives using social media have 3.6 times more chance of meeting a decision maker
- Subject matter experts active on social networks generate business opportunities seven times more effective than traditional marketing
- 86% of IT buyers use social media in their purchase decision process
Customer Relationship Management: Managing and analyzing customer interactions and data throughout the customer lifecycle to improve business relationships. Predictive analytics packages help marketing and sales teams grind in on buyer behavior to craft content and campaigns that match audience preferences
According to a report by EY:
“After a 30-day experiment where sales teams ‘lived the life’ of the customer from a sales perspective and built new initiatives on their findings, they experienced a 46% spike in new client acquisitions and a 67% increase in revenues”
While data integration is powerful to optimize for sales operations, the greatest opportunity in digital is to create a predictive and prescriptive sales organization.
Traditionally held data: Includes information in CRM and the information salespeople have within the company.
Digital Data: An organization should obtain and use publicly available information such as data made available on social media sites. Understanding who a customer is gives a great digital advantage when trying to understand how to help them reach their goals.
A successful digital selling strategy starts with a clear understanding of your ideal customer’s needs, wants, and online habits. By utilizing big data analysis tools and social media platforms to develop a well-rounded online sales funnel, you can optimize your digital selling methods to reach prospects and drive profitable action.
Digital has disrupted the traditional sales model. Customers have rewritten the rules based on what digital offers them. Competitors are coming to the market much quicker and new entrants are disrupting legacy providers. To reach sales goals, companies must take advantage of all the information that is thrown at them.