Should all companies go digital? It’s a good question. On the one hand, most CEOs don’t necessarily understand or trust marketing professionals, according to a 2013 KissMetrics article (Bosomworth, D. 2013). On the other hand, Mintel reports that “The popularity of digital channels is pushing publishers towards multimedia content as users of digital channels expect video, interactive polls and other interactive media as part of the experience.” (Anon, Mintel. December 2016).
It is my opinion that companies should go digital if they have the budget, expertise, and understanding of the landscape. One of the most significant challenges that I have found in my career is a lack of knowledge in data reporting and KPIs. The lack of understanding leads to a lack of trust in digital marketing, especially if the owner or CEO is focused solely on vanity metrics such as likes on social media or views of an online article.
Independent reports have shown that “41% of companies use KPI systems in [their] business. KPI-management is being received new business management; 13% use different indicators perspectives and capabilities applying informational without classifying them as Key Performance Indicators.” (Baker Tilly Rusaudit, 2008). How can a company measure success without having an idea of what progress is? Furthermore, if the bottom line of a Chief Executive Officer’s job is to ensure profitability, why do they not care to measure the revenues from their digital marketing and PR efforts?
To conclude, should all companies go digital? Yes, but they shouldn’t forget what is most important–revenue–and they should gain an understanding of the data that is accumulating and its importance to the organization as a whole.
“Baker Tilly Rusaudit”, consulting company, 2008.
Practical introduction of KPI.
Bosomworth, D., 2013. CEOs Don’t Trust Marketing – What’s The Solution? Neil Patel. Available at: https://neilpatel.com/blog/ceos-dont-trust-marketing/ [Accessed July 22, 2018].
Reports.mintel.com. (2018). Magazines – UK – December 2016 – Market Research Report. [online] Available at: http://reports.mintel.com/display/748915/ [Accessed 22 Jul. 2018].