Top Benefits of Digital Transformation for Brands

With digitalization and the advancement of technology, brands are experiencing a global revolution. They are experiencing many changes - thanks to digital marketing platforms. Brands are capable of connecting in a better way with consumers via the internet and mobile devices.

Digital technologies are reshaping the consumer's experience fast. They are assisting consumers in making decisions wisely in real-time. Brands are undergoing drastic changes in recent times and have enhanced business operations focusing on customer-centricity. They are putting significant efforts to enhance their services by adopting various advanced technologies creating hyper-personalized customer experiences. Post-pandemic, several factors such as changing customer dynamics, trends, and demands have led to a necessity for businesses to bring transformation and adapt at a faster rate.

Digital Transformation has become a buzzword in the business world. Brands that don’t transform digitally will be left behind and outstripped by competitors. The modern digital transformation framework is characterized by a more comprehensive range of business opportunities. Businesses are rapidly adopting digital transformation strategies to revolutionize customers and other business processes by integrating them with innovative and advanced technologies. The customer processes are becoming more streamlined and efficient, helping the industry deliver better results to the consumers. The advanced tools will help the collaboration of various operating models assisting the industry in making strategic business decisions.

Here are the top benefits of digital transformation for brands with suitable digital transformation examples:

1. Simplifying Customer Onboarding Processes

Traditionally, customer onboarding has been a highly unstructured and time-consuming process. However, with the inflow of breakthrough technologies, mobile customer onboarding is gradually replacing traditional onboarding in a significant way. Mobile phones have increasingly become part of our day-to-day life. With the increasing penetration rate of smartphones, breakthrough technology like moLotus is going to drive mobile onboarding. Many SaaS companies have been developing mobile apps to cater to this demand for mobile onboarding with limited or no success. moLotus is the best example of an automated, flexible, cost-effective, and scalable onboarding solution, enhancing customer engagement with a smooth end-to-end experience. Brands have embarked upon moLotus to digitally transform their entire customer onboarding process.

2. Digitalizing Renewals - Policies and Contracts

The traditional contract/policy renewal management processes for businesses, which have been manual, labor-intensive, and tedious, would soon become obsolete. Digital transformation of the contract renewal process makes it fully automated, enabling all parties involved to track the entire process. Automation becomes more helpful in the case of more complex contracts. By placing automated contract renewal at the forefront of your digital transformation strategy, you can easily focus on the reporting and fulfillment of contractual obligations.

Platforms like moLotus have introduced mobile automation to the contract renewal processes. moLotus is enabling brands to think more strategically, saving time & costs, and improving customer experience.

3. Automating filing and document submission

The pace of customer conversion in the insurance and banking industry has been low. Due to manual filling & document submission processes, they have been experiencing conversion rates as low as 30% or below. Consumers have been feeling the burn, resulting in massive drop-outs. For service-oriented brands especially in process-intensive industries like insurance and banking, customer experience is the key differentiator. Customers expect the same level of experience they receive from the digital brands pertaining to other industries they engage with each day.

Presently, document filing and submission processes are fast becoming digitalized with technologies like moLotus making it hassle-free, leading to increased conversion with reduced cost & time. Top banking and insurance brands have embraced it to get the benefits of better customer engagement with low costs, high-margin revenues, and high ARPU.

4. Digitalizing Recurring Services and Product Cycles

For brands, sending reminders for recurring services & product cycles has always been a challenge. While addressing the service reminders to the customers, you do not want to confront them. Digital transformation of the processes is the best solution to the challenge. Designing a foolproof recurring service and product cycle process for customers is something every brand is working hard to achieve. moLotus has made it completely possible via automation of the recurring services and product cycles like car servicing, air-conditioning, buying coffee, and more. More brands are adopting moLotus breakthrough transformation earning high-margin revenues.

5. Replacing the Plastic Loyalty Cards with Mobile Digital Cards

Previously customer wallets used to bulge with bulky plastic loyalty cards. Many brands have been using plastic loyalty cards considering them to be cheap and easy to set up, therefore more cost-effective than implementing digital transformation. However, this is not the case.

Presently, there are improved ways like mobile apps. However, loyalty card apps have not solved the difficulty associated with plastic cards. Mobile Loyalty Cards offered by moLotus have completely revolutionized the loyalty cards space, replacing plastic cards. It is convenient to consumers, cost-effective, and increases usage with high revenue.

6. Replacing Outbound and Cold Calling

In the past, most people contacted customer service via landline and basic phones when smartphones were unavailable. That world has changed. Now, digital transformation is quickly replacing voice-based contact, shifting to automated moLotus mobile messaging. These transformation initiatives have resulted in lower costs and greater efficiency.

7. Lead Generation & Better Response on Ads

Digital transformation has improved lead generation significantly. Brands are now reaching out to customers directly using mobile advertising platforms. Mobile ad platforms like moLotus, InMobi, AirNow, etc. have become the center of attraction for them with aggressive smartphone penetration. moLotus tops the list in lead generation with its powerful capabilities of running hyper-personalized and customized ads. Interestingly, the moLotus ads are delivered directly to the customers’ mobile message inbox.

moLotus is spam-free with ads having a longer shelf life as they remain in the inbox until voluntarily deleted by the customer. moLotus has been capable of increasing revenue and performance for advertisers through easy ad campaign creation and management, response management, reports & data analytics, and robust automation API.

8. Better Customer Support & Feedback

According to the latest trends, convenience and speed are on top of the consumer agenda. A digitally transformed customer support system can cater to this convenience and speed-driven consumer. Customers prefer mobile-driven digital service, with 76 per cent of customers satisfied with digital-only journeys, compared with 57 per cent for traditional channels (Source: McKinsey Report). Brands are preparing for more live chat that supports customers during the buying and post-buying. Web-based Live chat platforms like ZenDesk Chat and acquire.io are gradually being replaced by mobile new-age platforms like moLotus. The new technology and tool have transformed the way brands can serve their customers on mobile phones. Interestingly, moLotus offers real-time customer ratings and feedback through mobile.

moLotus is the best example of a unique and proven mobile-based customer interaction platform best suited to interact directly with a massive customer base. moLotus offers multiple customer response options like SMS, Callback, Click URL, etc. The technology quickly delivers automated messages to a large customer database directly into their inbox on all mobile handsets, irrespective of phone type or model without requiring any app download or data connection. Customers feel a greater connection with the brand & provide a better response resulting in a high conversion rate at less costs.

9. Cost Minimization

Embracing mobile transformation strategy by major global brands has resulted in cost minimization via automating the low-touch business processes. Now brands can cut costs by reducing headcounts, printing, and other dispatch processes. They have an opportunity to use advanced digital technologies for this purpose. Brands are now benefitting out of the cost-cutting potential of moLotus. They are reducing training costs significantly while reducing printing & stationery costs by automating the processes.

Conclusion

Brands are experiencing rapid scaling of digital initiatives across different industries globally. Now you have the opportunity to engage with your customer base more effectively. Now you can better know various queries, prospects, concerns, and requirements that further help you to market your products and services. Breakthrough digital transformation offered by platforms like moLotus is fast eliminating the limitations of traditional technologies and help businesses be more responsive to the current market trends with agility and speed. This is the right time to start your digital transformation journey!