As we are welcoming a brand new year, now is a good time to relook your existing business strategies and identify areas of improvement. At VK Transformation, we continuously keep up with the latest developments of the industry in order to help businesses excel and thrive. Three key areas that we examine are: Strategy, Digital Marketing Execution, as well as Capability Development.
So, join us as we recap the learnings and insights of that we gained in 2021, while also looking ahead at the various trends and predictions for 2022 that your business should adapt to in order to accelerate performance.
BUSINESS MODEL TRANSFORMATION
How Did Businesses Stay Relevant In Times Of Constant Change?
With consumer and business digital adoption being vaulted five years forward in just eight weeks due to the pandemic, many businesses had to undergo business model and branding transformations. This year, VKT received many requests from businesses looking to transform their B2B model to a Direct to Consumer (D2C) or an Omnichannel model.
This then begs the question, why have so many companies scrambled to remodel their business?
With the Covid-19 crisis disrupting the way businesses operate, migrating digitally was the key to business survival. As a result, the following implications arose:
Complicated customer journey with multitude of touchpoints
Challenging to gain a share of voice in the market
Shifts in consumer behaviours due to pandemic
At the start of the pandemic, in 2020, VKT helped businesses from the retail, food & beverage, distributors, health supplement, and manufacturing industries transform their business models. As a result, they were able to take a leap of faith into scaling their business digitally across multi-channel platforms like ecommerce and online marketplaces and expand into new markets. With their trust in us to take them to greater heights, our clients entrusted us with their business model transformation journey in 2021 where we embarked into digital marketing execution and helped a B2C business achieve 18.5x ROAS and generate over 50 leads in 3 months for a B2B business.
What To Expect From Business Model Transformation In 2022?
2021 Was The Year Of Rebranding
With brands such as Pfizer completing its brand refresh in 70 years and Adobe revamping its logo, there hasn’t been a lack of creativity in the branding department. An interesting study has found that 45% of consumers have changed brand preferences during the pandemic, thus creating a greater need for businesses to adjust their messages to create meaningful connections with consumers.
In 2021, VKT had the opportunity to work with a B2B HR service client to develop an integrated Strategic Brand and Marketing Strategy across Asia Pacific region. With the HR industry forecasted to grow in the second quarter of 2021, along with our client’s goal of getting an IPO in the next 3 years, VKT was tasked to consolidate their fragmented inter-country branding to create a compelling brand to align its communications and branding image across different channels to pushforth growth.
Through our 360 integrated branding efforts across their online and offline channels, we managed to transform a local brand to an international one increasing their brand awareness and new customer segments penetration efforts.
Always Adopt A Customer Centric Approach When Rebranding
Very often, we have also come across businesses which are blindsided by the need for immediate sales performance, persistent on short-term results. Rather than adopting a customer-centric approach to rebrand themselves, their reluctance to acknowledge their customer’s needs made it difficult to create a sustainable branding strategy to stand out from their competitors.
As branding consultants, it is vital to help our clients understand that their businesses exist to serve their customers. While short-term sales is important for the immediate survival of a business, it is a long-term strategy that propels a business to achieve greater success.
What To Expect From Branding In 2022?
Help your business stay afloat amidst the digital marketing flood
With more businesses migrating online, 2021 has witnessed a massive number of online ads that have resulted in ad fatigue and higher costs in online advertising. With the global spend on Digital Marketing forecasted to grow by a whopping $128.83 billion between 2021 and 2025, businesses are struggling to balance the rising advertising costs while finding ways to improve their return on ad spend (ROAS) within their set budget.
At VKT, we want to help your business thrive in the fast-changing digital marketing landscape. Here are a ways that you can adapt your digital marketing strategy to optimise your ad spend to achieve a higher ROAS:
Create a specific target audience: Having a specific target audience for your ad helps the Google interface spend your set budget more efficiently on your desired audience and helps curb excessive advertising costs.
Establish a relevant brand: Define a clear customer-centric branding guideline and strategy to help customers connect with your brand to foster greater brand awareness with customers who relate to your brand.
Embark on growth hacking: Growth hack with your set budget through effective segmentation, multichannel and optimisation strategies across digital platforms.
What to expect from Digital Marketing in 2022?
At VKT, We Train People For The Future Of Work
2021 was the year of upskilling for the future. With VKT's fundamental belief in Design Thinking, our founder, Vivien Koh conducted numerous Design Thinking courses with stakeholders of varying backgrounds to help them understand the importance of building brand awareness to accelerate their revenue stream via digital channels to acquire customers and drive revenue growth. From university undergraduates to working professionals, Design Thinking is a unique skill set that anybody who wants to stay relevant in the age of digitalisation would need to embrace.
VKT also conducted a Moonshot Thinking workshop, a mindset further developed by Google to enable us to see beyond the status quo. Read more about how we leveraged onto the hottest TV series in 2021 - Squid Game to bring the concept to life here!
What’s Next For People Transformation In 2022?
As VKT is constantly looking for what’s the next new thing in the area of people development, we have noticed an uptick in requests for training in the following areas:
With more than 70% of B2B purchase decision makers preferring virtual engagements over physical meetings in today’s business environment, it is no surprise that sales leaders are looking into courses to help build a high performing sales team in a digital era.
How can VKT help you achieve your goals?
To prepare your business for the new year, it is important to ensure that you understand how you can leverage the upcoming Digital Marketing trends and ride with them through the festive peaks of the new year. VKT is here to help you craft and execute tailor-made end-to-end digital marketing strategies to suit your business needs, enhance your competitiveness and achieve incremental growth.
With our experienced EDG Certified Consultant, we have a proven track record in achieving a high EDG application success rate up to 80% funding. This maximum support level of up to 80% for the Enterprise Development Grant is valid till 31 March 2022.
Get a free website or social media audit today. Join us for a virtual coffee chat to learn more about how we can help you cut through the noise to drive success in 2022.