Digital Economy Malaysia : 5 Reasons to Digitalise Your Business in 2020

digital economy malaysia

Digital economy is thriving in Malaysia.

As we fast approaching the year 2020, it is wise to look at the massive potential Malaysian businesses earn by going digital.

Should you have a brick-and-mortar store and thinking about how to market your business online, this article sheds light on five strong reasons to digitalise your business.

However, you might need to know about digital marketing first…

What is digital marketing?

The real definition of digital marketing is marketing which involves electronic devices and is done through digital channels such as search engines, social media, emails and etc.

The basis of digital marketing is connecting with your audiences. It approaches, attracts and retains potential prospects.

Through digital marketing, you can audience faster and wider than the traditional method.

Why should you opt to digital marketing?

1.Everything is transforming digitally

Check out this infographic.

(Source: F5 Networks)

Digital has changed everything and it’s only going to continue.

How many of us now have our phones to essentially become our wallet? Exactly.

Digital transformation changes a process making it more efficient and effective.

This is with the use of digital technologies, which we will talk about later.

For sure, digital transformation makes promoting a business easier too.

2. The growth of technology

(Source: Forbes)

Digitalisation grows as technology grows.

They simultaneously function when it comes to marketing.

Technologies can help entrepreneurs and business executives to make a better decision and become efficient.

Adopting new technology made running a business so much easier with the rise of Artificial Intelligence (AI), Virtual Reality (VR), and fifth-generation cellular network technology (5G).

However, technology itself cannot result in the change you expect.

You need to change your business processes and corporate culture to ensure the success of it.

3. Learn from failed companies

Marketing used to be simple; large companies with even bigger budgets usually dominated the marketplace.

Let’s take Nokia and Kodak as our examples.

These two companies were giant on their time.

However, their business abruptly came to pitiful ends and filed for bankruptcy.

The story happened in 2012 for Kodak and 2013 for Nokia showed why companies’ adaptability to changing market is necessary.

We believe the major cause of the failure is the lack of strategy or strategic drift as we call it, especially when they are not adapting to the evolution of the digital economy.

4. Saves cost

You may incur lots of costs to run a business in a conventional way.

Spending on marketing is one of it.

However, you no longer need to print out vouchers, flyers, coupons, catalogues and other advertising materials.

Those cost a fortune when you constantly update your prints when competing with your competitors who have more appealing flyers.

You also need not hire employees to distribute it.

You may spend on digital marketing, but not on astronomical costing like traditional marketing.

Forget the embarrassing rejection you have to deal with when you approach people at the mall or in the streets.

Digitalising your business gets you customer coming to you, instead of you going after them all the time.

5. Reaching the audience is easier

The internet has the ability to reach out to millions of people in just a few minutes.

Why?

57% of the world’s population are internet users.

Adjusting the scope smaller to Malaysia, 64.7% of Malaysians are internet users.

Those statistic should convince you to do digital marketing.

Should You Hire In-House Digital Marketer or Agency?

It is important to have someone does for you. As digital marketing is totally new for you, you may hire a digital marketer.

There are two types of digital marketers; in-house digital marketer and agency digital marketer.

Here’s how it’s different from one another:

The Bottom Line About Digital Economy Malaysia in 2020

There is no better way to make your business online as the future belongs to digital.

Yes, you have tons of work to do.

Yes, you may need to sit down and conjure up ideas and plan to move your business ahead.

Yes, digital marketing seems like a daunting task. However, you can cut your learning curves and frustration to get things done.

Let us do digital marketing for you.

Need Help On Digital Marketing?

Contact Us For A Free Consultation >Click here now