Extended Monaco for Businesses: Why The Digital Transformation Scheme Will Be A Success

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Rumble Romagnoli   Contributor

Extended Monaco for Businesses: Why The Digital Transformation Scheme Will Be A Success

As part of its Extended Monaco for Businesses programme, the Monaco government has launched a Blue Fund to support companies in elevating their digital presence. The fund aims to help Monegasque companies kickstart a digital transformation or reinforce their digital presence.

As such, the government is now offering to co-finance between 30% to 70% of any digital project required by businesses based in the Principality, so long as the project meets the programme’s requirements. This generous commitment to promoting digital is very welcome and has come at a good time, with the pandemic having raised our dependence on interacting and shopping online. Here’s why the programme is set to be a success.

Monaco’s digital transformation will work wonders: Here’s why

1. As mentioned above, digital has exploded since the COVID-19 crisis, and this means there is no time like the present for companies to increase their digital power. As Monaco businesses moved almost entirely online at the start of the pandemic, many brands realised that their digital strategy was either non-existent or insufficient; perhaps their website wasn't able to offer everything their clients’ needed, their social media wasn’t communicating effectively with their audience, or employees lacked digital knowledge. The Extended Monaco programme is a great opportunity for businesses to audit their online presence and start their digital transformation.

2. Despite many companies having needed to elevate their digital presence for quite some time, many still haven't started this process due to the costs associated with it. After all, the pandemic has challenged most businesses, and many have had to closely guard their spending. So, having a significant portion of the expense co-financed is a unique opportunity for businesses to make their desired upgrades within their marketing budget.

3. Even for those businesses who already have a strong digital presence, the Extended Monaco for Businesses programme will offer new possibilities. Companies can now consider services that they may not have previously been able to afford, for example implementing a new 360° digital strategy to attract even more clients, or having their website translated into different languages to better target UHNW individuals.

4. A digital transformation might seem like a daunting task to start on your own, but the Extended Monaco venture ensures companies have access to local digital experts who will help every step of the way. This ensures the process is a positive experience, which does not detract from the everyday business of the companies in question and is completed in line with the latest digital best practice.

5. The programme will boost Monaco’s economy by encouraging companies to work with local digital agencies, instead of simply deciding not to spend on digital or outsourcing this work to other countries. It will also mean that Monaco companies are better placed to face international competition, providing more business opportunities than ever for those working in the Principality.

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Rumble Romagnoli   Contributor

Rumble Romagnoli is the founder and CEO of luxury digital marketing agency Relevance. Rumble has worked in digital for 25+ years and is an adjunct professor of Digital Marketing at the International University of Monaco.