The growth and growth of digital space
The past decade has created a lucrative space for selling online and creating end-to-end B2B and B2C connections. However, after the pandemic hit the world, and people were locked safely in their houses, the only way for many businesses to drive customer acquisition was through digital marketing channels. A well-executed digital strategy roadmap has given greater impetus to businesses as they can capture a larger market at lower costs.
Ask the right questions
Having an understanding of the business' current digital presence helps it create a blueprint of its future. To have an effective approach, an article from the Harvard Business Review proposes asking yourself the following questions to ground your understanding of digital technology:
- Does digital technology change the businesses you should be in?
- How could digital technology improve the way you add value to the businesses you are in?
- Could digital technology change your target customer?
- Does digital technology affect the value proposition to your target customer?
- How can digital technology enhance the enterprise capabilities that differentiate you from your competition?
Given that this may seem apparent to many businesses, the purpose, however, is to focus further on your understanding of what you do? If you're in a profitable position then refine that knowledge and glean understanding from broad industry trends to specific values that will form the basis of your strategy. With reference to an organization's position in the current market, benchmarking against its closest competitors is a useful principle for formulating the strategy process.
The digital strategy encompasses –
There are various intricate steps involved in formulating a successful digital strategy:
- Goal setting: The basic foundation of digital strategy is your company's core business model. It’s an essential part of how the company operates, as well as its vision, goals and ambitions.
- Focus on the people & organization: The team's collective skills provide a basis for the digital strategy. It does not begin with the digital solution or technology in mind; rather, it's part of the efforts made by the people within the organization. Businesses should clearly define their personnel's function and see how they integrate their individual efforts to form a cohesive strategy.
- Examine relevant technological innovations and platforms: Next step involves evaluating a variety of digital products and solutions that will be a good fit for your business. These include websites, apps, and more. Also, determine which technology platforms are appropriate and capable of supporting these digital solution objectives.
- Creating a robust online presence: This can be accomplished by -
- Creating business websites, mobile sites, and landing pages
- Active social media pages on popular platforms (Facebook, LinkedIn, Instagram, YouTube, and more.)
- Create a digital footprint with articles, blogs, PRs, guest website postings, reviews, and more.
- Leverage digital channels: Before the digital solutions can be effectively utilized, you'll need to establish digital channels. Try a multi-channel approach to see if the selected systems and platforms can be optimized for your business goals the most. The business can –
- display banner ads
- conduct social media marketing campaigns
- use optimized search engine marketing
- post blogs, articles, and guest blogs,
- Conduct email and SMS marketing.
- There are other alternatives such as influencer marketing and surrogate marketing avenues too that the business can consider.
- Mobile Solutions: Smartphones and tablets are the most used devices used by customers for interacting with business, browsing products and services, and placing orders. Mobile- business solutions are-
- giving customers the alternative to transact using mobile devices
- Responsive websites that scale to match the device screen size and resolution
- Focused mobile applications for external or internal use for functions relating to customer relations, supply chain management, eCommerce transactions, etc.
- Provide a comprehensive user experience throughout: Ensure that your brand experience is consistent and authentic over the course of the digital journey. The right digital strategy will simplify and increase the value of experience for your customers, employees, partners, and stakeholders.
Understand the market for a focused digital strategy roadmap
For a start-up and an established business that is expanding its horizons through digitization, you must first examine the markets to understand what your competitors are doing and garner a deeper understanding of customer expectations. Fortunately, in the digital space, it is easy to track and assess the competitors’ strategies. There are various nuanced tools to analyze the market competition and strategies adopted by them.
Before you approach someone for digital strategy consulting, evaluate your performance and assess the analytics that will work for you. Digital marketing is a powerful tool that should be flexible. In this market, even customers are looking for variety and every business has a shot to create a niche for itself and grow at their pace. So, it is never too late to enter the digital space. With the right guidance and digital strategy, you can take your brand to the market with great success.
We are Fonso has successfully catered to businesses from diverse industry groups globally to create hyperlocal, regional, national, and global presence through a series of carefully planned and executed digital strategies. If you have a vision to make your business digital and you are looking for strategic implementation of a digital roadmap, we can guide you aptly. Check our services and contact us to collaborate on your digital journey.
