The world has gone digital, let’s collectively deal with it. Rather, embrace it; wholeheartedly. Without this attitude, you might struggle to create an impact in your niche. In fact, if we are to go with the doomsday prophecies, (which are for once close to real), we could even say you are tipped to go out of business sooner than expected if you fail to adapt. This is, perhaps, why several companies are actively adopting digital strategies for their business.
However, adoption of this strategy is not enough. Almost all the companies listed on Forbes Global 2000 has embarked on a digital transformation sojourn. According to Michael Gale; a partner at PulsePoint Group, just one in eight companies are getting it right. Why is this?
Several reasons. But the underlying cause is ignorance of the challenges that lie ahead. This stems from lack of proper planning and foresight. It might seem very complicated at first, but, it really isn’t. Let’s break it down.
Your digital strategy is ideally a blueprint of your company’s digitization plan. This should show the roadmap from where you currently are to where you aim to be. It should include email newsletters, social media posts, online ads, marketing automation, etc.
What Do You Need For an Effective Digital Strategy?
Without these, any slight achievement enjoys an excessive celebration. Any failure is seen as a turn in the wrong direction. Your goals should be (TRUST) Trackable, Realistic, Unique, Specific, and Time-bound.
If you’d like to improve sales generated online by 60%, this is a ‘TRUST-worthy’ goal as opposed to making more money. It also helps to table and discuss these goals with the management team or upper echelon staffs. If the aim is ingrained in the mind of these partners, it becomes easy to run together.
As you already know, digital innovation thrives on data. This data is available to give you insight into the previous experience, successes, and failures. It also helps your company identify the trends to follow or mistakes to avoid. Google analytics, logs of Customer Relationship Management, and social media engagement patterns will reveal important metrics which will aid your digital strategy implementation.
In order to be successful with this, you will need to empathize the customers. Put yourself in their shoes, visualize their response to certain content, and seek their opinion. Research revealed that consumers are exposed to 20,000 brands daily and only 12 leave an impression. If your content is not engaging/compelling enough, you might be to blame.
The road to digitization often favors those who have resources to dish out as at when due. Why not disburse these funds now and enjoy the dividends later? Agreed, some of the tools and technologies are expensive (for a reason), however, the benefits far outweigh the cost.
As you embark on the journey, it is important to measure the right metrics which show how you are faring. You should look beyond the revenue or number of signups/downloads and start asking critical questions. Monitor the growth rate, the burn out rate, etc. and you will automatically head in the right direction.
This is just a little primer to get started on employing digital strategy for your organization. We have experts listing out 50 or more metrics to check your present and future health, and in some cases close to a 100. Some Venture Capitalists carry a little checklist that they swear by, so we really can just graze the surface for now.
We, at Biztruss have worked very closely with varied organizations ranging from large entities to startups, from development to launch stages. While understanding a larger entity calls for syncing up to their culture, values and vision, it’s quite interesting to understand the anatomy, soul and DNA of a startup and how they can rightly map themselves into the digital ecosystem. The beauty of these startups is that they are do digitally driven that many of them wrap themselves up into a digital bubble, while for larger organizations, the adoption of digital is always a pyramidal process. Beautiful or ugly, startups don’t need to be taught about living in a digital world, but in fact they do need a bit of hand holding in adopting metrics that are best suited to their growth, something they can learn out of a larger entity, while these larger entities can learn a thing or two about adopting digital strategies from the startups.
Standing from either side of the spectrum, we hope you identify with what we are talking about here. If you do, I think this blog has served its purpose. What’s left is to just shout out to us, and we can bounce some ideas around. And till that time, enjoy your beautiful life in a digital cocoon or big bad world outside!
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