Digital strategy is business strategy. Your digital ecosystem must align with your core business goals to deliver real and measurable benefits.
The first step in creating an effective digital strategy is exploring the challenges that your business faces and deciding how it should grow, evolve and increase its digital relevance and profitability.
Your business also has to find its own tools and the metrics by which it will track its success.
This journey starts by defining what ‘success’ means to your business.
Investing in a digital strategy can:
- Align your digital activities to your business goals
- Improve your team’s efficiency
- Reduce time wasted on activities that don’t build your business
- Help your business scale faster
- Create a focused user experience which drives conversions and revenue
Liquid Digital can help facilitate this process and ensure you can thrive digitally.
Contact us or start with a quick digital health check for your business.
An effective digital strategy has:
Creating or updating your vision statement is the first step in creating a digital strategy and its discovery relies on one important question:
What is your business trying to or aspire to achieve or deliver?
Once it’s set, then and only then, all key components like values, focus areas, strategic objectives and goals can be developed.
Here is how a strategic vision should be:
- based on reality in order to be meaningful for your organisation;
- credible for the people who works in your organisation; and
- inspirational and attractive for people, so they want to be part of it.
In other words, vision is a set of ideas about a company’s future that makes it unique. Setting the tone for your business is very important for your brand value and the buy-in of your staff.
Market research will give you answers about market situation and insights on users behaviour. In other words, finding out about what consumers want, need and believe.
Today, this process can be automated. There are a number of tools that can extract valuable insights from online public conversations that you can apply to reach your target audience at the right moment and place with the most insightful content to maximise conversions.
Including your stakeholder needs in your strategy will enable you to have no stone unturned and include and reach everyone that interact with your business. That way you will facilitate their contribution to your business goals and vision.
No matter what type of goals you are setting, you need to be able to quantify them to be able to track your success efficiently.
S.M.A.R.T. Goals It’s not the latest thing but the proven thing.
- Specific – be clear about what you want to achieve
- Measurable – if it is, then you can know if you achieved it
- Achievable something you have the time, money and resources to meet
- Relevant – ensure your goal is relevant to the vision and direction of your business
- Timely set a realistic deadline for completion
Ultimately, all goals within a business are business goals but we like to differentiate them into 3 types: business, marketing and social goals. The difference lays in the specific environment they are performed. This helps to focus on the respective people is charged.
Business goals tend to be more macro and established for the overall benefit of the business.
(E.g: Sales forecasting, employee count and morale, market position).
Marketing goals look at being more multimedia or medium campaign specific
(E.g: Conversions, registrations, clicks, reach, brand awareness, user engagement, etc).
Social goals are more about the brand perception and the customer feeling towards it
(e.g.: Be seeing as a good corporate citizen, an expert in their field, active in the community).
This research helps you discover your market opportunities by defining your most threatening competitors. Explore their strengths and weaknesses.
Some key questions that can be answered with a competitive analysis are:
- Who are your online competitors (may not be who you think)?
- What product/services do they have that you don’t?
- What are their strategies?
- What is their market share?
- What are their threats?
Your digital ecosystem is the unique collection of interconnected digital touchpoints, tools and platforms that your business uses to build and maintain its online presence and track customers and conversions online.
It requires planning and an internal driver within the business to take form effectively.
Each component should be carefully chosen to serve your strategic objectives. For example, will a Facebook page benefit a B2B engineering company? Probably not. And a social media page with several dusty posts and a handful of followers doesn’t say anything positive about your business.
An intelligent structure is the key to efficiency.
Every relationship in your digital ecosystem should add value.
Sure, you could set direct integrations between every social media platform and marketing tool in your digital ecosystem but that’s likely to result in a rigid, inefficient and overly complex structure.
Each relationship you create in your digital ecosystem is liable to create more data and require servicing, so it’s important to be critical about its benefits before going ahead.
Digital ecosystem planning should only take place once your business has freshly evaluated its strategy and set clear objectives and metrics for growth and success.
Once this process is complete, you’ll be in a great position to create a powerful and agile digital ecosystem that efficiently helps your team achieve key strategic goals.