Digital Business Strategy
Your digital footprint or ecosystem must align with your core business goals to deliver real and measurable benefits.
Digital strategy is business strategy.
The first step in creating an effective digital strategy for companies is exploring the challenges that your business faces and deciding how it should grow, evolve and increase its digital relevance and profitability.
This journey starts by defining what ‘success’ means to your business and establishing the tools and the metrics by which it will track it. As a company with the best digital strategy in Sydney, we can make that happen.
Creating your vision statement is the first step in creating a business, and its discovery relies on one crucial question:
What is your company trying to or aspire to achieve or deliver?
Set your aspirations first, then, develop all critical components like values, focus areas, strategies, objectives, and goals.
Here is how a strategic vision should be:
- based on reality to be meaningful for your organisation;
- credible for the people who work 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 is the first thing to be planned, and it will give you answers about the market situation and insights on users and how these companies’ behave. In other words, having learned what consumers want, need and believe is the future of digital business.
Today, this process can be automated. Some tools 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 economic strategies will enable you to have no stone unturned and include and reach everyone that interacts with your business, now and in the future. That way you will facilitate their contribution to your digital business goals and vision.
Business, marketing and social goals
No matter what type of goals you have planned for the future, 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 realised it
- Achievable – something you have the time, money and resources to meet
- Relevant – connect your goal to the vision and direction of your business
- Timely – set a realistic deadline for completion
Ultimately, all goals within a company are business goals, but we like to differentiate them into three types: business, marketing and social purposes. The difference lies in the specific environment they are performed in. This helps to focus on the respective people in charge.
Business goals tend to be more macro and established for the overall benefit of the business. (e.g., Sales forecasting, employee count and morale, economic market position).
Digital 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 seen as a good corporate citizen, expert in their field, active in the community).
This research helps you discover your market opportunities by defining your most threatening competitors and companies. Explore their strengths and weaknesses, and work with what you learned.
Answer these key questions with a competitive analysis:
- Who are your digital business competitors (may not be who you think)?
- What product/services do they have that you don’t?
- What are their strategies and technologies?
- What is their market share?
- What are their threats?
Digital Transformation Planning
Your digital ecosystem (or footprint) is the unique collection of interconnected digital touchpoints, tools and technologies 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 strategies and 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 digital business.
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 complicated structure.
Each relationship you generate 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 critical strategic goals using everything you have learned.