Every brand is looking to undergo the process of digital transformation. Owing to the recent market practices and trends, digitization is essential, so when brands decide to hop on the transformation express, there are no thoughts given on treading the digital path to survive and thrive. Every brand who have already plunged into this web pool, always talk about the success stories, but no one talks about the hardships faced and the measures taken to make the entire process of digital transformation easy. There are a number of things to consider before an enterprise creates their digital strategy. Here is a sort of cheat sheet for planning a digital strategy for your business optimization.
Why Do You Need A Digital Strategy
A company needs digital strategy because their overall objective is to increase their revenue generation process. However, the primary objectives for online presence varies according to industry verticals. Let us understand few objectives based on different industry verticals.
Retail– The primary objectives of retail industry for digital presence mainly includes, increase in customer visits, revenue per visit, average order per value and also increase in brand engagement.
Manufacturing/ B2B– The primary objective is meant for an increase in lead generation and revenue per lead.
Fashion/ Luxury– This industry wants digital presence because they want to identify high value customers while increasing their brand engagement.
Media/Entertainment– The Entertainment industry objectifies digital presence to increase ad revenue, improve media offerings and increase customer average time spent.
Financial Services/ Insurance– The primary objectives here are to increase customer acquisition and decrease customer service cost.
Travel/Hospitality– For the hospitality and travel industry, the objectives include increase in conversion ratio, improvement in cross-selling and average revenue per user.
How to Start With the Process
We all need to plan an outline of the steps to be taken for the fulfillment of this process on time. Outlining the process will ensure that the objectives and the purpose of the procedure is dexterously achieved. Here are the outlines of a digital strategy,
- Set up the primary objectives for the digital strategy
- Know your brand
- Set goals for short term and long term
- Align these goals with overall corporate goals
- Prepare a digital plan
- Get the right channel mix for your brand
- Use digital tricks to meet short term goals
- Establish measure and feedback process
Explanation of the Strategy
It is quite basic to set the primary objectives for a digital strategy. When you plan to make a strong online presence that yields beneficial results for your business, you have certain goals set in mind. Let these goals turn into full proof documents so you and other related associates dealing with transformation project company knows what are the ultimate goal and outcome for the entire planning. Ensure that you know what are the basic and primary goals for the digital transformation and why you need an effective digital strategy to go ahead.
Knowing Your Brand
Before you begin with the journey of digital transformation, it is imperative that you know the current stand of your brand. As you know the reason for the establishment of the company, you are well aware of its essence. Next, you need to use any suitable technique like SWOT Analysis, benchmarking, competitor analysis, customer analysis, market analysis and several different analysis method to understand the current situation of your brand and its stand in the market. You also need to identify the area of improvements and the weakness to rectify them. Get holistic views about your brand to proceed with a successful strategy.
Setting up Smart Goals
Plan some short-term goals that would deliver instant results and some long-term goals for your strategy. Then align those goals with your corporate goals to achieve them without hampering any business process. A proper alignment between these goals along with the corporate goals will help you to digitize in a planned manner.
The Digital Plan
A digital plan is the plan of action to realize the goals. To begin with, start by identifying the stakeholders both internal and external to the organization. In the digital plan, include your stakeholder’s strategy, content strategy and other business structuring to make the entire process quite easy. Conducting a stakeholders analysis will help identify your knowledge about your customers and the impediments in servicing them. Next, you need identify market and segmenting it. Then perform further analysis on the segments to understand customer needs. Use GAP analysis to gauge current Customer service Index.
The Right Channel Mix and Brand Positioning
Identify your existing digital tools. If you have any, identify how effective they are. Keeping current to recent trends, it is suitable for a company to create the right channel mix that comprises an unparalleled online presence, offline presence, mobile and social media. Create and optimize the experience for each of the channels ensuring a personalized and unified experience for customers across all the channels and touch points. Do not forget to create a content strategy and model to ensure the channel mix is properly delivered.
Brand positioning is equally important, so doing a current brand equity assessment help you to know what your customers perceive your brand as. Perform further analysis to understand how customers ideally want to engage with brand and how the brand can solve their problem.
Strategies are for long term, but before that, what a brand needs is digital tactics. Digital tactics help in achieving short-term goals. Use tactics such as Pop-up shops, re-targeting, Share of Voice, SEO, Bounce Rate Analysis, CRO, flash sales, Tone of Voice, Multivariate Testing, CTA, Exit Rate Analysis etc. Leverage these tactics effectively to make definitive incremental progress.
Measure & Feedback
For any strategy to work, it is needed to define the KPI and then to measure its effectiveness. KPIs will help you to know how much of your goals are fulfilled after the strategy has been implemented and what more needs to be done in order to achieve the optimum results. Perform real time analysis from time to time to get updated data and generate suitable actions.
A company whether setting up for the first time or going digital after been established in the market, needs to have a digital strategy plan in place. Without a planned strategy, proceeding with various measures and then expecting a positive result is not achievable. Plan your digital strategy today and reap the benefits.