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This consists of digital tools, channels, research, assets, platforms, and processes. It also includes the steps necessary to implement new digital technologies and develop new work concepts that alter the business structure and impact every aspect of the business.<\/p>\n
Depending on the nature of your business and industry, and the current level of digital maturity<\/a>, a digital strategy can mean different things. Even for various business units, the significance isn\u2019t the same. Each team or position is affected differently by digitalization and has its own set of expectations regarding a digital strategy.<\/p>\n To make this clear, we\u2019ll walk through the steps to build a digital strategy and examine its components.<\/p>\n According to the BCG (Boston Consulting Group),<\/a><\/p>\n \u201cGood digital strategy starts with a rich understanding of the competitive environment and how it\u2019s likely to change.\u201d<\/p><\/blockquote>\n This sentence should guide you like a mantra through the first step of your digital strategy building: research.<\/p>\n It\u2019s vital to understand that a digital strategy needs to address your business and competitive landscape<\/a> as a whole and not merely the digital side of the business.<\/p>\n Research your competition in-depth \u2013 understand their product offering, marketing, and point of distinction. Who poses a threat to you in which area, and what role do digital technologies play?<\/p>\n It\u2019s critical to understand that digital capabilities change and advance rapidly, constantly opening new possibilities. Identify trends<\/a> and envision how they might impact the market forces or the customer experience. What does it mean for your business and the market?<\/p>\n Research and analyze your audience. Understand their motivation to consume and how digital affects their behavior. Identify which digital features are attractive and what other digital tools they could be dreaming of. Ask yourself if you can make their lives easier through digital technology.<\/p>\n This is where many companies throw in the towel. They\u2019re either overwhelmed by the amount of data or have trouble prioritizing. Another common stumbling block is inaccurate, incomplete, or outdated data.<\/p>\n To overcome both these obstacles, it\u2019s vital to work systematically. There are many methods and analytics models that you can use to extract insights from the data you collected \u2013 we recommend using SWOT analysis<\/a>, a competitor map, or other competitive matrices.<\/p>\n Next, turn to dependable sources of information and business intelligence providers. The fresher the data, the better.<\/p>\n With a rich understanding of the competition, audience, and trends, you can set specific goals for your digital strategy. Remember, they need to align with your business goals. It\u2019s easy to fall into the trap of making digital transformation your goal, but the truth is, digital technology must always remain a tool to reach business goals.<\/p>\n Building the strategy means translating what you\u2019ve learned into action items. Start by defining how each business unit and operation is affected. The strategy involves the entire company, which means you\u2019ll need to create plans for the various business units or areas in which digital will cause change.<\/p>\n Drill down and determine which internal changes need to happen, what\u2019s required of your staff, and which technologies are necessary. Your plan includes training your teams in the use of the relevant digital technologies and a step-by-step implementation path.<\/p>\n Keep in mind that digital can accomplish almost anything these days, but that\u2019s another trap to be aware of. Make sure to focus only on what you need to achieve your goals and beat the competition.<\/strong><\/p>\n Now let\u2019s go through the main areas every organization needs to address.<\/p>\n Evaluate your online presence and compare it to the competition. You may need to optimize the user experience on your website, improve your SEO<\/a> or add marketing channels.<\/p>\n The research has given you a good overview of the channels that work for you and those that work for your competition. You know what your audience is after and can reach them.<\/p>\n Based on your audience\u2019s preferences and your competition\u2019s most successful marketing channels<\/a>, you can lay out an optimization plan. Most companies will add digital marketing channels because they simply weren\u2019t aware of what\u2019s possible.<\/p>\n Digitalization has made interaction faster and more focused. Your operations need to support digital engagement on many different levels, including payment services, supplier interfaces, and customer support. Ensure external systems connect with you digitally.<\/p>\n The trend is slow, but steady. Mobile is gaining over desktop. In fact, according to Similarweb data, in December 2021, 65% of traffic was mobile<\/a>. Here\u2019s the thing: no one expects mobile to replace desktop altogether. It\u2019s more likely that companies need to provide both and adapt their content and functionalities to both.<\/p>\n Cloud computing is the latest addition to the list of essential components that make up a digital strategy. It\u2019s fair to say that no one thinks of digital without also thinking of the cloud service, which is steadily increasing in market share.<\/p>\n This is becoming increasingly significant even for businesses that aren\u2019t primarily internet-based. For the past few years, personal data protection has been a hot issue; financial integrity is another consideration. Now, with industry 0.4 and IoT, cybersecurity considerations also include physical supply chains and manufacturing.<\/p>\n Companies need to ramp up efficiency with digital technologies internally to achieve many of the above improvements. The introduction of digital tools alters the entire internal hierarchy and business structure.<\/p>\n For all these points, evaluate where you stand today and where you want to go. In some areas, you may be more advanced than in others, and that\u2019s OK \u2013 it helps you focus your efforts where they\u2019re most needed.<\/p>\n Digitalization has forced us to change the way we think about business. We\u2019re experiencing digital technologies being implemented for a specific purpose, but then also bringing benefits to completely unrelated areas. Some opportunities and risks become visible only after implementation.<\/p>\n Since you already know that\u2019s what happens, you can prepare yourself. Evaluate the impact of digital technologies on your business by thinking out-of-the-box. Consider any farfetched scenario for the future and stay flexible. The success of a digital strategy often depends on a company’s ability to adapt to change.<\/p>\n This is the logical consequence of the previous rule. Digital changes often happen faster than we think. Many companies that once leaped forward are out of the game now because they didn\u2019t anticipate the market would simply keep moving forward \u2013 think Blockbuster and Netflix.<\/p>\n Plan small steps toward a big goal. Having a vision pays off. Otherwise, by the time you reach your small goal, others who thought bigger and further are already improving on your solution.<\/p>\n Keep in mind that the steps you take today are only the beginning of your digital journey. You\u2019re laying a foundation for the future. Digital transformation is still in its early stages and is constantly evolving.<\/p>\n Your digital strategy needs to be scalable and solution-oriented.. An open mind and flexible attitude are essential for the success of your digital strategy. Accept that you may need to try different technologies or approaches before you find what\u2019s best for you.<\/p>\n There are many examples of companies that maintained their market position<\/a> or established a leading position by implementing a smart digital strategy.<\/p>\n Take Domino\u2019s Pizza or Starbucks, which both quickly created apps for consumers to order, pay, and provide feedback. These are well-known examples that go hand-in-hand with the steps retail stores took to keep up with eCommerce.<\/p>\n It\u2019s critical, however, that you recognize where digital technologies serve you best. Heineken, for example, understood that mobile apps could be valuable on the other side of the supply chain and provided growers and farmers with technology to help them monitor plant health and yield and get professional guidance. The company managed to optimize the production and quality of end products.<\/p>\n Remember the mantra that started the digital strategy journey? A rich understanding of your competitive environment and assessing potential changes are critical to a successful digital strategy.<\/p>\n To get that understanding, you need accurate and reliable data that provides actionable insights. Similarweb provides the data to support and facilitate your research and analysis. Our tools are designed for competitive benchmarking<\/a> and market mapping<\/a> to allow you to directly compare your company to specific rivals, the best in class, or industry averages. Segment your market<\/a> to hone in on a group of competitors and investigate any company to your heart\u2019s content<\/p>\n Similarweb also offers advanced audience analysis tools<\/a> to gain a deep understanding of behavior, preferences, and trends.<\/p>\n In short, you\u2019ll get the digital intelligence<\/a> you need to support your digital strategy and make your research more efficient, ultimately keeping you nimble and ahead of the curve.<\/p>\n Digital strategy planning in 3 steps<\/h2>\n
1. Research<\/h3>\n
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<\/p>\n2. Analyze and set goals<\/h3>\n
3. Build your digital strategy<\/h3>\n
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<\/p>\nKey components of a digital strategy<\/h2>\n
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Online presence<\/h3>\n<\/li>\n<\/ul>\n
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Digital marketing<\/h3>\n<\/li>\n<\/ul>\n
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Customer engagement + supplier integration<\/h3>\n<\/li>\n<\/ul>\n
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Mobile technologies<\/h3>\n<\/li>\n<\/ul>\n
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Cloud computing<\/h3>\n<\/li>\n<\/ul>\n
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Data integrity and security<\/h3>\n<\/li>\n<\/ul>\n
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Internal processes<\/h3>\n<\/li>\n<\/ul>\n
3 rules to always follow when building a digital strategy<\/h2>\n
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<\/p>\n1. Assess impact and keep options open<\/h3>\n
2. Think big<\/h3>\n
3. Be proactive<\/h3>\n
Digital strategy examples<\/h2>\n
Use Similarweb to drive your digital strategy<\/h2>\n