It is possible today to grow your business through the development of a digital strategy and a business strategy, thanks to business models designed to help you create new and different business capabilities. But how do you grow your business with a digital strategy? What are the main challenges, and above all, how to overcome them? Keep reading this article, and you’ll have all the advice and all the keys to improving your performance!
What is Digital Strategy?
Within your business, digital strategy focuses on using technology to improve the performance and reach of your business, whether it’s creating new products and services, or revamping existing processes. Thanks to the implementation of a digital strategy and a commercial strategy, you will then be able to create new competitive advantages for technology. This usually involves changes in the business model, as new technologies allow innovative companies to provide services that were not possible before.
Today, technology has integrated itself into business to become something more than hardware or software. As digital technology becomes more pervasive and businesses move into digital transformation, digital strategy and business strategy will become one.
It is important to remember that the development of a global digital strategy (digital and commercial) must lead to the creation of a specific plan or roadmap, and must be in a concrete manner. While you can continue to transform the specific strategy you’ve set out, you also need to make a clear commitment to understanding what digital means for your business.
Where to start? What are the steps to an effective digital strategy?
A digital strategy gives companies the framework they need to effectively use digital tools to improve their business performance. Understanding the current digital state of business, where the industry is headed, and the role it should play in this digital context will define what the way forward will look like so that your business can achieve this result effectively .
Here are 3 big areas that affect the way companies work Successs address their levelGi numberEric:
- to be nimble: The overall digital strategy succeeds thanks to agile digital practices. The more you adapt to planning, executing and reviewing your digital strategies; The more likely you are to receive first-mover status, a source of significant economic profit.
- Use all digital displays: The potential to improve enterprise-wide digital education, leverage digital platforms, and expand ecosystems. Use these digital platforms to innovate new digital products and business models.
- mergers and acquisition: Use mergers and acquisitions to develop new digital capabilities. Invest and diversify more aggressively than your competitors.
What are the steps to implement the digital and commercial strategy?
Once you are ready to start and accelerate your digital transformation journey, understanding the steps to implement a digital strategy will help you maintain your digital momentum. For each step, we’ll give you concrete examples so you can tailor this strategy development to your company.
Step 1: Setting the Price
Once you have defined the scope of the digital transformation commitment (digital and commercial), and you have made this digital strategy the central objective of your program, you will need to have a clear and ambitious vision for your project .
Solid Case: To have a clear vision of your project, start by bringing your team and your colleagues together so that everyone has their own role, but above all else everyone can benefit from the benefits. Defining the value of your business will allow you to define key strategic directions. To define the value of your project, you have to put yourself in the place of your customers: What can you bring them? How can you differentiate yourself from your competitors? What are your specialties? How can the implementation of a digital and business strategy move your business forward?
Step 2: Launch and Acceleration
It’s easy to launch your own digital strategy in your business, but it’s much harder to keep pace and drive innovation. Don’t hesitate to surround yourself with competent people who will accompany you in completing projects that allow you to generate significant rewards with the least amount of risks. Review company structure and adopt agile working models to promote digital culture in your business.
Solid Case: To launch and accelerate your digital strategy, you must first understand what this approach is for growing your business. First start by doing an internal audit of your company (SEO audits, editorial audits, strategic audits evaluating your offers and your business model, and a SWOT audit that represents your core strengths and areas of improvement). Then carry on with an external audit: Set up Competitive Intelligence and Market Analysis: What Are Your Competitors Doing? who are they? How do they communicate with their target and through what digital medium?
Step 3: Set up
At this point, your business is progressing well, with major initiatives already showing value. It is a common mistake to believe that a business may be slowing down in its digital pace. Digital transformation should be an ongoing priority, with a focus on capacity building and strengthening teams and systems – ensuring you reap the full rewards.
Solid Case: Your company’s digital transformation essentially includes inbound marketing. This strategy is based on creating content to attract visitors to your website or social network. How to convert visitors? Don’t forget to set up a marketing automation strategy for this. Then, you have to define the digital tools to be used for each lever: for the natural context, for the social network (which one to use?), for your website, but also for the different CRMs to use.
Step 4: Defining the budget and resources
Implementing a digital strategy requires resources and budget. To do this, you must adjust your resources to match your ambitions: What is your allocated budget? Who are the allies who will support you? Have you set a fixed schedule for each stage? As for the time allotted for the development of your strategy, don’t forget to provide additional time to formalize and analyze the strategy (implementation of various tools, time for discussion with your colleagues, a trial period, then a series of continuous optimizations). period).
A medium/long term project: the distant goal!
Generally speaking, short-term projects take a few hours, days or weeks to complete. Long term projects take months or even years to complete. Typically, companies need more documentation and infrastructure for longer-term efforts. Planning and managing a long-term project presents special challenges. Often the work you do for a year or more in the future depends on the results of the work you have done till that time. Even if you can accurately predict the work you’ll do later, the more you plan for the future, the more likely something will change and force you to change your plans. Will do
When developing a work breakdown structure for a long-term project, use a continuous approach, in which you continually refine your plans throughout the life of your project as you learn more about the project and its environment.
But after a project in the medium/long term?
- break up the first three months or the first three weeks of work
- Plan the rest of the project with less detail
- Revise your initial plan at the end of the first period and for the next three months or three weeks
- Revise any future work as needed based on the results of your first three months of work
- Keep revising your plan like this throughout your project
Keep in mind that if you hope to build a successful digital strategy in your business without changing business fundamentals, your efforts will be in vain. Incorporating digital into your business strategy is not about building a digital business, it is about bringing about a complete transformation in your entire business. Understanding that implementing a digital strategy is not just about adding digital innovations to your business, but rethinking how your business can be operated with digital embedded is the key to a successful digital and business development for your business. The foundation of business strategy.