Having a Digital Strategy in place is absolutely a great achievement for a company. Do you remember what was the last time you benchmarked your business’s Digital Strategy and surrounding digital tactics against industry best practices and your major competitors?
Strategy is a long term direction on doing the right things for achieving your goals. And, for Digital, it is impacted a lot by digital ecosystem. In an exponentially developing digital world, validity of certain approaches can change frequently. This may also bring thinking differently as an important factor and this is the point that can impact your strategy significantly.
Your business may have a marketing strategy around expanding, growing market share or differentiating your products/services from competitors which might be valid for a long time. But, brand centric digital strategies of last decade is no longer valid in today’ s customer centric (or even “customer obsessed”) world. Customer centricity is just an example of changing digital strategies within the time and the companies who has adapted themselves to this change got the advantage in competition.
“What was the last time we benchmarked our digital strategy ?” – This important question should be asked on a regular basis for the companies already created their Digital Strategies and have started implementing the digital tactics.
By experience, some basic questions that you may ask yourself to figure out how much your digital strategy is valid can be listed down as:
- Is it still innovative ?
- Is it customer centric enough, should we go for more customer centricity – or even down to a level of being customer obsessed ?
- Is it still valid – should we revisit the surrounding digital tactics ?
- Is it differentiating us from our competitors ?
- Does it still have a competitive advantage ?
- Is there any positive ROI already achieved ?
- What would have happened if we did not implement those digital strategies ?
- Did we achieve an improved customer experience and satisfaction reflected into their behaviours and loyality ?
- Are we in a good shape in terms of speed to market of our offerings ?
- Do we have an efficient and effective implementation of the digital strategies in place ?
This list can definately go longer with multiple additions but the key point here is whether you are regularly evaluating your digital strategy in a structured way in today’ s rapidly changing digital ecosystem with an increasing frequency.
Do you remember, what was the last time you benchmarked your company’ s digital strategy ?