Every business, whether start-up or large corporation needs to have a business strategy for a digital marketing world which means to start with acknowledging the changes and then respond accordingly.
In my previous post “Business Strategy in a Digital Marketing World for Future SMB and Another industry” I explain some theory for small medium business industry. Here are some points by my Marketers Friend suggests Digital Strategy for Future SMB & Another industry : –
- Integrated digital strategy across the business :- While business leaders see that digital is having a strong impact in the area of sales and marketing, they should also review customer service, finance, supply chain and human resources. While most companies start the digital journey by adding-on social media (LinkedIn, Facebook, Twitter, Pinterest) they do not integrate these social tools into an integrated business strategy. While the focus on near term activities such as lead generation is positive, to fully maximise the customer experience and operational efficiencies that can contribute to a competitive advantage companies need to expand out the digital strategy to all departments.
- Business model evolution :- The digital channels have changed customer interactions and expectations, impacted on channels of communication and delivery have resulted in business reviewing their business models. Forward thinking companies see digital transformation as integral to their evolution. Business model evolution is used to innovate and respond to changing consumer preferences, including introducing new business models, services and product offerings to drive profits.
- Develop partnerships :- IP, technology lead and more traditional companies can benefit from developing partnerships with outsourced sales, channel partners, etc.. In order to compete with companies that have grown up in the digital landscape. For the companies that do not have the skill-sets in sales, marketing or social selling, nor the capacity to adopt a digital strategy, it could be more efficient and cost-effective to partner with a digital enabler in their market space or outsource it internationally. Outsourcing a requirement such as sales via partnerships could speed up the digital strategy while a business is able to harness a partner’s strength while addressing the market challenges.
- Focus on the customer experience :- The digital channels have seen the rise of faster communication, social news and user generated feedback content. The ability of one to many communication platforms has meant the customer experience is now a critical element for a company to gain a competitive advantage. Relevant in both B2B and B2C companies, the focus in the marketing strategy to a customer approach for content marketing, information dispersal and updates is critical. Companies should strive to deliver excellence across all its customer touch points. A digital marketing strategy should consider what new and innovative services would enhance the customer experience.
- Social media engagement :- Social media or social selling driven customer engagement can be the disruption agent to drive a business forward. Digital marketing is not just a series of social media tools. While social media tools are a great vehicle to drive brand engagement, companies need to accept “business as usual” is over. The future buyers of products and services live in the digital space, and so will their suppliers. Social media engagement is part of the digital marketing strategy involving content, access channels, audience interaction and ability to influence remotely.
- Digital distribution channel :- Digital distribution channels need to be explored, defined and redefined as the “4P’s” of marketing are being rewritten. Can a business’s product be delivered or accessed in another way or format? Digital distribution and ease of customer use may be directly related back to the digital acceptance of the company’s senior team and the company’s ability to execute the digital landscape as a strategic business priority to give it some competitive advantage. Across all regions and market segments of the world, the digital disruption to distribution channels is here now. The growing influence of the “Internet Always” population and the impact of digital technologies on the way we conduct business requires a business to rethink strategy.