Bremen, Germany, 16th November 2022, ZEXPRWIRE, Without a solid digital strategy, it can be challenging for a business to keep up in today’s competitive market. According to a 2019 survey by CoShedule, marketers that document their strategy are 313% more likely to be successful than those that don’t. However, according to Smart Insights, 45% of organizations don’t have a well-defined digital strategy.
Brainnest, a leading business management and training agency, outlines several reasons every organization needs a solid digital strategy today.
What Is Digital Strategy?
Digital Strategy is essentially a plan that utilizes digital initiatives to achieve a company’s goals. Professionals in various fields may have different understandings of digital strategy. Marketing professionals would view it in terms of web platforms, such as email and social media.
On the other hand, finance professionals may see a digital strategy in terms of online revenue tools, while IT specialists think of the cloud. With these variations, successful digital strategy implementation requires expertise and experience.
Forward-thinking companies like Adobe have implemented various digital strategies to stay ahead of their competitors. In 2013, Adobe switched from physical software to the 100% online Creative Cloud.
This was a highly risky decision at the time, but the brand’s executives knew they had to shift from a business model that was no longer sustainable. Instead of increasing prices annually, Adobe turned to the cloud to help many businesses in digital transformation.
The rewards of the risky decision are evident today, with the company achieving a record annual revenue of $12.87 billion in 2020.
5 Reasons Why Digital Strategy is Important
According to Brainnest, below are the major reasons why businesses need a clearly defined digital strategy:
1. Focus on Specific Objectives
A digital strategy allows a business to focus on its marketing efforts and clearly outline the strategic steps to be taken. It’s critical for a business to establish specific objectives. Otherwise, it will be challenging to determine what online platforms to use or how to connect with the target audience.
Developing a digital strategy forces a company to focus on specific goals, measure strict Key Performance Indicators (KPIs), and analyze results comprehensively.
2. Understanding The Target Audience
Defining a digital strategy forces business owners or marketers to think deeper about their target audience. When one has a deeper understanding of their target audience and where to find them, it becomes easier to create online marketing messages, draft powerful call-to-actions (CTAs), and determine the most effective digital channels to send the messages.
In this way, businesses will avoid wasting resources to test out various types of messaging and marketing channels that don’t yield good results.
3. Allow Integration of Marketing Efforts
With a digital strategy, one can fuse various marketing techniques. A business can leverage all elements of digital marketing instead of relying on any single component. These elements may include Search Engine Optimization (SEO), content marketing, social media marketing (SMM), and Pay-Per-Click (PPC) marketing.
Many surveys have revealed that businesses often focus on paid digital campaigns like SMM and PPC while completely ignoring organic online marketing techniques like SEO and content marketing. A good digital strategy allows a business to integrate various elements to drive business growth.
4. Accelerate Product Development
According to a 2015 report by Economist Intelligence Unit, 25% of business executives acknowledged the significant impact of digital transformation in accelerating product development.
The vast amounts of data being stored in the cloud make this a major source of further improvements on a company’s products or services. Such data is beneficial for analytics and decision-making processes.
The more data a business has, the higher its potential to leverage it to ensure product excellence. Business Intelligence can instantly process large volumes of data and insights. They enable a business to respond to changes in supply and demand quicker than companies without the capacity to access these insights immediately.
A functional digital strategy is essential for Business Intelligence and Artificial Intelligence to work efficiently. Implementing digital strategies accelerates product development, securing a large market share and ensuring a positive customer experience.
5. Track ROI
One of the notable advantages of a digital strategy is the ability to track the return on investment (ROI) for the techniques implemented. Businesses can easily track their progress with analytics online. Additionally, measuring every marketing effort ensures a cost-effective strategy, allowing a business to create the capabilities to support its operations.
These are only a few reasons to create a digital strategy, and it’s never too late for any entrepreneur to develop a digital strategy that will take their business to the next level.
Brainnest is a success-oriented business management and training company established in 2020. While it is headquartered in Bremen, Germany, the firm serves clients in over nine countries across the globe. It provides expert consulting and training services to professionals and businesses in various industries.
Digital strategy is one of their consulting services. They drive transformation and build businesses by bringing together the capabilities needed to help organizations grow and thrive in the digital age. They help businesses leverage the power of data and artificial intelligence (AI), modernize core technology, and capitalize on the latest technology to steer growth.
Brainnest also helps businesses automate and optimize operations, drive digital growth, create amazing digital experiences, and nurture digital talent and culture.
Anyone needing a comprehensive digital strategy to grow their business can reach out to Brainnest through the following contact information.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Daily Pune journalist was involved in the writing and production of this article.