Five key elements of a winning digital strategy

If you're launching a brand-new company, joining a successful franchise or redefining core processes in an established firm, you need to have a digital strategy at hand

14Feb

The ability of a modern business to quickly solidify its position in the digital realm before its top competitors and execute a comprehensive digital strategy will mean the difference between long-term growth and a long-term struggle to stay competitive. It's a digital world out there and no matter if you're launching a brand-new company, joining a successful franchise or redefining core processes in an established firm, you need to have a digital strategy at hand.

This strategy will not only encompass your digital marketing efforts, but also your entire digital brand, ranging from customer segmentation to your value proposition, all the way to defining your competitive edge and aiding the growth of your brand as well as its individual outlets in specific markets. Let's break down the five key elements that will help you achieve this.

Gain economic advantage with digital agility

Your ability to address the customers' pain points and present a solution via digital means is one of the key differentiating factors between a successful digital presence and subpar digital performance. In fact, according to McKinsey research this is one of the key factors that separate successful modern businesses from their underperforming counterparts. Your digital strategy needs to be easily adaptable and able to fit into your overarching operational model in the digital realm.

Keep in mind that there is a direct correlation between frequency and performance in this regard, meaning that the faster you push for digital innovation and prompt adaptation of your digital strategy as a whole, the better the long-term results. In a nutshell, your company needs to prepare, execute, and adapt its digital strategy faster and in anticipation of incoming industry trends in order to stay ahead of the game. Think proactively at all times.

Innovating with digital products and operating models

The digital revolution and the birth of digital platforms have shaken the very foundation of business, and nowadays companies are still struggling to understand their place in the digital realm, their true potential in this new and opportune ecosystem and allocate their resources towards growth. Needless to say, you need to use your forward-thinking mindset to map out your future in the digital world and focus on innovation, product development and solidifying your position in emerging digital ecosystems.

Flexibility and adaptability are once more the keywords you're looking for, with the addition of product and services innovation that will allow you to position your brand in online marketplaces. This will allow you to address a larger spectrum of customer needs, pinpoint your competitor's faults and potential and even open the doors to strategic partnerships in the long run. In order to stay ahead, a modern business must remain innovative.

Let your business model define your priorities

A digital strategy is unique to every business setting, and therefore it requires a unique approach based on your business model – you cannot follow a template or try to replicate a strategy used by your competitors. Take the franchise business structure as a prime example of adaptability and flexibility in the competitive market.

The franchise needs to be able to prioritize its digital strategy per location and per the unique requirements of every outlets. This is why some of the best business ideas in the field offer comprehensive digital support across the franchise network, in order to help new franchisees launch a successful digital strategy for their new business. Following the same mindset, you want your business to launch a digital strategy that will satisfy the needs of your specific business model, the market you operate in and accommodate the socio-economic factors that drive the consumer trends in your area.

Attract and obtain digital talent

In a digital world, you need to act swiftly and decisively, particularly when it comes to talent acquisition and retention over the long term. Presented with numerous opportunities for personal growth and professional development, digital professionals are not afraid to turn down a steady job and abandon a company for a more lucrative prospect. However, it's not only the paycheck that will influence their decision-making process, but rather the opportunity work in a thriving business environment.

With that in mind, you need to focus on attracting and retaining the best of the best in the digital realm in hopes of using their talents and expertise to stay ahead of the competition. By managing these key employees wisely and efficiently, you can easily support your best-performing digital assets, drive innovation and adjust your strategy if need be.

Measure success and adapt your strategy

No strategy is set in stone, nor should it be. If you blindly follow the plan without monitoring the feedback and evaluating performance, you will fail to reach your long-term goals. Simple as that.

Instead, try to observe your strategy is a roadmap that constantly becomes more accurate as you gain new insights and evaluate your progress thus far. Stay on top of the latest digital metrics, monitor them closely and don't be afraid to act swiftly and decisively on your conclusions.

In closing

Launching a successful digital strategy is a resource-consuming process many modern businesses never achieve to execute in its entirety. This leads to subpar results and can derail the brand as a whole. Let these fundamental elements define your digital strategy in order to create a winning online presence and stay one step ahead of the competition at all times.

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