What is Digital Business Strategy?
Your very next step could mean success or failure. What is digital business strategy worth to your future? It should be the next thing you think about.
As a business person trying to utilize the internet today, there’s a lot of struggle determining where digital strategy fits into your business model. When you’re looking at your overall operation, your digital business strategy includes everything from your development team to your sales force and how they’re using CRM systems (Customer Relation Management). It also includes anybody who wants to develop strategic networks using tools like LinkedIn.
Perhaps you are trying a digital approach to reaching out to your clients and customers, seeking to engage with them in differrent ways.
What is digital business strategy?
Your digital business strategy is an integral element of your overall strategy. It should not be treated as a separate piece, but factored into every fabric of your business. Digital is no longer the wave of the future; digital is now.
The real question isn’t about where digital fits, but asking what is digital business strategy and how can it help improve my bottom line? It’s important to point out that the details may differ depending on your industry, products, and target audience. But having a digital business strategy in place as an inherent part of your overall business strategy is required for any business that wants to survive the next ten years (maybe even sooner).
So what is digital business strategy and how does it fit into your organization? Here are three ways that a digital strategy should be part of your overall strategy.
There is no substitute for human interaction when it comes to customer onboarding, but you can streamline the entire process with a digital strategy that incorporates tracking and organization software. Software like Intercom can monitor customer engagement, send automated emails, and offer in app and website support for your customers.
This can free up time for your sales or customer service team to concentrate on the customers who want or need more hands-on help.
2. Budget software
One of the most widely used digital applications is business software for budgeting. You probably have this type of software already, but are you using it strategically? Are your budget meetings still full of spreadsheets and Excel printouts?
Software solutions like Xero, Prophix or PlanGuru also offer forecasting, detailed department budgets, and financial business modeling, so you can envision different financial scenarios with the click of a mouse.
3. Revenue strategy
Revenue is closely related to budget, for obvious reasons. But digital strategy cna help you improve your current revenue strategy. After all, what is a digital strategy good for if it doesn’t help you meet revenue goals?
There are numerous ways for your company to make money with a solid digital business strategy. With technology advancing so quickly, it is really only your budget that limits the possibilities of a digital source of revenue. What’s more, digital revenues streams are often less expensive to keep up, offering a ROI seldom seen in traditional strategies.
You can use software to help maximize revenue, too. Customer Relationship Management (CRM) software like Hubspot, Salesforce or Blitz Lead Manager makes customer retention efforts easier and more efficient. Alternatively, you can use your marketing and IT department to create an original source of digital revenue: ebooks, digital conferences, webinars, online advertising, membership subscriptions, etc.
What is digital business strategy? It’s your key to future business success.
From marketing to sales to operations to any sort of business process that exists within your organization right now, digital comes into play. So when you think about digital strategy, understand that digital has to be part of your thinking in relation to how you’re building your budgets, how you’re achieving your revenue targets, and also how you’re communicating not only with your teams, but also with your consumers.
If your Likes and Tweets aren’t converting into digital dollars, let’s talk about the big picture items during a 30-minute no-obligation call with me, your future strategic planning consultant.