Digital Strategy – Tips They Do Not Want You To Know

Digital Strategy leads To Digital Networks

Why Digital Strategy?

The world is in a stage of rapid change across all industries. We see the pace of innovation picked up, and the companies who were complacent pivoting at a rapid rate faster than expected. With the continuous investment in digital, it leaves the question of where do you place digital transformation and understanding digital deeper. Following with Mckineys perspective on digital, my experience is in line with the philosophy of digital should be a way, not a thing

Digital transformation agencies or small-time social media agencies prompt you towards purchases towards social media marketing and a new website with some new and improved features. However, it is much more beautiful than these two initiatives; it is about a corporate-wide adoption of a behavioural mindset. 

Together we explore an approach to strategy through a digital mindset as a foundational step to becoming more entwined with your technological capabilities. 

The Beginning of Digital Strategy

To establish a digital strategy, we first must explore great practices to adopt before you jump into the deep end. Start with questions to help you probe each initiative you are currently doing before you jump into the group which invests in all these technology capabilities without utilising them with a purpose. 

We recommend asking the following questions whenever you are about to invest in digital regardless of what it is. You will have consultants sell you everything as a must-do for your business, but at the end of the day, they are trying to sell you their perspective, so ask your self these 4 questions.

  1. Does digital help you achieve your corporate vision?
  2. Could digital change your current business model?
  3. Does digital improve your current value proposition to your market?
  4. Does digital improve existing capabilities? 

Does Digital Help You Achieve Your Corporate Vision?

The most straightforward measurement of digital is to align it with your vision, mission, objectives, and existing strategies. For example, our corporate vision is to help all small businesses connect with more customers through real interactions. We designed a measurement system with our automation systems to ensure we are automating touchpoints for convenience not to remove our human touch from the product. Suppose the system we are designing does not align or help us achieve our vision. In that case, we have to reconsider how to mix our existing capabilities with the new system or consider scrapping it or bring it back to the drawing board. 

Could Digital Change Your Current Business Model?

Business models and what you are delivering will always change over time – it is essential to understand where it will change, and how it will change. Value additions are very common for digital services used correctly, but at the same time, it can cause a lot more friction than intended if not implemented correctly. Always reconsider how you are using digital within your existing business model and look at ways to mix your human capabilities with tech. 

Does Digital Improve Your Current Value Proposition To Your Market?

The common misconception for small businesses is the usage of digital will help drive sales or help with market penetration. Your value proposition is critical for measuring the success of your strategy if you are not improving your value proposition or adding to it – it will cause more friction when looking to convert. Digital helps with creating demand, and creating reasons for your products, it shouldn’t be used for pushing but creating. 

Does Digital Improve Existing Capabilities?

The best ROI in the short term if you are unable to replace any employees, is to look at digital or systems which will help enhance their strengths while minimising their weaknesses. Not everyone can invest in digital and have everyone learn the system the next day; it is quite rare and which if you have someone who is a quick learner- you should hold on to them tight. 

Forming a Digital Strategy

Utilising the questions of measurement, you can now audit your existing investments to digital and any future investments. Digital is about a framework of understanding, providing you with a strategy of how to capture the most value from your digital initiatives. Do not overcomplicate your strategy if you are a small business as this focus will help drive success throughout all your digital investments. 

The Framework

  1. Does digital help you achieve your corporate vision?
  2. Could digital change your current business model?
  3. Does digital improve your current value proposition to your market?
  4. Does digital improve existing capabilities? 

Each section is a layer of a digital strategy, and the icing to the cake is turning this strategy into measurable objectives. We recommend looking into Measure What Matters as the OKR system is something we incorporate and find the most success with integrating into our metrics.