Digital Marketing Strategy
It is true that companies have been using technology for many years but a few things have changed and the customers' expectations are very much different now.
Digital is changing and shifting the entry to market from unexpected places and companies are adding new products to their offering so their competitor set is not what it used to be.
Digital allows "plug and play" for companies to attack specific areas of the value chain rather than the whole thing because digital allows different services to be added together quicker and less costly.
How do digital winners think?
They think broadly about whom they are going to collaborate with even with previously considered competitors to share data. They also invest in their digital infrastructure and ensure it is flexible and can plug and play products and services.
There is two key decision around digital and that is whether to attack or defend and it is important to understand what, really, is the value of digital. Always remembering to think from the consumer's point of view.
Different kind of Digital Strategies
1| Platform Play
Some companies have engaged to some degree in platform strategies, in an attempt to redefine their industry’s value chain so customers and suppliers can interact more directly and benefit from network effects. Platforms have the power to radically alter the way value is distributed in a value chain.
2| New Marginal Supply
Some companies are using digital technology to tap into previous inaccessible sources or supply at a marginal cost, sometimes used in combination with a platform play.
3| Digitally-enabled products and services
Some companies use digital technology to create new product and services with digital features for new demands.
4| Rebundling and customizing
Some companies use digital technology to rebundle their products or services to better serve their clients.
5| Digitally distribution channels:
Some companies invest in digital distribution channels to try and make it easier for their clients to access their products or services.
6| Cost efficiency:
Some companies use digital technology to improve their cost efficiency, typically through automation of cost scaling.
For companies committed to transforming and adapting, the key is to make sure that their strategy really is transformational and not just a bundle of cost-cutting measures.
We offer to do full business analysis and advice you on a Digital Strategy that would secure a suitable plan for your digital transformation. Showing you how you can incorporate your business strategy, your operations, and value chain, how you engage with your clients and what will be required to restructure for the digital transformation.