A business strategy of viewing digital channels or methods as tactics is no longer valid. Instead, businesses should see their company as an online ecosystem that connects digital resources both internally and externally to customers in order to compete. To stay competitive in a business must harness digital technologies and channels, not just to deliver sales or superior customer experience, but to drive operational efficiencies across all aspects of the business.
One big question facing business leaders today is “Is our business constructed to thrive in the digital marketplace?
Digital disruption may be the only possibility for future business success as the barriers to market entry are being blown wide open. Competitors, both large and small are rushing to grab a share of the market, so every business has to have a strategy in the digital marketing landscape. By now, most businesses know that digital is changing the way we do business. Every business must evolve and have a digital strategy that can take advantage of new sales and marketing platforms, data tools, and digital technologies that can get a business closer to customers.
The future of business is digital, so when business leaders start to formulate a business strategy they need to understand that customers, products, business operations and competitors are now digital. Business strategy being replaced with digital strategy? And do companies have the sales and marketing skills to compete in a digital marketing world?
The adoption of digital channels by the markets means a business must change and ensure that agile adaptation can be delivered at all levels of the company, both strategic and tactical. A business strategy for a digital marketing world may be the only option for some companies to survive and move towards a profitable future.
The market is pulling these business changes as the markets or countries with knowledgeable populations, high standards of living and education are demanding companies face up to the challenges in the digital landscape for communication and commerce. The reality is that digital advancement and the associated challenges will accelerate rapidly in the few years. Business leaders must grasp the straw and realise that innovation, flexibility, and speed of execution will be core to thriving in a digital marketing powered world.
Regardless of B2B or B2C, buyers are now highly knowledgeable, tech savvy, and the Internet and social media are their go to source for information. Today, people communicate differently, buy through different channels and expect a different flavour of products and customer support. The result is digital is not an add-on but is a mind-set, a lifestyle, a way of doing business.
In Next post, We explain Digital strategy,
Remember this phrase “When technology and society change faster than businesses are able to adapt, then the result is extinction” – Karl-Heinz Land.