How Do You Create a Digital Strategy?
Create a Digital Strategy
Attend any industry conference or read any analyst report and it seems like everyone is talking about digital strategy. But the reality is most organizations are still fumbling their way through the process.
Developing an effective digital strategy requires the right combination of people, processes and technology. This can seem like an overwhelming challenge, especially in a fast-moving, constantly changing environment.
That’s why it is important to take a measured approach and focus on the things that will actually add value for your business. In addition to identifying new opportunities for growth, digital strategies can help you avoid wasting time and resources on initiatives that don’t really align with your company’s existing needs and priorities.
The first step is to create a digital strategy framework that supports your current and future goals. This should be based on the five W’s: Who, What, Where, Why and How.
This allows you to frame up the digital opportunity and determine how it will impact your customers in a positive way. It also helps you to identify the gaps that need to be filled in order to achieve those goals. It can be helpful at this stage to include evidence from market research to support your understanding of customer pain points, compromises and opportunities.
How Do You Create a Digital Strategy?
Next, you need to understand what your organisation currently has the capability to achieve, including your current assets and infrastructure. This can be done by conducting a digital inventory or audit. It is important to be realistic about your capabilities and not over promise what you can deliver in the short-term, as this can often lead to disappointment and project overruns.
Once you have a clear picture of your capabilities, it’s time to establish goals. It’s important that these are aligned with your existing business priorities and are supported by market research or industry data where possible. It’s also good practice to make sure the goals are measurable so you can track progress along the way.
Plan for the digital landscape
A good starting point is to look at your core competitors, and then consider what digital trends are impacting the markets they operate in. Then, use your internal knowledge to think about how those trends will impact your own business in the coming years. This will help you to forecast how digital will impact your business in the medium to long term.
Once you’ve mapped out your digital journey, it’s important to put this into a practical format that everyone across the organisation can easily access and reference. This can be in the form of a report, spreadsheet or even strategic planning software. Regardless of what format is used, it’s important to make the document accessible and easy to find so that it becomes a living, breathing tool that is continually updated as your business and the digital landscape evolve.