Business Transformation Through Business Strategies

  • Digital Strategy for Business is coming into trend and every brand is behind it. Digital technologies have changed everything. Value is based on information. After looking at various success stories of digital strategy and business transformation we thought of making list of strategies that a brand should make taking these into consideration.

 

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  • Know Yourself : The first thing you should do is to find your position in the market. And for that there are number of techniques like Swot analysis, Competitor analysis, Benchmarking, Audience analysis, Customer analysis, Brand equity analysis and Market Analysis these techniques can help you get holistic and realistic views where your company stand in the market.
  • Set SMART Goals : Choose your own digital goals that are smart and align to the overall corporate goals. Which can be a short term or a long term goal.
  • Digital Strategy : After setting the identify the target markets, segment the markets based on relevant parameters such as geography, demography, user attributes & behaviors. Brand positioning or re positioning is also a part of content strategy to realize the goals.
  • Digital Plan : It is the plan of action to realize the goals. Begin with identifying the stakeholders both internal & external to the organization.
  • Stakeholder Analysis : Conducting interviews with both internal & external stakeholders helps us identify how much we know about customers, and the impediments to service our customers. The impediments may be related to our products, people or processes.
  • Market Segments : After stakeholder analysis Market segment is done which involves dividing a broad target market into subsets of consumers, business or countries that have, common needs and interests.
  • Right Channel Mix : Looking at the trends, the customers’ behavior and marketing funnel is getting complex and as it becomes imperative to produce the right channel mix which includes online presence, offline presence, mobile, social media, wearable devices, video platforms etc. Create and optimize the experience for each of the channels ensuring seamless, personalized and unified experience for customers across the channels and touch points.
  • Brand Positioning : Brand positioning is very important as it aims to make a brand occupy a distinct position, relative to competing brands, in the mind of customers. It helps to know how do customers perceive the brand and how much they are engaged currently. With advance analysis we can understand how customer ideally want to engage with brands and how the brand is helping them.
  • Content Strategy : Take down the notes of customer’s experience for each of the targeted segments. Analyze it carefully and focus on the touch points in each segment. Understand the various channels customers are engaging with brand. Find out what content in effective for each of the channels & touch points, how they consume content, how they want to consume content. The content should be based upon customer’s perspective and not necessarily what you want to talk about.
  • Content model : Content modeling is a critical portion of the implementation. In this phase, you identify your organization’s requirements, develop a taxonomy (classification system) that meets those requirements, and consider where metadata should be allowed or required.
  • Measure & improve : To plan the strategy to be successful we need to define key performance indicator. We can measure the effictiveness with the help of it, as they are specific to the line of business you operate in. Key performance indicator like Customer Life Time Value, cost of acquisition per customer, Average Basket Value, percentage of repeat purchases etc. are worth measuring.
  • Perform Real : Time Analysis to provide feedback and course correct the plan of action. The analysis performed would be specific to each of the goals that have been identified.

 

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  • These analysis range from how many qualified leads have been generated, average time spent by user, what actions user is performing, where is the user exiting from the system, what channels are driving business, cohort analysis, cart abandonment analysis, user searches, keywords driving sales, customer journeys involving multiple channels, what content mix works the best etc. These analysis feeds back into the digital plan.

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