Ideas count for nothing unless they deliver value to customers in a way that creates value for your online business.
A fundamental principal to keep with you throughout the process is that your digital strategy must be developed in the context of your overall venture.
It cannot be looked at in isolation something that will become apparent as you start strategy development.
Whatever business sector you operate within, digital will almost certainly have an impact on the long-term competitive position of your company or brand.
This may be obvious, for instance, if you are in financial services; or less clear if you are in some FMCG sectors. Strategy development, why and how to enter the digital economy, is both a critically important and an exciting process for your business.
This is where you can break established rules and set new ones. It is where you can redefine what business you are in, what markets and consumers you are targeting and how you structure your business.
It also creates new challenges and new dimensions, and one of the most important is where ‘content’ becomes integral to business strategy.
For many organizations this will be an entirely new area needing new skills and news approaches.
But before exploring the elements of the process, the challenge of taking an organization digital has created what seems to be a paradox.
For instance to be truly successful in the field of e-commerce you will have to suspend much of your current thinking and free it from many existing constraints. E-commerce is different.
It is categorized by a collapse in time and space where geography doesn’t exist for consumers and your competitive set can be transformed overnight, but where your location in the digital world and your ability to access consumers are key, and where sales and service takes place through media, but in real time.
All these dynamics, and many others, require, new approaches, different thinking and different business models.
But long-term sustainable success is going to require rigorous, highly focused processes that are robust enough to deal with complexity, uncertainty and rapid, continuous dramatic change.
There is the need for a clear business plan with specific strategic and financial objectives. It is very easy in the digital environment to fudge these issues, as so many intangibles exist.
But this only makes it more important to define success criteria and give a proper framework for decision-making, often when faced with immediate short-term business pressures.…