Digital Channel Strategy. The word ‘digital’ has been a buzz word for the last decade or two, and whilst it is generally agreed that businesses need to embrace digital technology in some form, whether that’s using e-commerce and digital marketing, or utilising new technology for product development or manufacturing. However, many businesses do not know how to accomplish this, making the development of a digital strategy crucial. So, I am listing down 6 basis and pretty important reasons why you need a digital strategy, in case you still have been sleeping.
6 Reasons Why You May Need a Digital Channel Strategy
1 You’re directionless
Companies without a digital strategy (and many that do) lack clear strategic objectives for what they want to accomplish online in terms of acquiring new customers or strengthening relationships with existing customers. And if you don’t have goals, you will not put enough resources to reach the goals and you don’t evaluate through analytics whether you’re achieving those goals.
2. You won’t know your online market share
If you haven’t researched this, you may underestimate customer demand for online services. Perhaps more importantly you won’t understand your online marketplace: the dynamics will be different to traditional channels with different types of customer profile and behaviour, competitors, propositions and options for marketing communications.
3. Existing and start-up competitors will gain market share
If you’re not devoting enough resources to digital marketing or you’re using an ad-hoc approach with no clearly defined strategies, then your competitors will eat your digital lunch!
4. You lack a compelling online value proposition
A clearly defined online customer value proposition will enable you to differentiate your online service, enticing new and existing customers to engage initially and to remain loyal.
5. You do not know enough about your online customers
It’s often said that digital is the “most measureable medium ever”. But Google Analytics and similar will only tell you volumes not sentiment. You need to use other forms of website user feedback tools to identify your weak points and then address them.
6. You’re not integrated (“disintegrated”)
It is all too common for digital work to be performed in silos, whether by a specialist digital marketer, an IT department, or a separate digital agency. It is easier to package digital marketing into manageable chunks in this manner. Nevertheless, it is less effective. Integrating digital media with traditional media and response channels is universally acknowledged as the optimal method for maximizing their effectiveness.